Biobanking Market: Rising Demand and Future Scope till by 2030

Posted 2 years ago in BLOCKCHAIN.

The global biobanking market was valued at USD 42,104.3 million in 2020 and is estimated to reach USD 60405.0 million by 2027,

Biobanking Market: Rising Demand and Future Scope till by 2030

The global biobanking market was valued at USD 42,104.3 million in 2020 and is estimated to reach USD 60405.0 million by 2027, growing at a CAGR of 6.2% from 2021 to 2027. Biobank is a biorepository that collects and preserves biological materials for biodiversity studies, diagnosis, and research. Additionally, it supports the research of the most common types of genetic disorders to develop personalized medicines and maintain and update the database of diseases related to aging. It collects different body fluids or tissue samples and stores them for further research by biotechnology and pharmaceutical companies.

An increase in application areas of bio-banked samples and a rise in funding from government & private organizations to biobanking are the major factors that drive the growth of the global biobanking market. Moreover, an upsurge in the incidence of cancer-related diseases significantly contributes to market growth because bio-banked specimens are used to treat several chronic diseases.

Also, the increase in demand for cost-effective drug delivery & development accelerates the market growth. There is an increase in the usage of human biospecimens in cohort studies. The number of registered clinical studies with the National Institutes of Health increased from 181,305 in 2014 to 262,445 in 2017. Furthermore, A substantial number of large ongoing cohort studies related to precision medicine have incited the establishment of population-based banks. The rise in genomic research activities acts as a key driving force of the global market. The government is taking multiple initiatives to support regenerative medicine research, which boosts the market growth.

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COVID-19 Impact on the Global Biobanking

Severe Acute Respiratory Syndrome Corona Virus-2 (SARS-CoV-2) is an infectious disease caused by the novel coronavirus (COVID-19), which originated in the Wuhan district in China in late 2019, and since has spread to 212 countries. The WHO initially referred to the virus as “novel coronavirus 2019” (2019-nCoV); however, on February 11, 2020, it was given the official name of SARS-CoV-2 by the International Committee on Taxonomy of Viruses. WHO declared COVID-19 as a pandemic on March 11, 2020, and by September 1, 2020, over 28.1 million people have been infected globally, with over 909,000 deaths. COVID-19 symptoms include fever, cough, and shortness of breath.

Biobanks can provide applicants with biosamples, such as serum, DNA, RNA, and clinical and genomic data, to accelerate COVID-19 treatment and prevention research. Hence, the rapid establishment of a COVID-19 biobank is being witnessed worldwide to collect research biospecimens and corresponding clinical prospectively. To enable high-quality research, the patient provided data from COVID-19 patients with confirmed infection with the novel SARS-CoV-2 virus. For instance, the Minister of Health and Welfare, NHRI Biobank, was assigned to establish a COVID-19 biobank in early February 2020 to collect blood samples of COVID-19 patients for Taiwan researchers and industries in an emergent way. It was set up in less than three weeks and quickly opened for application.

Global Biobanking Market Dynamics

Drivers: Surge in prevalence of fatal chronic diseases

Biobank specimens are used to treat various chronic diseases such as cancer, cardiovascular diseases, neurological disorders, immunological disorders, and other rare metabolic diseases. These diseases cannot be treated using conventional therapies, as they lead to harmful side effects. However, the risk of these side effects could be reduced by integrating these therapies with stem cell therapy, which acts as a healing agent to minimize the damage caused by treatment doses. These combination therapies are especially beneficial for oncology treatment, as the prevalence rate of fatal diseases like cancer is rising.

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Furthermore, the rise in incidences of chronic diseases such as autoimmune diseases, cancer, and blood disorders boosts the market's growth. Additionally, the increase in the population suffering from chronic diseases drives the market growth. In 2018, as per the American Autoimmune Related Diseases Association (AARDA) statistics, around 50 million Americans suffered from autoimmune diseases. This number is expected to rise during the forecast period.

