What is the key driver of Biobanking Market?

The increasing biomedical research activities, particularly in genomics and personalized medicine, play a pivotal role in driving the demand for biobanking services. The rising prevalence of chronic diseases and the need for large-scale sample collections for clinical trials further contribute to the market's expansion. Additionally, the growing awareness of the potential of biobanks to advance scientific understanding, drug discovery, and disease research fuels the adoption of biobanking services globally. With the continuous evolution of precision medicine and the increasing importance of biomarker discovery, the biobanking market is expected to witness continued growth, driven by these fundamental drivers.

What is the key market trend for Biobanking Market?

The increasing adoption of advanced technologies, such as automated sample storage systems and blockchain, to enhance the efficiency and security of biobanking operations. Additionally, there is a growing emphasis on expanding the diversity of stored samples to encompass various demographic groups, promoting more inclusive and representative research outcomes. The integration of artificial intelligence (AI) and machine learning for data analysis and interpretation is another key trend, facilitating more in-depth insights from stored biological samples.

Which region accounted for the largest share in Biobanking Market?

North America is poised to dominate the biobanking marketplace. This dominance is attributed to the presence of superior healthcare infrastructure, enormous investments in studies and development, and an excessive occurrence of continual diseases. Moreover, the place has advantages from robust collaborations among instructional institutions, pharmaceutical companies, and studies organizations, fostering an surroundings conducive to biobanking activities.

Biobanking Market Size, Share, Growth Analysis, By Type(Population-based Biobanks, Disease-based Biobanks, Academic Biobanks, Hospital-based Biobanks), By Sample(Blood Products, Cell Lines, Nucleic Acids, Human Tissues), By Application(Drug Discovery, Genomic Research, Personalized Medicine, Regenerative Medicine), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35H2200 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 98 | Figures: 76

Biobanking Market News

In July 2023, A revised Swedish Biobank Act was implemented, marking a contemporary update to the existing legislation. While maintaining its core objective of regulating the collection, storage, and ethical usage of identifiable human biological material for approved purposes, the new act addresses and clarifies uncertainties present in the original 2003 law. This modernization aims to enhance the understanding and interpretation of the regulations governing biobanking practices in Sweden.

In June 2023, Denmark, Lithuania, and Switzerland received official confirmation of their membership in the Biobanking and BioMolecular resources Research Infrastructure – European Research Infrastructure Consortium (BBMRI-ERIC). Lithuania and Switzerland transitioned from being Observers to attaining full Membership status, while Denmark has newly joined as an Observer.

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Global Biobanking Market size was valued at USD 69.5 billion in 2022 and is poised to grow from USD 72 billion in 2023 to USD 95.5 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

The competitive environment of the Biobanking market is dynamic and characterized by the presence of several key players engaging in strategic initiatives to solidify their market position. Established companies often focus on expanding their service offerings, investing in advanced technologies, and forming partnerships with research institutions and pharmaceutical companies. Additionally, mergers and acquisitions play a role in enhancing capabilities and extending geographic reach. The market's dynamism is further fueled by the entry of new players, particularly in emerging regions, contributing to increased competition. 'AMS Biotechnology (Europe) Ltd.', 'ASKION GmbH', 'Avantor, Inc.', 'Azenta, Inc. (Azenta)', 'Bay Biosciences LLC', 'BioIVT & Elevating Science', 'Boca Biolistics', 'CTI Biotech', 'Cureline Inc.', 'Firalis SA', 'Geneticist Inc.', 'Hamilton Bonaduz AG', 'Isenet Biobanking', 'Merck & Co., Inc.', 'ProteoGenex Inc.', 'Qiagen NV', 'Stemcell Holdings, Inc.', 'STEMCELL Technologies Inc.', 'Thermo Fisher Scientific Inc.', 'US Biolab Corp. Inc.'

A key driver of the biobanking market is the rapid growth in genomics research and personalized medicine. As the understanding of genetic markers and disease progression increases, the demand for biobanks storing high-quality biosamples for genomic analysis increases. These biosamples are essential for researchers to develop targeted therapies so is personalized medicine, making biobanking central to the future of healthcare.

Integrating Artificial Intelligence (AI) and Big Data Analytics: One of the most important trends in the biobanking market is the integration of artificial intelligence (AI) and big data analytics. This technology helps biobanks optimize specimen tracking, improve data management, and improve the quality of specimen storage. AI-driven analytics enable researchers to identify patterns and insights from large biosample datasets, facilitating the discovery of the new biomarkers and accelerating drug development processes.

North America plays an important role in the global biobanking market, driven by advanced healthcare infrastructure, strong research capabilities and an increasing emphasis on innovation in medical research and personalized medicine. North America is hub to many of the world’s leading research institutes, universities, and biopharmaceutical companies. These organizations actively participate in biobanking initiatives to support cutting-edge research in genomics, oncology, and personalized medicine. Collaboration between academic institutions and industry stakeholders supports innovation and accelerates the discovery of new treatments, making this area a hub for biobanking activities.

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