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Biobanking Market Insights: Trends and Forecast for 2024

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HealthInsights

Biobanking Market Insights: Trends and Forecast for 2024

Biobanking Market Outlook, Scope & Overview:

Industry reports indicate that the global biobanking market was valued at USD 76.68 billion in 2023 and is projected to reach USD 151.11 billion by 2031, growing at a CAGR of 8.85% over the forecast period 2024-2031.

Technological Advancements to Drive Growth of Global Biobanking Market

The adoption of advanced biobanking technologies will continue to influence global market revenues. Healthcare providers, research institutions, and pharmaceutical companies are increasingly utilizing biobanks to store and manage biological samples for research, diagnostics, and therapeutic purposes.

As a product segment, equipment and consumables currently hold a significant share of the global biobanking market. This segment is anticipated to grow at a year-over-year rate of 8.85% in 2024 over 2023 and reach USD 151.11 billion in revenues by 2031. The increasing demand for high-quality biological samples and the growing focus on personalized medicine are expected to drive market growth.

Biobanking Solutions – Market Dynamics

Drivers:

Biobanking solutions are witnessing significant growth in the global market due to their ability to support advanced research in genomics, proteomics, and personalized medicine. The growing prevalence of chronic diseases, the increasing need for biospecimen storage, and the rising investments in biobanking infrastructure are key factors driving the adoption of biobanking solutions worldwide. Additionally, the advancements in cryopreservation techniques and the expanding applications of biobanks in drug discovery and development are further propelling market growth.

Restraints:

Despite the growth potential, challenges such as ethical and legal issues, high costs associated with biobanking infrastructure, and concerns about sample quality and data privacy are hindering the widespread adoption of biobanking solutions. Moreover, the complexity of managing large volumes of biological data and the need for standardized protocols pose additional challenges to market expansion.

Biobanking Solutions – Market Outlook

The proven benefits of biobanking solutions in supporting biomedical research, enhancing patient care, and facilitating personalized medicine have contributed to the market's growth. Biobanking solutions are expected to witness increased adoption across major markets, including North America, Europe, and Asia Pacific, driven by advancements in biobanking technology and the growing emphasis on precision medicine.

Global Biobanking Market

The rise in demand for biobanking solutions in developed and emerging markets is expected to drive market growth over the forecast period. North America currently holds a significant market share in the global biobanking market, with the US being a key contributor to market revenues. Europe and Asia Pacific regions are also experiencing rapid adoption of biobanking solutions, supported by favorable regulatory frameworks and increasing investments in biomedical research.

Key Players in the Biobanking Solutions Market

Leading companies in the biobanking solutions market include Thermo Fisher Scientific, Qiagen N.V., Merck KGaA, and Brooks Life Sciences. These companies are at the forefront of developing and commercializing advanced biobanking technologies for various applications, including biospecimen storage, sample management, and genomic research.

In conclusion, the global biobanking market is poised for substantial growth over the forecast period, driven by technological advancements, increasing investments in biomedical research, and the expanding adoption of biobanking solutions across diverse healthcare and research settings.