PORTLAND, Oregon, November 22, 2018
PORTLAND, Oregon, November 22, 2018 /PRNewswire/ --
Increase in funds for biobanking from private & government organizations, high prevalence of chronic diseases, and increase in R&D activities for application of biobanking are expected to propel the growth of the global biobanking market.
Allied Market Research published a report, titled, "Biobanking Market by Specimen Type (Blood products, Solid tissue, and Cell lines), Type of Biobank (Population-Based Biobanks, and Disease-Oriented Biobanks), and Ownership (National/Regional agencies, Non-profit organization, University, and Private), and Application (Therapeutic, and Research): Global Opportunity Analysis and Industry Forecast, 2018-2025". The report presents in-depth analyses of the global biobanking market by closely monitoring the industry trends, drivers & opportunities, top investment pockets, key growth strategies, and competitive landscape. According to the report, the global biobanking market accounted for $47.06 billion in 2017 and is expected to reach $68.08 billion by 2023, registering CAGR of 4.6% during the forecast period.
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Proactive support for biobanking by private & government organizations and high prevalence of chronic diseases drive the growth of the global biobanking market. However, ethical and legal issues associated with biobanking hamper the market growth. On the other hand, increase in R&D activities for application of biobanking and untapped opportunities in the developing regions are expected to create lucrative prospects for the market players in the coming years.
Solid tissue segment to manifest highest growth by 2025
The solid tissue segment is expected to register the fastest CAGR of 5.9% during the study period, owing to increase in biomedical research and rise in drug discovery & genetic study. However, the blood products segment held the largest share, contributing about 43% share of the total revenue, owing to high demand for blood products, increase in the number of blood donors, and prevalence of chronic diseases. The cell lines segment would witness steady growth during the forecast period.
Research segment to lead the market throughout the study period
The research segment held the largest share of the market, contributing more than two-thirds of the total revenue, as samples in biobank are used by researchers for various purposes such as drug discovery and identification of disease-relevant biomarkers. However, the therapeutic segment is estimated to manifest the fastest CAGR of 5.1% during the forecast period, owing to increase in awareness for biobanks and rise in focus on R&D related to the development of personalized medicines.
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Population-based biobanks segment to manifest fastest CAGR through 2025
The population-based biobanks segment is expected to witness the fastest CAGR of 5.2% during the forecast period, owing to large presence of population-based biobanks in developed countries such as UK, Sweden, and Denmark. However, the disease-oriented biobanks held the largest share of the market in 2017, contributing about 82% of the total revenue, owing to greater focus on improving diagnosis of disease and surge in the number of studies to develop therapies for critical diseases.
National/regional agency segment holds largest share in the market
National/Regional agency segment contributed the largest share, accounting about 41% of the total revenue, owing to developments in the areas of genomics, personalized medicine, disease biology, and allied fields. However, the private segment is expected to register the fastest CAGR of 5.7% during the study period, as pharma and biotech companies have strengthened their presence in the biobank sector. The other segments analyzed in the report include non-profit organization and university.
Europe holds lion's share in the global biobanking market
Europe held the largest market share in 2017, contributing about 41% of the total revenue and is projected to dominate the global market throughout the forecast period. However, Asia-Pacific region is expected to register the fastest CAGR of 5.7% from 2018 to 2025, owing to easy accessibility of cost-effective blood storage and increase in awareness toward the benefits of cord blood. Moreover, several companies have developed sharing platforms to ease the process of procuring cord blood units, which would boost the growth of the market in the Asia-Pacific region. The other regions analyzed in the report include North America and Latin America, Middle East and Africa (LAMEA).
Torchbearers of the market
The key market players analyzed in the report include, ASKION GmbH, Cureline, Inc., Firalis S.A., LabVantage Solutions, Inc., PrecisionMed, Inc., CTI BIOTECH, Excilone SARL, Hamilton Company, LGC Limited, and ProMedDx LLC.
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