Feb 21, 2023
English - UK
Pramod Pawar
Introduction:
A biobank is a bio-repository that holds biological samples for research. Biobanks are an important resource for medical research. They support many types of modern research like genomics, personalized medicine, and other related areas. Biobanks allow researchers to access data that is representative of a large population. Biobanks can be used by multiple researchers to collect data and provide access to samples. A Biobank is a place that stores, distributes and collects biological material of human beings. It can include plasma, purified DNA and blood, saliva, as well as other bio specimens.
Biobanks are used to keep records of patient's health and personal information. To store biological materials in biobanks, it is necessary to have the right environment. This information and specimens are used to identify the causes of diseases. Many diseases can be associated with single-nucleotide monomorphism. Each sample is registered and recorded in a central location. This can usually be done on a computer system that can be regularly backed up. The current systems can store nearly 40,000 samples in a fraction of the space needed by a freezer at 80 degrees Celsius. For security reasons, duplicate samples are often kept in a separate place.
Market Insight:
“Global bio-banking market size is expected to be worth around USD 88.9 billion by 2032 from USD 48.9 billion in 2022, growing at a CAGR of 6.3% during the forecast period from 2022 to 2032.”
Figure:
Key Takeaways:
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Regional Snapshot
Europe was the world's largest biobanking sector in 2020. The presence of many established biobanks is a hallmark of the Nordic countries. Global Engage also revealed that 40% of Icelanders had donated their DNA. It is stored in private biobanks. The European biobanking market is experiencing positive growth due to the growing volume of human biosamples. Europe's dominance in the global biobanking marketplace is due to the presence of many top pharmaceutical companies involved in drug discovery, clinical trials, as well the increased use of virtual biobanks.
Asia Pacific is forecast to see significant growth due to the presence several top research institutes and medical centers in countries such as India, China, and China. The Asia Pacific Biobanking Market is expected to rise due to increasing government investments in drug research and growing demand for precision medicine.
Key Trends:
Market Dynamics
1. Drivers:
2. Restraints:
3. Opportunities:
4. Challenges
The bio-banking market faces several challenges that could impede its growth and development. One of the primary challenges is the lack of standardization and quality control across different biobanks and research institutions. Inconsistent sample collection, processing, and storage methods can lead to errors and inconsistencies in research data, which could have significant implications for patient care and scientific advancement.
Another challenge facing the bio-banking market is the management and sharing of data. The increasing amount of data generated by biobanks requires efficient data management and sharing systems, which must be interoperable and standardized to enable data integration and cross-institutional collaboration.
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Latest Developments
Market Segmentation
Based on Product and Services
Based on the Sample Type
Based on Application
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FAQ's:
1. What is the current size of the global biobanking market?
The global bio-banking market size is expected to be worth around USD 88.9 billion by 2032 from USD 48.9 billion in 2022, growing at a CAGR of 6.3% during the forecast period from 2022 to 2032
2. Which region is the largest market for biobanking?
North America is currently the largest market for biobanking, accounting for the majority of the global market share. This is primarily due to the presence of a large number of biobanks, advanced healthcare infrastructure, and increasing investments in research and development.
3. What are the major applications of biobanking?
The major applications of biobanking include Regenerative, Life Sciences, clinical diagnostics, and Other Applications. Biobanks provide researchers and clinicians with access to high-quality biological samples and associated data for a variety of research and clinical applications.
4. What are the key factors driving the growth of the biobanking market?
The key factors driving the growth of the biobanking market include increasing demand for personalized medicine, growing use of biomarkers in drug development, and rising investments in biobanking infrastructure. In addition, advances in technologies such as automation and artificial intelligence are also fueling growth in the biobanking industry.
Report Scope
Report Attribute | Details |
The market size value in 2022 | USD 48.09 Bn |
Revenue forecast by 2032 | USD 88.09 Bn |
Growth Rate | CAGR Of 6.03% |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
Historical Years | 2017-2022 |
Base Year | 2022 |
Estimated Year | 2023 |
Short-Term Projection Year | 2028 |
Long-Term Projected Year | 2032 |
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