Biobanking Market to Reach $57.67 Bn, Globally, by 2027 at 4.6% CAGR: Allied Market Research

Increase in funding, surge in R&D activities for application of biobank specimens, and rise in fatal chronic diseases drive the growth of the global biobanking market.

News provided by

Allied Market Research

Nov 04, 2020, 08:40 ET

PORTLAND, Ore., Nov. 4, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Biobanking Market by Specimen Type (Blood Products, Solid Tissue, Nucleic Acid, and Cell Lines), Type of Biobank (Population-based Biobanks and Disease-oriented Biobanks), Ownership (National/Regional Agencies, Nonprofit Organization, University, and Private Organization), and Application (Therapeutic and Research): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global biobanking industry garnered $37.93 billion in 2019, and is expected to generate $57.67 billion by 2027, witnessing a CAGR of 4.6% from 2020 to 2027.

Drivers, restraints, and opportunities

Increase in funding, surge in R&D activities for application of biobank specimens, and rise in fatal chronic diseases drive the growth of the global biobanking market. However, legal and ethical issues related to biobanking and lack of awareness hinder the market growth. On the other hand, untapped potential in emerging economies and surge in genomic research activities create new opportunities in the coming years.

Download Detailed COVID-19 Impact Sample Report at: https://www.alliedmarketresearch.com/request-for-customization/2798?reqfor=covid

Covid-19 Scenario

With the outbreak of the Covid-19 pandemic, the requirement of biobanks increased considerably to avail blood specimens for treatment of patients and ensure their recovery.
Researchers across the world have begun research activities for development of vaccine for Covid-19. So, they need blood samples, biospecimens, and corresponding clinical and patient data to help in clinical trials, research, and drug development purposes.
Health ministries across several countries have established biobanks to collect blood specimens and supply to research institutes, hospitals, and others to ensure ample availability of blood and plasma.

The blood products segment to maintain its lead position throughout the forecast period

Based on specimen type, the blood products segment accounted for the largest market share in 2019, accounting for nearly two-fifths of the global biobanking market, and is expected to maintain its lead position throughout the forecast period. This is attributed to rise in prevalence of hematological diseases and other chronic diseases along with increase in road accidents and injuries. However, the solid tissue segment is expected to manifest the largest CAGR of 6.5% from 2020 to 2027, owing to surge in demand for regenerative medicine along with increase in prevalence of cardiovascular & neurological disorders, different types of cancers, and diabetes.

The therapeutic segment to maintain its leadership status during the forecast period

Based on application, the therapeutic segment held the largest share of the market, accounting for around two-thirds of the global biobanking market in 2019, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to witness the fastest CAGR of 5.0% during the forecast period. This is due to surge in incidence of chronic diseases and advancements in regenerative medicines. The report also analyzes the research segment.

For Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/2798

Europe, followed by North America, to continue its dominance in terms of revenue by 2027

Based on region, Europe, followed by North America, accounted for the highest market share with nearly two-fifths of the global biobanking market in 2019, and is expected to continue its dominance in terms of revenue by 2027. This is attributed to favorable government policies, increase in awareness among individuals regarding benefits of banked biospecimen such as cord blood, and introduction of novel therapies such as personalized medicines. However, Asia-Pacific is expected to grow at the largest CAGR of 6.1% during the forecast period. This is due to presence of huge geriatric population base and rise in healthcare expenditure and developing guidelines.

Leading market players

BioIVT & Elevating Science
Geneticist Inc.
Firalis S.A.
AMS Biotechnology Ltd. (AMSBIO LLC)
US Biolab Corporation, Inc.
ProteoGenex, Inc.
Cureline, Inc.
Bay Biosciences LLC
CTI Biotech
Boca Biolistics

Avenue Basic Plan | Library Access | 1 Year Subscription |

Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter

Get more information: https://www.alliedmarketresearch.com/library-access

We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.

Blood Plasma Derivatives Market - Global Opportunity Analysis and Industry Forecast, 2019-2027

Blood Testing Technologies Market - Global Opportunity Analysis and Industry Forecast, 2019-2027

Blood Screening Market - Global Opportunity Analysis and Industry Forecast, 2019–2027

Blood Lancet Market - Global Opportunity Analysis and Industry Forecast, 2019–2027

Blood Bank Market - Global Opportunity Analysis and Industry Forecast, 2019–2027

Blood Pressure Monitoring Devices Market - Global Opportunity Analysis and Industry Forecast, 2019–2027

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research