Restraints: Lack of awareness toward biobanking

Biobanks have become an important means of biomedical research and innovation. However, they entail various ethical, social, and legal challenges that must be publicly discussed and managed collectively. For many countries, including Germany, Italy, India, and China, survey results with primary data from the Eurobarometer indicate that public awareness of biobanks remains low. Similarly, up to 67% of Americans have not heard about biobanks, and many lack basic knowledge about biobanking. In addition, the majority of Mexican-Americans have never listened to the term biobank. Many respondents confuse participation in a biobank with medical examinations, i.e., diagnosis or treatment. Only 25% of Jordanians knew biobanks, and among Saudi students, only 27%, which is expected to restrain the market growth.

Opportunities: High growth potential in developing countries

The biobanking industry registers the highest growth in the healthcare sector. This is attributed to the fact that people worldwide seek innovative options to treat chronic diseases and find alternatives to traditional medicine. Furthermore, the global demand for biobanking products is expected to offer remunerative opportunities for expanding the global market.

Stem cell therapy applications are developed with continuous new research and findings. Stem cell treatment has high potential in dealing with complex and untreatable diseases with current medical procedures. For instance, in August 2020, Cipla Limited, a global pharmaceutical company, announced its collaboration with Stempeutics to launch Stempeucel in India. Stempeucel is the first cell therapy developed for the treatment of critical limb ischemia.

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Scope of the Report

The study categorizes the biobanking market based on specimen type, biobank type, ownership, application, and end-user at the regional and global levels.

By Specimen Type Outlook (Sales/Revenue, USD Million, 2017-2027)

  • Blood Products
  • Solid Tissue
  • Cell Lines
  • Nucleic Acid
  • Others

By Type of Biobank Outlook (Sales/Revenue, USD Million, 2017-2027)

  • Population-based Biobanks
  • Disease-oriented Biobanks

By Ownership Outlook (Sales/Revenue, USD Million, 2017-2027)

  • National/regional agency
  • Non-profit Organization
  • Universities
  • Private Organization

By Application Outlook (Sales/Revenue, USD Million, 2017-2027)

  • Therapeutic
  • Research

By End-User Outlook (Sales/Revenue, USD Million, 2017-2027)

  • Academic Institutions
  • Pharma & Biotech Companies

By Region Outlook (Sales/Revenue, USD Million, 2017-2027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The blood product is projected to account for the largest market share by specimen type segment

On the basis of specimen type, the market is segmented into blood products, solid tissues, cell lines, nucleic acid, and others. In 2020, The blood products segment was the highest contributor to the market, with a 37.9% share in the global biobanking market. Blood products include whole blood, red blood cells (RBCs), buffy coat, plasma, serum, DNA, and RNA derived from human blood. Biobanks collect biological samples such as blood and tissues and medical data for the purposes of research. Moreover, blood can be stored in serum, plasma, or whole blood for future application. Subsequently, blood samples can be transported to hospitals, ambulatory surgery centers, pharmaceutical companies, and research centers. Blood transfusions are a common part of modern medicine and have been used to save patients. Biobanks have to collect and store units of blood from blood donors. The increase in the prevalence of infectious disease, growth in liquid biopsy tests, a surge in demand for blood donation, and rise in the number of accidents and trauma is the key factor for the market's growth.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global biobanking market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia-Pacific is anticipated to grow at the fastest pace, owing to a large geriatric population base, which is highly susceptible to diseases, and an increase in medical tourism in high populace countries such as India and China. Japan has the largest influence on pharmaceutical and biotechnology markets among Asia-Pacific countries, while China is the fastest-growing economy.

The major factors that support the market growth in Asia-Pacific are easy accessibility to cost-effective blood storage and increased awareness toward cord blood benefits. Moreover, encouraging donor policies and storage coupled with the growing use of bio-banked samples such as stem cells for disease treatment is anticipated to boost the market growth. In addition, some companies have developed sharing platforms to ease the procurement process of cord blood units.

Key Market Players

Every company follows its business strategy to attain the maximum market share. Some of the major companies operating in the global biobanks market are Geneticist Inc, Firalis S.A., AMS biotechnology Ltd., US Biolab Corporation, Inc., BioIVT & Elevating Science ProteoGenex, Inc., Bay Biosciences LLC, CTI Biotech, Cureline, Inc., and Boca Biolistics.

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