DUBLIN--(BUSINESS WIRE)--The "Biobanks Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented By Type, By Sample Type, By Application, By End User, By Region" report has been added to ResearchAndMarkets.com's offering.

The Global Biobanks Market stood at USD40.70 billion in 2021 and is expected to grow at an impressive rate of 8.22% during the forecast period. This can be ascribed to the growing investments and research & development in advanced therapies such as cancer genomic studies, personalized medicine, among others.

Biobanks play a pivotal role in disease diagnosis and development of a treatment or drug. The COVID-19 pandemic crisis has significantly increased the demand for biobanks worldwide. During the pandemic crisis various new specialized biobanks, focusing on COVID-19 were developed for research & development activities. For instance, in July 2021, Tulane University announced a new COVID-19 biobank containing blood & cell samples from survivors.

Regenerative Medicine Applications for Biobanking Market will drive the Market

Biobanks Market contributes to the advancement of biomedical and translational research by collecting and preserving biological samples such as blood, tissues, and nucleic acids, which are then made available for use in research to discover disease-relevant biomarkers; this information is then used for diagnosis, prognosis, and drug response prediction.

The increase in the number of research activities in this area is a major market driver. The availability of government financing for regenerative medicine, stem cell treatments, and cell and gene therapy are fueling this segment's research. Aside from that, the growing trend of cord blood banking will help this market segment develop. Future possibilities are predicted to include breakthroughs in orthopaedic therapies utilising stem cells.

Stakeholders Shifting Focus from Sample-driven to Data-driven Strategies

Precision medicine research is gaining traction as a result of the digital revolution. Precision medicine research and clinical data are also inextricably linked. Although there are times when there are modest connections between the two variables. Because the availability of data on well-characterized and high-quality samples is of relevance to healthcare organizations, this works as a profitable opportunity for stakeholders in the biobanking market.

Artificial intelligence (AI) and big data analytics are being introduced into the biobanking landscape in order to develop strong correlations between precision medicine research and clinical data. This has aided faster research, which has had a positive impact on the delivery of new pharmaceuticals in the healthcare industry. As a result, there is a growing demand in the biobanking industry for increased informatics capabilities.

Demand for Temperature Control Systems to Gain Strength in Biobanks Market

Biobanks are in high demand to preserve a variety of biospecimen, from blood to tissues, cells, and nucleic acids, due to the growing trend of personalized treatments to reduce chronic disease-related mortality rates.

As major manufacturers are focusing their efforts on the release of freezers and refrigerators, cryogenic storage systems, and other equipment for the storage of biobank samples, the market is expected to place a greater emphasis on temperature control systems, boosting global demand for Biobanks. The equipment segment is being driven by an increase in the number of Biobanks in several countries, as well as a desire for sophisticated biobanking equipment.

Companies Mentioned

Report Scope:

In this report, the Global Biobanks Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Global Biobanks Market, By Type:

Global Biobanks Market, By Sample Type

Global Biobanks Market, By Application:

Global Biobanks Market, By End-User:

Global Biobanks Market, By Region:

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Insights on the Biobanks Global Market to 2027 - Regenerative Medicine Applications for Biobanking Market will Drive Growth - ResearchAndMarkets.com -...