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 potential of stem cells to address unmet medical needs in sectors such as cardiology and oncology. The use of biobanking solutions in stem cell research is improving access to novel therapeutic resources for a wider population. Notable developments include the Global Stem Cells Group's launch of new clinics in Arica and Iquique, Chile, dedicated to stem cell research. These facilities underscore the market's potential for expansion and innovation. 

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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
• Geography
  • Europe
    • Germany
    • UK
  • North America
    • US
  • Asia
    • China
    • 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

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Research Analysis Overview

The Biobanking Market encompasses the collection, processing, and storage of various human samples, including blood, plasma, serum, urine, tissues, and cells. Disease-oriented and population-based biobanks focus on specific diseases such as cancer, respiratory diseases, and Alzheimer's disease, while tissue banks and blood banks specialize in their respective sample types. Biobanks play a crucial role in drug development, with financial support from public organizations and academic institutions. Sustainability and ethical challenges, such as informed consent and sample storage, are key considerations. Technidata Medical Software and stem cell biobanks are notable players, and the market includes segments for regenerative medicines, academic institutions, and personalized medicine, particularly in cancer genomic studies.

Market Research Overview

The biobanking market is a significant segment within the larger global biotechnology industry, focusing on the collection, storage, and distribution of human samples, including blood, plasma, serum, urine, tissues, and cells. Biobanks come in various forms, such as disease-oriented and population-based, with tissue banks and blood banks being common subcategories. These biobanks play a crucial role in drug development by providing essential research materials for pharmaceutical companies and biotech firms. The global healthcare market, encompassing equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services, is projected to expand due to factors like increasing life expectancy and an aging population. By 2050, approximately one-quarter of the US and European populations are expected to be over 60 years old, fueling the demand for healthcare solutions and biobanking services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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