Latin America Biobanking Market Report and Forecast 2024-2032

Latin America Biobanking Market Report and Forecast 2024-2032

Latin America Biobanking Market Report and Forecast 2024-2032

Latin America Biobanking Market Size

The global biobanking market was valued at USD 72.1 billion in 2023, with Latin America holding a significant market share. The market is driven by the growing demand for precision medicine and the rising focus on life science research. It is expected to grow at a CAGR of 8.60% during the forecast period of 2024-2032, with the values likely to attain USD 131.1 billion by 2032.

Latin America Biobanking Market Outlook

• Chronic diseases pose a major health challenge in Latin American countries with a substantial economic impact and mortality rates . This rising disease burden is expected to directly impact the market demand.
• One of the major Latin America biobanking market trends is the growing demand for precision medicine which stimulates the need for biobanking services. For instance, Galatea Bio, Inc., is building a biobank to accelerate drug discovery and bring precision medicine to the underserved Latin American population, leveraging advanced sequencing technologies to enrich genomic datasets.
• The growing emphasis on life science research, especially in the field of regenerative medicine and clinical studies, which are heavily dependent on high-quality biological samples is projected to boost the market share.

Latin America Biobanking Market Analysis

A biobank collects and stores biological samples along with associated health data of donors. They serve as a library for researchers and significantly reduce the time and resources needed to conduct a research study. There is a growing emphasis on life science research especially in the field of regenerative medicine and clinical studies which rely heavily on high-quality biological samples and thus are dependent on biobank facilities. This rising demand for well-maintained repositories that can store and manage these samples effectively is expected to drive the Latin America biobanking market growth. Additionally, the increased government initiatives and funding to support the establishment and expansion of biobanks are anticipated to impact the market dynamics.

The rising burden of chronic diseases is projected to impact the market dynamics. Recent data reveals that chronic diseases pose a major health challenge in Latin American countries with a substantial economic impact and mortality rates . Since biobanks act as a prerequisite in the development of new therapeutics and advanced diagnostic techniques, the market demand for these repositories is likely to augment in the forecast period. Moreover, the increasing technological advancements in biobanking practices to enhance research outcomes are anticipated to boost the Latin America biobanking market share.

One of the major market trends is the growing demand for precision medicine which stimulates the need for biobanking services to facilitate personalized approaches to disease treatment and diagnosis. For instance, the Florida-based biotechnology company Galatea Bio, Inc., is building a biobank to accelerate drug discovery and bring precision medicine to the untapped Latin American population. The company plans to have 10 million data points by 2026 and employs Illumina NovaSeq 6000 and NextSeq 2000 Systems to sequence genomes. Thus, the growth in the precision medicine sector is anticipated to elevate the market value in the coming years.

Latin America Biobanking Market Segmentation  

The report offers a detailed analysis of the market based on the following segments:

Market Breakup by Product and Service

Equipment

Consumables

Service

Software

Market Breakup by Application

Regenerative Medicine

Life Science Research

Clinical Research

Market Breakup by Sample Type

Blood Tissue

Nucleic Acids

Cell Lines

Market Breakup by End User

Academic Institutions

Pharma and Biotech Companies

Market Breakup by Country

Brazil

Argentina

Mexico

Others

Leading Players in the Latin America Biobanking Market

The key features of the market report include funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Thermo Fisher Scientific, Inc.
• Beckman Coulter, Inc.
• Tecan Trading AG
• PHC Corporation
• Teva Pharmaceutical Industries Ltd.
• BioLife Solutions Inc.
• Merck KGaA
• Taylor-Wharton
• Panasonic Biomedical
• Custom Biogenic Systems

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

FAQs

• What is the Latin America biobanking market forecast outlook for 2024-2032?

The Latin America biobanking market is expected to be driven by the rising demand for the global market, which is anticipated to grow at a CAGR of 6.89% during the forecast period of 2024-2032 and is likely to reach a market value of USD 131.1 billion by 2032.

• What are the major factors aiding the Latin America biobanking market demand?

The growing demand for precision medicine and the rising focus on life science research is fuelling the demand for the market.

• What are the major Latin America biobanking market trends?

One of the significant trends in the market is the growing demand for precision medicine which stimulates the need for biobanking services. Galatea Bio, Inc., is building a biobank to accelerate drug discovery and bring precision medicine to the underserved Latin American population, aiming to collect 10 million data points by 2026.

• What is the market segmentation based on the product and services?

Based on the products and services, the market is segmented into equipment, consumables, services, and software.

• What is the market breakup by sample type?

By sample type, the market is divided into blood tissue, nucleic acids, and cell lines.

• What are the major end users of biobanking?

End users of the market are academic institutions, pharma, and biotech companies.

• What are the applications of biobanking?

Major applications of biobanking include regenerative medicine, life science research, and clinical research.

• What is the market segmentation by countries?

The market segmentation by countries includes Brazil, Argentina, and Mexico, among others.

• Who are the key players involved in the Latin America biobanking market?

The key players in the market are Thermo Fisher Scientific, Inc., Beckman Coulter, Inc., Tecan Trading AG, PHC Corporation, Teva Pharmaceutical Industries Ltd., BioLife Solutions Inc., Merck KGaA, Taylor-Wharton, Panasonic Biomedical, and Custom Biogenic Systems.

Meta description

The Latin America biobanking market is poised for growth, driven by the expansion of the global market, which was valued at USD 72.1 billion in 2023 and is projected to grow at a CAGR of 6.89% during the forecast period of 2024-2032.

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