North America Biobanks Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product and Service (Equipment, Consumables, Service, and Software), Sample (Blood Products, Human Tissues, Cell Lines, and Others), and Application (Regenerative Medicine, Life Science Research, and Clinical Research)
The biobanks market in North America is expected to grow from US$ 875.19 million in 2021 to US$ 1,386.56 million by 2028. It is estimated to grow at a CAGR of 6.8% from 2021 to 2028.
Five years ago, genomic sequencing was restricted to the research environment. Genomic sequencing is rapidly transitioning into clinical practice, and substantial government investments have supported implementation into healthcare systems. The national genomic-medicine initiatives are driving transformative change under real-life conditions while simultaneously addressing barriers to implementation and gathering evidence for broader adoption, thereby driving the market. In August 2018, Boston, a Massachusetts-based company, announced that it landed US$ 4.3 million in seed funding, and it would be partnering with Veritas Genetics, a genome sequencing company. The funds would support the company's mission to usher in the era of personal genome sequencing by creating a trusted, secure, and decentralized marketplace for genomic data. Biobanks are significant resources in genomic research on infectious diseases and their hosts. The availability of large biobanks is necessary for population genomics.
The data from biobanks helps understand the etiology of multifactorial diseases caused by mutations in a range of genes and the influence of environmental variables and lifestyle on the global population. Therefore, the importance of biobanking as a research infrastructure component is expanding. Biobanks have also cleared the path for personalized medicine to evolve, particularly the production of tailored medications. The integration, analysis, and interpretation of data from biobanks play a significant role in understanding genetic susceptibilities to infectious diseases. Thus, the continuous funding in genomics by the manufacturers and governments and ongoing genomic research activities drive the growth of the biobanks market in this region.
The COVID-19 pandemic is a once-in-a-lifetime occurrence with far-reaching healthcare, economic, and societal consequences worldwide. The healthcare system in North America faced an immediate issue in estimating the demographics of COVID-19's impact. In the absence of precise data, a lockdown was enforced early, putting the healthcare system under even more strain to care for non-COVID-19 patients who needed immediate attention. The lockdown directly impacted logistics and supply lines, which affected healthcare delivery in the region.
In the early stages of COVID-19, biobanking activities in Canada were considered a non-essential health care service, but as necessary research operations began, COVID-19-related studies were permitted and launched. Biobanking became an essential service due to this development, allowing for faster COVID-19 research and the continuation of critical research operations. During the epidemic, navigating the scarce and frequently competing healthcare supply chains was crucial for continuous operational demands. Biobanks have had to purchase extra personal protective equipment (PPE) to safeguard their personnel from COVID-19, and even employees have had to be regularly checked for suspected COVID-19 symptoms. Biobanks had to communicate and search globally for the materials required to collect and store specimens quickly. Biobanks are critical in collecting and preserving biosamples such as plasma, serum, DNA and RNA, clinical data, and genomic data due to the large number of clinical trials related to COVID-19.
The North America biobanks market is analyzed on the basis of product and services, sample, and application. Based on product and services, the market is segmented into equipment, consumables, services, and software. In 2021, equipment segment held the largest share in the market. Equipment plays a vital role in the manufacturing of biobanks products. Equipment is required for every process of storing of bio product. Therefore, the processes, such as biomaterial storage, handling and research management requires different equipment types. Hence, the market for biobanks by equipment segment is further divided into storage equipment, sample analysis equipment, sample processing equipment, and sample transport equipment. The growth of storage segment is attributed to increasing demand for awareness about biobanks. Also, increasing number of products launches in the market are likely to offer significant opportunity for the segment growth. Equipment segment is further sub segmented as storage equipment, sample analysis equipment, sample processing equipment, and sample transport equipment.
The North America biobanks market size has been derived using primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the North America biobanks market concerning all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the North America biobanks market. THERMO FISHER SCIENTIFIC INC.; Tecan Trading AG; QIAGEN; Hamilton Company; Avantor, Inc.; MICRONICS JAPAN CO., LTD.; BD; Taylor-Wharton; Brooks Automation, Inc.; Promega Corporation; and SciSafe Inc. are the leading companies in the market.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America biobanks market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the North America biobanks market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth North America market trends and outlook coupled with the factors driving the biobanks market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook