Biobanking Market to grow by USD 1.45 billion from 2022 to 2027, Europe to account for 38% of market growth- Technavio

NEW YORK, Sept. 20, 2023 /PRNewswire/ -- The biobanking market is expected to grow by USD 1.45 billion from 2022 to 2027. In addition, the market's momentum will progress at a CAGR of 8.58% during the forecast period, according to Technavio Research. The market is segmented by Type (Physical and Virtual), Product (Equipment and Consumables), and Geography (Europe, North America, Asia, and the Rest of the World (ROW)). Europe is estimated to contribute 38% to the growth of the global market during the forecast period. A growing need for the preservation of biosamples in Europe has been driven by the presence of many well-known Biobanks within the region. This is a result of the very robust biobanking system, for example, in Nordic countries such as Sweden, Norway, Denmark, Finland, Iceland, and other EU countries like France and Belgium. The two main factors that support these countries with strong biobank systems in the region are high-quality biobanks and efficient public health services. The UK's Biobank, with a population of more than 5 million samples, is one of the most important biobanks in the region and has proved to be vital for conducting major-scale drug research. Hence, these factors are expected to drive market growth during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read FREE PDF Sample Report

Company Profile:

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 Bonaduz AG, 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.

AMS Biotechnology Europe Ltd. - The company offers biobanking such as Pig Liver Total RNA, Zebrafish Genomic DNA, Human tonsil normal FFPE tissue block, and others.

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Biobanking Market: Segmentation Analysis

The market share growth by the physical segment will be significant during the forecast period. Based on the physical nature of the biological samples, the physical segment refers to the various types of biobanks. Biobanks can be divided into several groups, e.g. tissue biobanks, stem cell banks, and blood branches, as a result of the biological characteristics of the sample.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report

"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio

Biobanking Market: Market Dynamics

Key Driver

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

Growing demand for personalized medicine is a key factor driving market growth. Personalized medicine refers to treatments that are based on an individual's characteristics, needs, and preferences. People are increasingly saving their tissue and stem cells for future treatment if needed. An important need for personalized medicine is the availability of individual samples containing individual annotated clinical and pathological data. Furthermore, research institutions are widely exploring ways to develop personalized treatments from biological samples. For example, in February 2021, UPS Healthcare announced an investment and further expansion of its capabilities in genetic and cellular services. Additionally, in June 2020, Infosys, a next-generation digital consulting and services company, launched personalized medicine solutions for the pharmaceutical industry. Hence, these factors are expected to drive market growth during the forecast period.

Increasing focus on rare disease research is a major trend in the market. Identify key trends, drivers, and challenges in the market. Download a FREE sample to gain access to this information.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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