IMARC Group, a leading market research company, has recently releases report titled “Biobanking Market Report by Specimen Type (Blood Products, Solid Tissue, Cell Lines, Nucleic Acid, and Others), Biobank Type (Population-based Biobanks, Disease-oriented Biobanks), Application (Therapeutics, Research), End-User (Academic Institutions, Pharma and Biotech Companies), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global biobanking market.
How Big Is the Biobanking Market?
The global biobanking market size reached US$ 61.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 99.1 Billion by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032.
Industry Overview of Biobanking
Biobanking is a process of collecting, storing, and managing biological samples, such as tissues, blood, and deoxyribonucleic acid (DNA), for research and clinical purposes. It plays a crucial role in advancing scientific understanding and medical progress. It also facilitates medical research by providing a vast repository of diverse biological materials, enabling scientists to study diseases, discover new treatments, and develop diagnostic tools. Additionally, it supports personalized medicine, as the stored samples can help tailor treatments to individual genetic profiles. Furthermore, biobanking promotes data sharing and collaboration within the scientific community, accelerating the pace of discovery. It enhances the efficiency of clinical trials by assisting in patient stratification and biomarker identification. It can improve patient outcomes by aiding in the early detection of diseases and monitoring treatment responses. As it also has ethical and regulatory frameworks to ensure the privacy and informed consent of donors, the demand for biobanking is rising across the globe.
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What are the growth prospects and trends in the biobanking industry?
The growing focus on personalized medicine, which provides treatments to individuals according to their genetic profiles, represents one of the key factors offering a favorable market outlook. Moreover, biobanks play a pivotal role in genomics by providing access to a vast array of genetic material, supporting studies related to the genetic basis of diseases and drug responses.
In addition, pharmaceutical companies rely on biobanks to accelerate drug discovery and development. These repositories of biological samples aid in identifying potential drug targets, testing drug candidates, and conducting clinical trials more efficiently. Besides this, the increasing demand for biobanking, as it is essential for storing cancer tissues and blood samples to help researchers to better understand cancer genetics, develop targeted therapies, and improve early detection methods, is supporting the growth of the market.
Additionally, advancements in storage and analytical technologies are enhancing the viability of biobanking. Automated sample handling, cryopreservation techniques, and high-throughput sequencing are making it easier to manage and utilize biobank resources effectively.
Leading Companies Operating in the Global Biobanking Industry:
- 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.)
Biobanking Market Report Segmentation:
The report has segmented the market into the following categories:
Specimen Type Insights:
- Blood Products
- Solid Tissue
- Cell Lines
- Nucleic Acid
- Others
Biobank Type Insights:
- Population-based Biobanks
- Disease-oriented Biobanks
Application Insights:
- Therapeutics
- Research
End-User Insights:
- 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
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.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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