Biobanks Market Size is Estimated to Register 4.5% CAGR till 2025

Posted by Ryan Shaw on March 18th, 2020

The global Biobanks Market size is expected to reach USD 74.54 billion by 2025 at a 4.5% CAGR over the forecast period, according to a new report by Grand View Research, Inc. Growing need for sample collection to support and facilitate clinical trials for novel therapies, which are developed for treatment of chronic conditions, is anticipated to boost the market.

Different biospecimens stored at biobanks are witnessing significant demand owing to advancements in cell-based research activities. Rising demand from different end users has led to establishment of a substantial number of population-based and disease-based banks in recent years. Population-based banks are established to support precision medicine research initiatives, whereas disease-specific biobanks provide resources to research communities to enable a better understanding of disease etiology.

Furthermore, there has been a rapid increase in number of biobanks over the recent past, which can be attributed to perpetual developments in cell-based therapies, such as advent of stem cells and regenerative medicine. Thus, competition among biobanks is observed within for-profit biostorage entities that provide open access to researchers and hospitals. Increase in efforts undertaken by life science industries for collaboration with biobanks to support life science research programs is expected to further boost the market.

In addition, regional biobank networks are being established to enhance accessibility to biospecimens and promote international sharing of these samples. Few examples of such networks are BBMIR-ERIC, Asian Network of Research Resource Centers, and Asian Consortium for the Conservation and Sustainable Use of Microbial Resources.

Increase in number of clinical trials for new drug candidates has spurred demand for biobanking services. Major challenges in biobanking operations include sustainability, limited access, and information sharing. However, technology advancements aid in overcoming these hurdles. Owing to introduction of novel applications of stored cells and biospecimens in drug development, leading economies such as U.S. and U.K. are revising their regulatory policies and guidelines pertaining to biobanking operations.

Browse Details of Reports @
https://www.grandviewresearch.com/industry-analysis/biobanks-industry

Further key findings from the report suggest:

• Biobanking equipment held the dominant share by product in 2017. High cost of equipment, coupled with rapid increase in number of biobanks, is attributive to its leading revenue share
• The LIMS segment is projected to witness lucrative growth over the forecast period owing to rise in efforts undertaken for improvement of sample quality to suit international standards
• North America dominated the global market in 2017 owing to high demand for biosamples. This increase in demand is attributive to rapid advancement of genomics, bioinformatics, and translational research
• Asia Pacific is projected to exhibit the fastest growth due to rapid progress of Asian countries in healthcare, drug discovery, and scientific research
• Some of the major companies offering biobanking products are QIAGEN; Thermo Fisher Scientific Inc.; Agilent Technologies, Inc.; and Merck KGaA. VMR International, Charles River, Lonza, Biovault, Thermo Fisher Scientific (Fisher BioServices), and Virgin Health Bank are among prominent companies engaged in offering biobanking services.