Biobanking Market size is set to grow by USD 1.66 billion from 2024-2028, growing demand for personalized medicine to boost the market growth, Technavio

NEW YORK, June 19, 2024 /PRNewswire/ -- The global biobanking market  size is estimated to grow by USD 1.66 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  9.04%  during the forecast period.  Growing demand for personalized medicine is driving market growth, with a trend towards emergence of stem cells storage in biobanks. However, increasing ethical issues  poses a challenge. Key market players include AMS Biotechnology Europe Ltd., ASKION GmbH, Azenta Inc., Bay Biosciences LLC, BioIVT LLC, Boca Biolistics LLC, CTIBiotech, Cureline Inc., Danaher Corp., Firalis SA, GENETICIST Inc., Greiner Bio One International GmbH, Hamilton Co., OraSure Technologies Inc., PHC Holdings Corp., Promega Corp., ProteoGenex Inc., Shanghai Genext Medical Technology Co. Ltd., Thermo Fisher Scientific Inc., and US Biolab Corp. Inc..

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Key Market Trends Fueling Growth

The biobanking market is experiencing significant growth due to the increasing use of biobanking solutions in stem cell research. Stem cells have the potential to address various medical needs in sectors like cardiology and oncology. New biobanking facilities, such as those launched by the Global Stem Cells Group in Chile, are being established to support stem cell research. Additionally, advanced production units are being developed to enhance supply chain efficiency and expand production capacities. Technological advancements, including IT in logistics and temperature-controlled logistics solutions, are minimizing errors and increasing the production of stem cell therapy products. These investments are creating substantial growth opportunities for the biobanking market. 

The Biobanking market is experiencing significant growth, driven by advances in technology and the increasing demand for personalized medicine. Samples are collected, processed, and stored in biobanks for future research and diagnostic purposes. These samples include tissues, cells, and biofluids. The use of advanced technologies such as automation and digitalization is trending in biobanking to improve efficiency and accuracy. Additionally, the adoption of standardized protocols and regulations is crucial for ensuring the quality and integrity of the samples. The market is also witnessing an increase in collaborations between academic institutions, research organizations, and industry players to share resources and expertise. Overall, the Biobanking market is expected to continue its growth trajectory in the coming years. 

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Market Challenges

• Biobanking market faces ethical challenges due to privacy concerns and debates over the use of biological samples for research. Informed consent is crucial for protecting individuals' identities. Controversies surround the preservation of stem cells, particularly human embryonic stem cells, due to issues like cloning and embryo destruction. Disagreements over scientific purity, safety, and consent further hinder market growth. Private companies' potential misuse of biobank data adds to the complexity. These ethical dilemmas persist, potentially impeding the biobanking market's expansion.
• The biobanking market faces several challenges in the collection, storage, and utilization of biological samples. These include cost, logistics, regulatory compliance, and data management. Costs can be high due to the need for specialized facilities and equipment. Logistics can be complex, as samples must be transported and stored under specific conditions to maintain their integrity. Regulatory compliance is a major challenge, as biobanks must adhere to strict regulations regarding data privacy and security. Data management is also a challenge, as large amounts of data must be collected, organized, and analyzed to extract meaningful insights. Overall, the biobanking industry requires innovative solutions to address these challenges and improve efficiency and effectiveness.

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Segment Overview 

This biobanking market report extensively covers market segmentation by

1. Type 
• 1.1 Physical
• 1.2 Virtual
2. Product 
• 2.1 Equipment
• 2.2 Consumables
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Physical-  The Biobanking Market is experiencing significant growth due to increasing demand for personalized medicine and research. Companies are investing in advanced technologies for sample collection, storage, and analysis. This market is driven by regulatory support and collaborations between academic institutions and industry players. Biobanks are essential for medical research and drug discovery, contributing to new treatments and diagnostics.

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Research Analysis

The biobanking market encompasses the collection, processing, storage, and distribution of human samples, including blood, plasma, serum, urine, tissues, and cells. These biobanks cater to disease-oriented and population-based initiatives, with a focus on cancer, respiratory diseases, and Alzheimer's disease. Sustainability and financial support are crucial aspects, with public organizations and academic institutions playing significant roles. Stem cell biobanks and regenerative medicines are emerging areas of interest. Technidata Medical Software and other solutions facilitate the management of these complex operations. Ethical challenges, such as informed consent and sample storage, are addressed through rigorous regulations and guidelines. The cells & tissue segment and cancer genomic studies are key areas of research in personalized medicine.

Market Research Overview

The Biobanking market encompasses the collection, processing, storage, and distribution of biological samples for research and diagnostic purposes. These samples can include tissues, cells, DNA, RNA, and biofluids. Biobanking plays a crucial role in personalized medicine, drug discovery, and genetic research. The market is driven by factors such as increasing research funding, technological advancements, and growing demand for precision medicine. The segmentation of the market includes sample type, application, and end user. The sample type segment includes tissues, cells, and biofluids. The application segment includes research and diagnostic applications. The end user segment includes hospitals, research institutions, and biotechnology companies. The market is expected to grow significantly in the coming years due to the increasing focus on personalized medicine and the development of new technologies for sample processing and storage.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Physical
• Virtual
• Product
• Equipment
• Consumables
• Geography
• Europe
• North America
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio