Latest News- Biobanking Market: Physical is expected to lead the Type segment during 2024-2028

The Biobanking Market is being driven by Growing demand for personalized medicine

The Biobanking Market is expected to grow at a CAGR of 9.04% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1669.1 million. The biobanking market is experiencing significant growth due to the increasing demand for stem cell storage in biobanks. This trend is driven by the expanding use of biobanking solutions in stem cell research, which is enhancing access to novel therapeutic resources for a broader population. Stem cells hold immense potential in addressing unmet medical needs, particularly in sectors such as cardiology and oncology. As a result, there is a surge in the establishment of new biobanking facilities dedicated to stem cell research. For instance, the Global Stem Cells Group recently inaugurated operations at its new clinics in Arica and Iquique, Chile, further bolstering the market growth during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Physical
  • Virtual
• Product
  • Equipment
  • Consumables
• End-User
  • Pharmaceutical & Biotechnology Companies
  • Academic & Research Institutions
  • Hospitals
  • Contract Research Organizations (CROs)
• Application
  • Regenerative Medicine
  • Life Science Research
  • Clinical Research
  • Drug Discovery & Development
  • Personalized Medicine
• Sample Type
  • Blood Products
  • Human Tissues
  • Cell Lines
  • Nucleic Acids
  • Biological Fluids
  • Human Waste Products
• Biobank Type
  • Population-Based Biobanks
  • Disease-Based Biobanks
  • Virtual Biobanks
  • Tissue Biobanks
  • Genetic Biobanks
• Geography
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Asia
    • China
    • India
    • Japan
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for personalized medicine
• Increase in efficiency through automation
• Reduction in research costs

However, the market also witnesses some limitations, which are as follows:

• Increasing ethical issues
• Lack of standardized procedures coupled with limitations in organ preservation
• Restricted access to academic biobanks

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Market Scope in Biobanking Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Biobanking Market encompasses various applications such as serum and plasma storage, tissue preservation, and cell line repositories. It involves the DNA sequencing workflow, RNA integrity number assessment during sample accessioning, and maintains audit trails and data validation methods for regulatory reporting. Biobanking logistics include cold chain management and sample tracking technology, while data governance frameworks ensure quality control measures, patient consent management, and sample de-identification. Secure data transfer and database management systems facilitate research collaborations, data sharing agreements, and clinical study datasets. Biorepositories undergo accreditation and support biomarker validation, omics data integration, diagnostic assay development, and drug discovery programs. Pre- and post-analytical variables are carefully managed to ensure accurate research outcomes.

Market Research Overview

The Biobanking Market is a significant segment of the larger global biotechnology industry, encompassing companies specializing in sample collection protocols, biospecimen storage systems, cryopreservation techniques, and cell viability assays. According to Technavio's market analysis, the global healthcare market, which includes the revenue generated by manufacturers and providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services, is projected to grow due to several key factors. One such factor is the increasing aging population; by 2050, approximately one-quarter of the US population and Europe's population is projected to be over 60 years old. This demographic shift will drive demand for advanced healthcare solutions, including those offered by the Biobanking Market, such as efficient sample storage and preservation methods to support ongoing research and development efforts.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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