Global Biobanks Market Forecast to 2028: Growing Funding and Genomic Research Activities for Studying Diseases – ResearchAndMarkets.comApril 15, 2022
DUBLIN–(BUSINESS WIRE)–The “Biobanks Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product and Service, Sample, and Application” report has been added to ResearchAndMarkets.com’s offering.
The biobanks market is projected to reach US$ 3,758.64 million by 2028 from US$ 2,418.31 million in 2021; it is expected to grow at a CAGR of 6.5% during 2021-2028. The market growth is attributed to the growing funding and genomic research activities for studying diseases.
Five years ago, genomic sequencing was restricted to the research environment. Genomic sequencing is rapidly transitioning into clinical practice, and implementation into healthcare systems has been supported by substantial government investments, totaling over US$ 4 billion in at least 14 countries. The national genomic-medicine initiatives are driving transformative change under real-life conditions while simultaneously addressing barriers to implementation and gathering evidence for broader adoption, thereby driving the market.
The UK has announced the world’s largest genome project as a part of 200 million public-private collaboration between charities and pharma. The country has already developed the largest genome database globally through the 100,000 Genomes Project led by Innovate UK as a part of UK Research and Innovation. The project will fund researchers and industry to combine data and real-world evidence from the UK health services and create new products and services to diagnose diseases earlier and efficiently.
Biobanks are significant resources in genomic research on infectious diseases and their hosts. The availability of large biobanks is necessary for population genomics. Data from biobanks helps understand the etiology of multifactorial diseases caused by mutations in a range of genes and the influence of environmental variables and lifestyle on the global population. Therefore, the importance of biobanking as a research infrastructure component is expanding. Biobanks have also cleared the path for personalized medicine to evolve, particularly the production of tailored medications. The integration, analysis, and interpretation of data from biobanks play a significant role in understanding genetic susceptibilities to infectious diseases.
Thus, the continuous funding in genomics by the manufacturers and governments and ongoing genomic research activities drive the biobanks market.
- Based on product and service, the global biobanks market is segmented into equipment, consumables, services, and software. In 2021, the equipment segment held the largest share of the market. Moreover, the consumables segment is expected to register the highest CAGR in the market during 2021-2028. Equipment plays a vital role in the storage, analysis, processing, and collection of samples in biobanks products also increasing number of products launches in recent years drives the growth of the equipment segment in the forecast period.
- Based on sample, the biobanks market is segmented into blood products, human tissues, cell lines, and others. The blood products segment held the largest market share in 2021. It is further expected to hold a significant market share during the forecast period.
Based on application, the biobanks market is segmented into regenerative medicine, life science research, and clinical research. The regenerative medicine segment held the largest market share in 2021. The life science research segment is expected to hold a significant market share during the forecast period.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Biobanks Market – Market Landscape
5. Biobanks Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Funding and Genomic Research Activities for Studying Diseases
5.1.2 Increasing Pharmaceutical and Biopharmaceutical R&D Expenditures
5.1.3 Rising Adoption of Regenerative Medicines
5.2 Market Restraints
5.2.1 High Cost of Automation
5.3 Market Opportunities
5.3.1 Increasing Adoption of Cell Therapy in Developing Regions
5.4 Future Trends
5.4.1 Virtual Biobanks
5.5 Impact Analysis
6. Biobanks Market- Global Analysis
7. Global Biobanks Market Revenue and Forecasts To 2028- by Product and Service
8. Biobanks Market Revenue and Forecasts To 2028 – Sample
9. Biobanks Market Revenue and Forecasts To 2028 – Application
10. Biobanks Market Revenue and Forecasts to 2028 – Geographical Analysis
11. Impact Of COVID-19 Pandemic on Biobanks Market
12. Biobanks Market-Industry Landscape
- Thermo Fisher Scientific Inc.
- Tecan Trading AG
- Hamilton Company
- Avantor, Inc.
- Micronics Japan Co. Ltd.
- Brooks Automation, Inc
- Biovault Family
- Promega Corporation
For more information about this report visit https://www.researchandmarkets.com/r/cnxmxd
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