Global Biobanking Services Market - 2022-2029
The global biobanking services market size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 17.4% during the forecast period (2022-2029).
Biobanking is the process by which bodily fluid or tissue samples are collected, annotated, stored and redistributed for research to improve understanding of health and diseases. Biobanking services provide a range of biobanking/sample management services. The services include facilitating the retrieval and delivery of samples, Submitting and distributing samples, short and long-term storage, sample management and tracking services.
The global biobanking services market growth is driven by the technological advancements, increasimng research activities, rising funding for research & development research, increasing applications of biobanking samples and rising healthcare expenditure.
An increasing research activities in cell and gene therapy drives the market growth
Biobanks play a crucial role in boosting primary and translational health research. According to the WHO 2022, the highest mortality rates globally are attributed to cardiovascular disease, infectious diseases, and cancer. These diseases could be characterized more precisely, and treatments selected based on patients’. The growth of the cell and gene therapy sector in recent years has also increased the demand for biobanking services. Demand is likely to grow, particularly since cell and gene therapies for cancer and cardiovascular disease show so much promise. By helping the cell and gene therapy sector grow, biobanks promote personalized medicine, exercise new powers and mobilize internal resources. In addition, to the demand for automated storage, the more recent tendency is to move away from the concept of a simple biobank toward a real databank.
In addition, the market players are adopting the market strategies such as collaboration and product launches. For instance, in July 2021, BioIVT purchased Tissue Solutions Ltd., a virtual biobank in the United Kingdom. Tissue Solutions offers medical researchers high-quality tissue and other biological resources for drug development, identification & validation, assay creation & validation, biomarker & companion diagnostic research, and more. Also, in February 2020, Hamilton Storage launched new sample storage tubes along with RackWare racks at SLAS 2020 International Conference and Exhibition.
The threat of biobanking sustainability will hamper the growth of the market
However, a lack of value confers a threat to sustainability, a common challenge for biobanks worldwide. Limitations to biobank sustainability may induce biobanks vulnerable to collect fewer biospecimens of possibly reduced quality and offer fewer biobanking services. Ultimately, sustainability threatened to a point where a biobank is no longer operational, resulting in the loss of additional research output. In this circumstance, the expected time for the biobank operation to absorb initial capital costs is reduced, and reestablishment costs are likely to be higher than the costs of continued operations.
COVID-19 Impact Analysis
The COVID-19 pandemic underlined the value of gathering and processing samples and related data as scientists scrambled to develop effective vaccines and treatments. As per the article published in Biopreservation and Biobanking in 2020, during a pandemic, there are multiple clinical priorities, ranging from an immediate need to understand the pathophysiology of the disease to a need for optimized patient care and prevention of future cases. To tackle the many different needed responses to COVID-19, research infrastructures, and in particular, biobanks, have found themselves on the front line.
Furthermore, in July 2021, Tulane University declared a new COVID-19 biobank, including blood & cell samples from survivors, to aid researchers in determining why some people heal quickly while others have long-term effects. Technological advancements, including 3D printing for tissue samples/3D-printed mini-organs creation in COVID-19 testing.
Moreover, in March 2020, Columbia University and New York-Presbyterian Hospital founded a COVID-19 biobank for researchers to accelerate their investigations. Furthermore, in April 2020, Biogen, Inc., in collaboration with Partners HealthCare and Broad Institute of MIT, announced the association for building a COVID-19 biobank.
However, there are risks with collecting and processing large volumes of human biospecimens, whether infectious or not, for therapeutic, diagnostic, or research purposes. For example, a proportion of the biosamples from patients with cancer, which continue to be collected and stored in biobanks during the pandemic, are likely to be infected with SARS-CoV-2.
The DNA/RNA biobanking segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The DNA/RNA biobanking segment accounts for the largest market share, as per the article published in Scientific Reports in 2020; in precision medicine and advanced pathological diagnostics, molecular methods like gene expression investigations become more and more important to determine the origin of human diseases to clear-up prognostic and predictive factors and to find appropriate new therapeutic strategies. For instance, using microarray technology in the case of breast cancer, four subtypes associated with patient response to chemotherapy have been defined based on RNA patterns. RNA sequencing became more important for molecular diagnostics and disease management, often within a multi-omics or integrative manner. In this context, biobanks represent infrastructures to keep tissue samples and body fluids in a mixture with clinical data to elevate research for new predictive and prognostic biomarkers and therapeutic candidate molecules.
In addition, the increasing awareness of DNA/RNA biobanking drives segment growth. For instance, the International Conference on Advanced Biotechnology and Biobanking was broadcasted in September 2020 in Japan.
Moreover, in October 2021, Brooks Automation, Inc. and Cleveland Clinic opened a new 22,000-square-foot biospecimen sample management and repository facility on Cleveland Clinic's main campus. The two-story biorepository is managed by Azenta Life Sciences, Brooks' recently re-branded life sciences division. It includes ultra-cold and cryogenic storage for researchers at Cleveland Clinic and other institutions. The new facility increases the biobanking capacity at Cleveland Clinic and will help accelerate translational research.
Europe region holds the largest market share of the global biobanking services market
Europe dominates the market for biobanking services and is expected to show a similar trend over the forecast period. The market is driven by advanced healthcare infrastructure, increasing research and development activities and the presence of key players in the European region. The market players are adopting market strategies to expand their business. For instance, in May 2022, BC Platforms (BCP), a healthcare data management and analytics company, declared a multi-year contract with three Hospital District owned Biobanks (Clinical Biobanks) in Finland to improve access to and automated management of phenotypic, genomic, and clinical data. Also, in April 2020, Biogen united with MA Health Organizations to launch COVID-19 Biobank. The biobank will help scientists study an extensive collection of de-identified biological and medical data to increase knowledge and search for potential vaccines and treatments.
In February 2020, Lund University in Sweden launched the world's largest biobank to understand and research the most common diseases, such as Alzheimer's disease, Parkinson's disease, cardiovascular, and diabetes.
The biobanking services market is a moderately competitive presence of local and global companies. Some of the key players contributing to the market's growth are Alpha Cord Inc., Autogen Inc., BioCision, Biokryo GmbH, BioLife Solutions Inc., Biomatrica Inc., BioStorage Technologies Inc., Cells4Life Ltd., and Cryo Bio System, among others. The major players are adopting several growth strategies, such as product launches, acquisitions, and collaborations, contributing to the growth of the global biobanking services market.
In April 2020, LabVantage Solutions, Inc. developed a new COVID-19 LIMS solution. CloudLIMS offers its cloud LIMS free of charge to biobanks, research facilities, and laboratories undertaking COVID-19 research or testing across the globe.
Alpha Cord Inc.
AlphaCord is founded in 2022, and it has provided the best Newborn Stem Cell Storage at affordable prices for two decades. Their clinical expertise and commitment to excellence in cryogenic stem cell preservation are proven and guaranteed.
Cord Blood Only: It contains hematopoietic stem cells with more than 80 uses in transplant medicine today, including treating cancer and blood disorders. It provides storage with annual and 20 years plans.
The global biobanking services market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.
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