Biobanking Market Expected to Expand at a Steady CAGR through 2027

Burgeoning need for precision based healthcare delivery to heighten adoption of digitalized biobanking solutions in the long-term forecast.

The global biobanking market is poised to gain significant traction on the back of heightening forays into personalized medicine and homecare treatments, according to award-winning market research company Fact.MR. The market received tremendous boost in 2024, attributed to accelerated patient fluids sample collections to determine suspected coronavirus infections, and is anticipated to expect a fillip in 2024, with projections slated to remain optimistic for the forthcoming decade.

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Blood products based biospecimen are expected to see the maximum light of the day, owing to ease of detection of key patterns of chronic and infectious disease indications. Consequently, academic institutions have augmented research to explore further breakthroughs with the intention of discovering diagnosis and cures for potentially life-threatening diseases.

Furthermore, manufacturers are seeking to incorporate advanced software, considering the ever widening berth for automation, machine learning, IoT and robotics across the global healthcare and pharmaceuticals landscape. Specific importance has been given to automated storage systems, given the sheer high volumes of patient data assimilation which tend to result in recording errors if done manually. Attributed to these trends, Fact.MR projects the landscape to experience high growth in the future.

“Healthcare providers are likely to retain emphasis on comprehending cell structure for determining accurate prognosis and diagnosis of diseases, thereby spurring heightened biospecimen applications for developing effective therapeutics,” opines the Fact.MR analyst.

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Key Takeaways from Fact.MR’s Biobanking Market Study

• Preference for manual biobanking to remain, demand for automated storage solutions to aggrandize
• Extensive applications across the therapeutics segment likely, anticipated to yield nearly three out of five biobanking solutions adoption
• Biobanking software & services to emerge as the dominant product line, expanding at a noteworthy CAGR
• U.S to hold lucrative market share, attributed to increased investments in medical research to offset the impact of chronic disorders
• Ongoing academic and clinical research with respect to genetic predisposition and environmental exposure to disease development to usher in strong Y-o-Y growth across the U.K
• Strong academic and governmental coalitions to keep German & French market growth prospects stable in the long-run
• Japan and South Korea to remain bright spots amid growing prevalence of geriatric population who required advanced personalized medical care

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Biobanking Market- Prominent Drivers

• Growing volumes of cell-based and genomic research studies to spur increased establishment of biobanks across prominent regions
• Market to ride high amid heightened financial and research encouragement from government entities
• Accelerating demand for cost-effective drug discovery, research and development to foster efficient treatment likely to aggrandize growth

Biobanking Market- Key Restraints

• Additional costs incurred to automate data assimilation processes may hinder adoption of advanced biobanking solutions
• Anomalies in biospecimen procurement with respect to limited number of donors is expected to restrain growth
• Mounting concerns over possible misuse of collected samples for unethical purposes likely to limit expansion

Competitive Landscape

Fact.MR’s report on the biobanking market has profiled the following prominent players: Thermo Fisher Scientific, Tecan Trading AG, Merck KGaA, PHC Holdings Corporation (Panasonic Healthcare), QIAGEN N.V., VWR International LLC., Brooks Automation Inc., Hamilton Company, Greiner AG and Chart Industries Inc. among others. New product launches compliant with sustainability guidelines characterize some of the players’ expansion strategies.

For instance, Thermo Fisher Scientific’s TSX Series Ultra-Low Temperature Freezes have grabbed major eyeballs, featuring a V-drive adaptive control technology which is designed to minimize energy consumption without compromising simple security. This also ties into the long-term objective of diminishing CO₂ footprints.

More Insights on Fact.MR’s Biobanking Market

In the report by Fact.MR, we offer an unbiased analysis of the global biobanking market, providing historical data for the period of 2017-2019 and forecast statistics for the period of 2024-2027. In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of storage (manual & automated), application (therapeutics, clinical diagnostics, drug discovery & development and others), biospecimen (blood products, human tissues, cell lines, nucleic acids & others) and product (equipment, consumables and software & services) across five major regions (North America, Latin America, Europe, Asia-Pacific and MEA).

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