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Sep 14, 2020 5:00 PM ET

Biobanking Market Worth USD 49.46 Billion at 8.9% CAGR; Need to Lower Time Constraints will Favor Growth: Fortune Business Insights™

iCrowd Newswire - Sep 14, 2020

Key Companies Covered in the Biobanking Market Research Report Are Medizinische Universität Graz, UK Biobank, Shanghai Zhangjiang Biobank, Isenet Biobanking, Hamilton Company, Thermo Fisher Scientific Inc., ProMedDx, IBBL, Brooks Life Sciences, ASKION and other key market players.

The global biobanking market size is projected to reach USD 9.46 billion by the end of 2026. The growing investments in development of efficient biobanks and recent studies associated with the use of biobanks in the treatment of the coronavirus will emerge in favor of market growth.

According to a report published by Fortune Business Insights, titled “Biobanking Market Size, Share & Industry Analysis, By Sample Storage (Blood, Cells & Tissue, and Others), By Application (Regenerative Medicines, Life Sciences, and Others), By Settings (Academic Medical Institutes, and Pharmaceutical & Biotechnology Companies), and Regional Forecast, 2019-2026,” the market was worth USD 25.09 billion in 2018 and will exhibit a CAGR of 8.9% till 2026.

Highlights of the Report:

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Biobanking Can Play a Huge Role in Fighting the Coronavirus

The constant research and collective studies associated with the coronavirus speaks volumes about the seriousness and severity of the disease. It is observed that biobanking has shown potential in the development of treatment options for Covid-19. This will present several growth opportunities for the companies operating in the market.

Biobanking refers to the process wherein blood samples are collected and studied for research and development purposes. This process helps in understanding the cause and effect of several diseases and can also help produce efficient treatment methods for specific diseases through prolonged research and study. The increasing emphasis on biobanking is consequential to the excellent results and outputs in recent years.

As a result, massive investments are being made in the development of efficient processes, with the aim of studying severe and critical diseases. The study of blood can also aid in the health and nutritional requirement s in the human body. Technological advancements have allowed applications such as tracking and real-time examination; a process that has hugely benefited the global biobanking market in recent years.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on this Market.

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United Kingdom Announces $247 DNA Database

The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the increasing applications of biobanking in several research and studies, there has been a surge in the overall investments in product R&D. The growing investments in product R&D will have a direct impact on the growth of the market in the coming years. In September 2019, the UK announced that it has invested a huge sum in a new database for the Genome Decoding Research Project.

The UK announced USSD 247 million for the project. Through this activity, it will analyze and sequence the genetic codes of 500,000 volunteers. Large scale healthcare and pharma companies such as GlaxoSmithKline plc and Johnson & Johnson are also involved in the project. The high investments in the development of large scale biobank projects similar to this, will have a direct impact on the growth of the overall market in the coming years.

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Europe Currently Dominates the Market; Presence of Well-established Biobanks will Aid Growth

The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Europe currently dominates the market. The presence of numerous large scale biobanks in Nordic countries such as Sweden, Denmark, and Norway will contribute to the growth of the market in this region.

It is recorded that around 40% of the total population in Iceland have contributed DNA samples; a factor that will be influential to the growth of the regional market. As of 2018, the market in Europe was worth USD 8.93 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific is projected to register a considerable CAGR driven by the high investment in establishing well-structured biobanks.

List of companies profiled in the Biobanking Market report:

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Biobanking Market Segmentations:

By Sample Storage

By Application

By Settings

By Geography

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