Scienza e Tecnologia
Biobanking Market Size to Reach USD 67.90 Billion in 2030 | Increase in Research Activities for Regenerative Medicines, Stem Cell Therapeutics and Cell and Gene Therapy are Key Factors Driving Industry Demand, According to Emergen Research
Biobanks are an important resource for genomics, proteomics, metabolomic research, molecular epidemiology, translational studies, and therapeutic target creation. Thus, academic and industry researchers are showing increased interest in biobanking. Biobanking is gaining traction in the field of biomedical research. Several biobanks across the globe are assisting in medical research and clinical trials of personalized medicine as they aid in identification of biomarkers and various pharmaceutical treatments.
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A key factor limiting growth of the global biobanking market is issues related with procurement of biospecimen samples which is a complex procedure and involves complications and processes to be fulfilled. Moreover, biobanking equipment are expensive and this limits adoption in some developing countries.
The global biobanking market size is expected to reach USD 67.90 Billion in 2030 and register a revenue CAGR of 8.6% over the forecast period. Increased focus on regenerative medicine for treatment of cancer, diabetes, Alzheimer's Disease, and other rare genetic diseases is driving biobanking market revenue growth. Umbilical cords and stem cells are preserved in biobanks to help in development of regenerative medicines and the trend is gaining traction currently.
Biobanking market registered significant growth during the COVID-19 pandemic as researchers stored numerous samples of bronchioalveolar lavage, oropharyngeal/ nasopharyngeal swabs, blood, sputum, urine, and stool of infected patients. The samples were collected and archived for future use to develop diagnostics, therapies, and vaccines. COVID-19 biorepositories in India alone collected over 40,000 samples for researchers to develop vaccines/therapies.
Biobanks has entered the Big Data era with advancements in Artificial Intelligence (AI)-driven data analytics, process automation, robotics, and other technological advancements. This has resulted in higher quality biobanking data and contribute to a shift to data driven science. Well processed Big Data allow collaboration of biobanks in different regions and with advanced technology, these data can be handled easily. Storage option on cloud also helps resolve limited local storage capacity issue.
Market in North America accounted for largest revenue share in 2020 due to advancements in drug discovery and increased investment in personalized and regenerative medicine. Increasing prevalence of cancer, cardiovascular, and infectious diseases is boosting growth of the market in the region. Large number of clinical trials related to COVID-19 and increasing usage of stem cell therapies for treatment of various chronic diseases is also driving market growth.
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In July 2021 , BioIVT, which is a U.S.-based provider of research and high-quality biological specimens and value-added services, acquired Tissue Solutions Ltd., which is a virtual biobank in the U.K. The acquisition will add 150 collection sites to BioIVT's network, giving access to high-quality control and disease state biospecimen. It will also help in expanding skin product offerings for in-vitro models.
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