Biobanks Market Size is Estimated to USD 156.38 Billion by 2032 |...

Biobanks Market Size is Estimated to USD 156.38 Billion by 2032

Posted 2023-11-16 08:56:23

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Market Overview In 2022, the global biobanks market reached a size of USD 72 billion, and it is projected to attain USD 156.38 billion by 2032, with a forecasted revenue compound annual growth rate (CAGR) of 9%. The key drivers of this market growth include the increasing prevalence of chronic diseases, a growing demand for personalized medicine, and a rising number of genetic research initiatives. Biobanks, facilities storing biological samples like tissues, blood, and DNA for research purposes, play a pivotal role in supporting these advancements.

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Factors Driving Market Growth

1. Rising Prevalence of Chronic Diseases:

· Chronic diseases such as cancer, heart disease, and diabetes contribute significantly to the market's revenue growth.

· Biobanks play a crucial role by providing researchers access to high-quality biological samples, aiding in the development of treatments.

2. Growing Desire for Personalized Therapy:

· The market is fueled by an increasing desire for personalized medicine.

· Biobanks contribute by supplying researchers with the necessary biological samples to create individualized therapies.

3. Increasing Number of Genetic Investigations:

· Advances in genetics underscore the importance of biobanks in genetic research.

· Biobanks provide scientists with the vast biological sample numbers required to identify genetic changes associated with diseases.

4. Utilization in Drug Research and Discovery:

· Biobanks are integral in early-stage drug development, aiding in the identification of therapeutic targets and screening compounds for toxicity.

· As drug discovery complexities rise, the demand for biobank services is expected to increase.

5. Interest in Precision Medicine:

· The growing interest in precision medicine contributes to the high demand for biobanks.

· Researchers require access to a significant number of biological samples to uncover genetic variations linked to diseases for individualized treatments.

Challenges and Constraints

1. High Costs of Establishment and Maintenance:

· Setting up and maintaining biobanks involves substantial costs for infrastructure and equipment.

2. Complex Regulatory Environment:

· Biobank operators face challenges due to complex and regionally varying regulatory environments.

· Data privacy concerns and ethical considerations surrounding the use of biological samples can also impede market growth.

Government Regulations

1. U.S. Department of Health and Human Services (HHS):

· Biobanks in the U.S. must obtain approval from an Institutional Review Board (IRB) before collecting, storing, or using samples.

· Written policies and procedures for informed consent, sample collection, and storage are required.

2. European Union's General Data Protection Regulation (GDPR):

· Strict standards for protecting personal data collected by biobanks in EU member countries.

· Organizations must take reasonable steps to safeguard personal data.

3. World Medical Association's International Ethical Guidelines:

· Biobanks must obtain informed consent from research participants before collecting, storing, or using samples.

4. International Society for Biological and Environmental Repositories (ISBER):

· Issued guidelines for ethical, legal, and technical best practices of biobanking, emphasizing privacy, confidentiality, and compliance with laws.

Key Market Takeaways

Type Outlook:

The global biobanks market is segmented into population-based, disease-based, and other segments.
In 2022, the population-based segment held the largest revenue share, driven by the increasing prevalence of chronic diseases and the demand for personalized medication.
The disease-based segment is expected to register the fastest revenue CAGR, benefiting from the rising prevalence of specific diseases.

Specimen Type Outlook:

Segments include cell lines, solid tissues, blood products, and others.
Solid tissues accounted for the largest revenue share in 2022, with applications in genetic and molecular data research.
The blood products segment is anticipated to exhibit the fastest revenue CAGR, given their diagnostic and research uses.

Regional Outlook:

North America is projected to dominate the market, with the U.S. contributing significantly due to a high number of biobanks and the presence of pharmaceutical and biotechnology industries.
Europe is expected to have a moderately large revenue share, driven by investments in biobanking research and a growing need for personalized treatment.
Asia Pacific is forecasted to register the fastest revenue CAGR, attributed to increased R&D expenditures, a desire for personalized treatment, and growing awareness of biobanks.

Competitive Landscape:

The biobanks market is highly competitive, with major players like Thermo Fisher Scientific Inc., Tecan Group Ltd., and Qiagen N.V.
Strategies adopted by these players include mergers, acquisitions, partnerships, product launches, and research initiatives to strengthen their market positions.

Strategic Developments:

Thermo Fisher Scientific's acquisition of PPD, Inc. in December 2021 aims to expand capabilities in the biopharmaceutical market, including biobanking.
Tecan Group's acquisition of Paramit Corporation in June 2021 enhances its offerings in the medical device market, including biobanking and sample management solutions.

In summary, the global biobanks market is poised for significant growth, driven by factors such as the rise in chronic diseases, increased genetic research, and a growing interest in personalized medicine. However, challenges such as high costs and complex regulations must be addressed for sustained market expansion.

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