Acumen Research and Consulting latest published report titled “BioBanking Market -Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”.
LOS ANGELES, Jan. 22, 2021 (GLOBE NEWSWIRE) -- The global Biobanking market size is poised to reach US$ 70 Bn by 2027, with CAGR of 5% during 2020-2027, study by Acumen Research and Consulting
Growing focus on research and development for cell therapies as well as rising chronic disease cases are factors in the growth of the bio bank industry.
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Bio bank is a kind of bio repository intended to preserve biological samples that can then be used for scientific purposes in order to enhance the details related to the different diseases and health conditions. Samples may contain human tissue, blood, biological processes, materials for human waste and more.
The growth of the industry is driven by increased genomic research activities. Government is also undertaking numerous measures to encourage research in renewable medicine that will also boost market demand. Demand for cost-efficient drug distribution & production is growing and business growth will also increase. The sector is also driven by the advances made in regenerative medicine. The increased research cooperation and changes in bio banking operations, on the other hand, will contribute in the forecast period from 2020 to 2027 as a factor in the growth of the bio banking market.
High automation prices, complexity associated with sampling bio specimens and regulatory problems, on the other hand, are some elements that hinder the growth of the bio-bank market.
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Increased bio bank funding
Bio bank collections are used for many different uses, including science, rehabilitation, clinical trials and drug manufacturing. This has led to increased support for the creation of more public warehouse banks by many non-profit and governmental organisations. For example, the National Health Institutes finance more than 200 research trials in the USA alone. In addition, in October 2017, the UK ME / CFS Bio bank, which marks a major investment in biomedical research, obtained US$ 2.1 Mn from the National institutes of health. Therefore, increased funding for bio banks will fuel the size of the bio bank market.
The US bio banking industry is split into two parts, North America and South America. As the largest market, North America is driven primarily by the growing numbers of genomics research activity, growing investment in healthcare and increasing patients with chronic diseases. Moreover, because of the presence of a large number of hospital bio-banks and the increasing awareness of bio-banks, the United States is North America's largest market. Canada is expected to be the fastest developing country powered by the increasing increased need for industrial growth of medicines. South America, due to technologically advanced diagnostic devices and increasing demand for treatment options for chronic conditions, is expected to be the fastest growing market.
The European bio bank industry is growing and focuses primarily on R&D initiatives to develop diagnostic and treatment strategies. Britain and the United Kingdom still. We are the big players in business development. In addition, increased health care expenditure by major European countries also accelerates market growth.
In Asia Pacific, the growth market is expected to become the fastest growing, due to the increased burden of chronic diseases and to increasing concentration on early diagnosis and rare disease care. In addition, lifestyle changes, the influence of western culture on adults, and addiction to smoking are other factors contributing to market growth. Furthermore, rising emissions and access to toxic chemicals are both due to business expansion.
The Middle East and African bio banking market have continuously increase with the number of health centres providing chronic diseases and the flourishing growth of the medical equipment sector in particular diagnostic equipment. The awareness of bio bank installations in the African region stimulates market growth.
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Key Players & Strategies
Participants include major global players Worthington Industries, Tecan Trading AG, Thermo Fisher Scientific Inc, QIAGEN, TTP Labtech, Brooks Life Sciences, VWR International, LLC, Promega Corporation, BD, Hamilton Company., Biokryo GmbH, Merck KGaA, and Others.
Most bio banks are created in order to satisfy the resource-related needs of bigger businesses. In the coming years, an increasing number of competitive bio repositories would improve demand.
In recent years, leading players in the bio bank sector took a range of strategy steps to sustain and strengthen their role in the market, including drug releases, partnerships, acquisitions and drug clearance. In April 2019, for example, Thermo Fisher Scientific Inc. expanded its portfolio of analytical instruments by introducing a high-performance liquid chromatography system (HPLC), mass spectrometers Thermo Scientific, and the mass spectrometer Thermo Scientific, TSQ Altis, MD Series, and Thermo-Scientification Quantis MD. These instruments are widely used in the processing of bio bank cells and tissues.
In addition, leading players like Thermo Fisher and Lonza have increased their position in the industry by expanding their portfolio to bio banking facilities like sample collection, storage, analysis and transport.
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