Biobanking Market to Reach Market Valuation of USD 95.5 Billion by 2031 | SkyQuest Technology
Westford, USA, Nov. 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global biobanking market will reach a value of USD 95.5 Billion by 2031, with a CAGR of 6.8% during the forecast period (2024-2031). The biobanking market has been experiencing notable growth in the past years due to mounting demand for personalized medicine, improvements in genomic research, and high incidences of chronic illnesses on the global scale. The market is also considerably impacted by advancements in data management and sample preservation, growing partnerships among biobanks and research institutions, and favorable regulations.
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Biobanking Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 72 Billion |
| Estimated Value by 2031 | USD 95.5 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Sample, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Heavy Growth Potential in Emerging Countries |
| Key Market Drivers | Rising Demand for Personalized Medicine |
High Prevalence of Chronic Diseases and Funding to Drive Disease-Based Biobanks Segment Growth
By type, the disease-based biobanks segment led the market in the past years and is expected to lead the market in the coming years as well owing to the growing incidences of chronic illnesses and rising need targeted treatments and research. These biobanks emphasize collection of samples from individuals with certain conditions, allowing research groups to better interpret disease mechanisms. They also help researchers to detect biomarkers and create personalized therapies. The segmental growth is also fueled by emphasis on disease-based research and alliances between pharma companies and biobanks.
On the other hand, the population-based biobanks segment is expected to be the fastest growing owing to their ability to offer a wide range of environmental, genetic, and lifestyle data from a majority group of people. This is important for understanding health trends and prevalence of diseases. The segmental growth is also fueled by the growing focus on public health and demand for personalized medicine.
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Growth of Complex Diseases and Emphasis on Public Health to Drive Disease Research Segment
By application, the disease research segment registered for maximum share of the market and is expected to continue dominance over the forecast period as well owing to rising cases of complex and chronic diseases that significantly demand comprehensive understanding and improved treatment strategies. Biobanks also offer crucial biological specimens for analyzing disease mechanisms, testing novel therapies, and detecting biomarkers. The segment is also fueled by the growing need for efficient diagnosis, focus on public health, and growing alliances among research institutes and biobanks.
Conversely, the personalized medicine segment is anticipated to be the fastest-growing segment over the estimated period owing to increasing demand for personalized treatments that demand environmental, genetic, and lifestyle factors. Moreover, improvements in biotechnology and genomics have given rise to more targeted therapies that need ample biological data. Moreover, inclination towards precision medicine aims to enhance patient results and reduce side-effects, thus driving funding for personalized medicines.
Heavy Investments and Presence of Research Institutes to Propel the Market in North America
Geographically, North America held maximum market share owing to the strong presence of research institutions and heavy investments for biobanking. The region is a leading center for a large number of research centers and prominent universities that fuel biobanking activities. Also, major investments from private sectors, government and philanthropic organizations are also supporting efforts for biobanking. Regional growth is also impacted by better access to advanced technologies.
Asia-Pacific is observed to be the fastest-growing region in the Biobanking market owing to increased healthcare demand, improvements in genomic research, and collaborative research. Growing population and rising cases of chronic illnesses is fueling the demand for biobanks. Speedy progress in biotechnology and genomics boosts biobanking competencies. Furthermore, strong partnerships among hospitals, academic institutions, and biobanks are encouraging research.
Biobanking Market Insight
Drivers:
- Growing Shift Towards Tailored Treatments
- Improvements in Genomics Research
- Favorable Government Policies
Restraints:
- Significant Operational Costs
- Lack of Standard Protocols
- Low Awareness and Understanding about Biobanking
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Prominent Players in Biobanking Market
- AMS Biotechnology (Europe) Ltd.
- ASKION GmbH
- Avantor, Inc.
- Azenta, Inc. (Azenta)
- Bay Biosciences LLC
- BioIVT & Elevating Science
- Boca Biolistics
- CTI Biotech
- Cureline Inc.
- Firalis SA
- Geneticist Inc.
- Hamilton Bonaduz AG
- Isenet Biobanking
- Merck & Co., Inc.
- ProteoGenex Inc.
- Qiagen NV
- Stemcell Holdings, Inc.
- STEMCELL Technologies Inc.
- Thermo Fisher Scientific Inc.
- US Biolab Corp. Inc.
Key Questions Answered in Global Biobanking Market Report
- What is the expected size of the biobanking market, according to SkyQuest Technology?
- Which region will lead the biobanking market over the forecast period?
- Which Type segment registered maximum share of the biobanking market?
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This report provides the following insights:
Analysis of key drivers (Improvements in sample collection, collaborative research initiatives, growing public participation and awareness), restraints (concerns for data security, high competition for resources, lack of access to technologies in some regions), opportunities (integration of ML and AI, focus on preventive medicine, growth of digital biobanks), and challenges (lack of standardization for sample collection, sample degradation, legal and ethical issues) influencing the growth of biobanking market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the biobanking market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the biobanking market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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