stated in our extensive report; providing insights Key Drivers, Key Restraints,
(i.e.,Product and Service, Sample Type, Application, and Region);
the Global Biobanking Market
accounted for USD 27.1 Billion in the year 2021.
Biobank is a procedure for collecting and storing biological material that can later be used for diagnosis, biodiversity studies, and research. Biobanks offer a critical role in biomedical research, customized medication development, and preserving and updating age demographic databases. Hence, the field of biobanking has tremendously evolved over the years and is currently witnessing significant growth. The integration of advanced technologies, data analytics, and automation has changed the traditional biobanks into virtual biobanks, giving rise to transformative market potential. Globally, there are numerous varieties of biobanks together with disease-orientated biobanks, population-based biobanks, tissue banks, and blood banks that are contributing to the market increase. Growing investments in drug development and the increasing prevalence of disastrous diseases such as cancer, respiratory diseases, Alzheimer's disease, and others are prominently leading to the growth of this market.
The growth of the market is majorly driven by the rising application areas of bio-banked samples; increasing funding from private & government organizations to biobanking; growing genomic research activities, and an increase in investment in Research and Development (R&D) activities by various healthcare companies.
“Key Factors Likely to Drive Growth of Biobanking Market”
The major drivers of the Biobanking Market observed are the launch of cord blood stem cell biobanking and providing facilities to conserve cord blood stem cells to proliferate market potential and the launch of software for virtual biobanking to fuel market growth.
As per the reports, the number of cases of health issues around the world is increasing at high rates biobank will assist researchers to understand the origin of the most common disorders, consisting of Alzheimer’s disease and Parkinson’s disease. Additionally, the growing occurrence of chronic sicknesses globally performs a sizable position in contributing to the release of stem molecular biobanks. Therefore, a growing quantity of biobanks will pressure the biobanking market boom in the forecast period.
Another is that the launch of virtual biobanking resulted in minimizing time constraints for the biobanking system and permits researchers to conduct the studies smoothly. Virtual biobanking has aided biobanks in generating increased income, hence increasing market cost and further propelling the growth of the market.
Europe held the largest share in the Biobanking Market and is expected to continue this trend in the forecast period.
Some of the key players in the GlobalBiobanking Marketinclude-Thermo Fisher Scientific Inc. (U.S.), Tecan Group Ltd. (Switzerland), Qiagen N.V. (Germany), Hamilton Company (U.S.), Brooks Automation (U.S.), TTP Labtech Ltd (U.K.), VWR Corporation (U.S.), Promega Corporation (U.S.), Worthington Industries (Taylor Wharton - U.S.), Chart Industries (U.S.), Becton, Dickinson and Company (U.S.), Merck KGaA (Germany), Micronic (Netherlands), LVL Technologies GmbH & Co. KG (Germany), Panasonic Healthcare Holdings Co. Ltd (Japan), Greiner Bio One (Greiner Holding AG - Austria), Biokryo GmbH (Germany), Biobank AS (Norway), Biorep Technologies Inc. (U.S.), Cell & Co Bioservices (France), RUCDR infinite biologics (U.S.), Modul-Bio (France), CSols Ltd (U.K.), Ziath (U.K.), LabVantage Solutions Inc. (U.S.) and others.