IMARC Group, a leading market research company, has recently releases report titled “Biobanking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global biobanking market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Biobanking
The storage and analysis of information pertaining to human biospecimens, collected from individuals with specific conditions or healthy volunteers, are encompassed in the process of biobanking. Biobanks are categorized into population-based and disease-oriented types. Moreover, these modern practices involve the comprehensive examination of disease-specific biomarkers, which include digital or biological materials accompanied by well-documented clinical data. Biobanking serves as a foundation for enhancing personalized medical approaches, where accurate identification is crucial for diagnosis and prognosis. Consequently, these procedures are widely employed in research, academic institutions, pharmaceutical companies, and other domains to advance the understanding of health and various diseases.
How Big Is the Biobanking Market?
The global biobanking market size reached US$ 57.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 82.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.86% during 2023-2028.
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What are the growth prospects and trends in the biobanking industry?
The increasing demand to study pathogens, collect high-quality human biospecimens, and identify therapeutic targets, triggered by the unexpected outbreak of the COVID-19 pandemic, is the primary driver of the biobanking market. In addition to this, the growing need for regenerative medicine and personalized treatments, and the expanding geriatric population are further contributing to market growth.
Moreover, advancements in proteomics, disease biology, genomics, metagenomics, bioenergy, environmental remediation, and related fields are also fueling market expansion on a global scale. Besides this, the introduction of innovative products and services that facilitate the sharing of insights and critical information for advancing scientific understanding is playing a significant role in driving the market growth.
Furthermore, various health agencies in different countries are investing in virtual biobank network models, which offer faster results, sustainable solutions, and electronic databases. These developments are expected to bolster the biobanking market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Specimen Type:
- Blood Products
- Solid Tissue
- Cell Lines
- Nucleic Acid
- Others
Breakup by Biobank Type:
- Population-based Biobanks
- Disease-oriented Biobanks
Breakup by Application:
- Therapeutics
- Research
Breakup by End User:
- Academic Institutions
- Pharma and Biotech Companies
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Brooks Automation Inc., Bay Biosciences LLC, Boca Biolistics, Ctibiotech, Cureline Inc., Firalis, Greiner Bio-One International GmbH, Hamilton Company, Merck KGaA, ProteoGenex Inc., Thermo Fisher Scientific Inc., VWR Corporation (Avantor Inc.)
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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