Global Biobanking Market Report 2024: Market Set to Surpass $75 Billion in 2024, Growing Demand for Umbilical Cord Blood Banking

News provided by

Feb 28, 2024, 13:45 ET

DUBLIN, Feb. 28, 2024 /PRNewswire/ --The "Biobanking Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.

World revenue for the Biobanking Market is forecast to surpass US$75 billion in 2024, with strong revenue growth through to 2034.

Growing Investments and Funding Projected to Boost Industry Growth

Biobanks are experiencing increased acknowledgment and support from global governments, research bodies, and financial institutions, leading to a surge in investment in these facilities. Notably, initiatives like the Biorepository and Precision Medicine Initiative Cohort Program, funded by the U.S. National Institutes of Health (NIH), seek to amass biological samples from over a million individuals to establish a comprehensive national research resource.

Concurrently, the European Commission has committed funding to the Biobanking and Biomolecular Resources Research Infrastructure (BBMRI), a pan-European facility focused on biobanking and biomolecular resources. This heightened attention and financial backing underscore the strategic importance of biobanks in advancing scientific research and precision medicine on a global scale.

Hight Cost of Equipment Likely to Challenge Industry Growth

The market's growth potential is anticipated to face limitations due to the substantial expenses associated with automated equipment. While cutting-edge technologies like advanced sample handling systems have the potential to enhance operational efficiency and elevate the quality of biobanking processes, their high price tags pose a considerable challenge, particularly for smaller biobanking enterprises or those with constrained financial capacities. Take, for instance, the expenditure involved in acquiring an automated storage system, which can vary based on its size and complexity.

The initial capital outlay for such systems can be substantial, ranging from tens of thousands to hundreds of thousands of dollars. Beyond the initial investment, ongoing considerations encompass maintenance and operational expenses, including software updates, repairs, and training. This cost factor serves as a strategic consideration for businesses evaluating the incorporation of automated equipment in their biobanking operations.

Key Market Dynamics

Market Driving Factors

Increased Focus on Precision Medicine and Genetic Testing
Growing Demand for Umbilical Cord Blood Banking
Evolution of Biobanks Rapidly Enabling Massive Collections of Biological Materials and Associated Information

Market Restraining Factors

Private Sponsorship Has Raised a Number of Ethical Issues
Issues Related to Biospecimen Sample Procurement
Long-term Sustainability of Biobanks

Market Opportunities

Human Biospecimens are Essential for Progress in Biomarker Discovery and Customised Treatment
Opportunities for Cardiovascular Research
Growing Focus on the R&D of Cell Therapies

Forecasts to 2034 and other analyses reveal commercial prospects

In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
You will find original analyses, with business outlooks and developments.
Discover qualitative analyses (including market dynamics, drivers, opportunities, and restraints), Porter's Five Forces Analysis, PEST Analysis and recent developments.

Segments Covered in the Report

Ownership

National/Regional Agencies
Universities
Non-profit
Private

Product and Service

Equipment
Consumables
Services
Software

Sample

Blood Products
Human Tissues
Nucleic Acids
Cell Lines
Biological Fluids
Others

Application

Regenerative Medicine
Life Science Research
Clinical Research

End-users

Pharmaceutical & Biotechnology Companies
CROs
Academic & Research Institutes
Hospitals

In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 22 leading national markets.

The report also includes profiles and for some of the leading companies in the Biobanking Market, 2024 to 2034, with a focus on this segment of these companies' operations.

Leading companies profiled in the report

ASKION GmbH
Avantor Inc.
Azenta Inc.
Boca Biolistics
BIOIVT & ELEVATING SCIENCE
Cryoport Inc.
CTI Biotech
Hamilton Company
Isenet Biobanking
Merck & Co., Inc.
PHC Holdings Corporation
ProteoGenex Inc.
Qiagen N.V.
Thermo Fisher Scientific, Inc.
Tecan Trading AG
US Biolab Corp. Inc.

In summary, the report provides you with the following knowledge:

Revenue forecasts to 2034 for Biobanking Market 2024 to 2034, with forecasts for ownership, product and service, sample, application, end-users each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
Revenue forecasts to 2034 for five regional and 22 key national markets - See forecasts for the Biobanking Market, 2024 to 2034 market in North America, Europe, Asia-Pacific, Latin America, and MEA. Also forecasted is the market in the US, Canada, Mexico, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
Prospects for established firms and those seeking to enter the market - including company profiles for 16 of the major companies involved in the Biobanking Market, 2024 to 2034.

For more information about this report visit https://www.researchandmarkets.com/r/mwwz5j

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets