PORTLAND, Ore., Nov. 4, 2020
Increase in funding, surge in R&D activities for application of biobank specimens, and rise in fatal chronic diseases drive the growth of the global biobanking market.
PORTLAND, Ore., Nov. 4, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Biobanking Market by Specimen Type (Blood Products, Solid Tissue, Nucleic Acid, and Cell Lines), Type of Biobank (Population-based Biobanks and Disease-oriented Biobanks), Ownership (National/Regional Agencies, Nonprofit Organization, University, and Private Organization), and Application (Therapeutic and Research): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global biobanking industry garnered $37.93 billion in 2019, and is expected to generate $57.67 billion by 2027, witnessing a CAGR of 4.6% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in funding, surge in R&D activities for application of biobank specimens, and rise in fatal chronic diseases drive the growth of the global biobanking market. However, legal and ethical issues related to biobanking and lack of awareness hinder the market growth. On the other hand, untapped potential in emerging economies and surge in genomic research activities create new opportunities in the coming years.
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The blood products segment to maintain its lead position throughout the forecast period
Based on specimen type, the blood products segment accounted for the largest market share in 2019, accounting for nearly two-fifths of the global biobanking market, and is expected to maintain its lead position throughout the forecast period. This is attributed to rise in prevalence of hematological diseases and other chronic diseases along with increase in road accidents and injuries. However, the solid tissue segment is expected to manifest the largest CAGR of 6.5% from 2020 to 2027, owing to surge in demand for regenerative medicine along with increase in prevalence of cardiovascular & neurological disorders, different types of cancers, and diabetes.
The therapeutic segment to maintain its leadership status during the forecast period
Based on application, the therapeutic segment held the largest share of the market, accounting for around two-thirds of the global biobanking market in 2019, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to witness the fastest CAGR of 5.0% during the forecast period. This is due to surge in incidence of chronic diseases and advancements in regenerative medicines. The report also analyzes the research segment.
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Europe, followed by North America, to continue its dominance in terms of revenue by 2027
Based on region, Europe, followed by North America, accounted for the highest market share with nearly two-fifths of the global biobanking market in 2019, and is expected to continue its dominance in terms of revenue by 2027. This is attributed to favorable government policies, increase in awareness among individuals regarding benefits of banked biospecimen such as cord blood, and introduction of novel therapies such as personalized medicines. However, Asia-Pacific is expected to grow at the largest CAGR of 6.1% during the forecast period. This is due to presence of huge geriatric population base and rise in healthcare expenditure and developing guidelines.
Leading market players
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