According to a latest market intelligence report published by Fact.MR, the global biobanking market is poised to register a value CAGR of 7.2% during the 2022-2032 assessment period, reaching US$ 88 Billion. By 2022, the industry is projected to be valued at US$ 43.9 Billion. Increased foray to discover novel therapeutic approaches to debilitating diseases is driving market growth.
From 2015 to 2021, biobanking market value flourished at a CAGR of 7%, reaching a valuation of US$ 41 Billion. With the growing need for genetic testing and customized medicine, prominent manufacturers have been investing in the development of biobank equipment like Temperature Control Systems, alarms, and monitoring systems biobanking, which has impelled the sales revenue of the biobanking market worldwide.
Biobanking plays a pivotal role in enhancing biomedical and translational research, by the stocking and preservation of biological samples, such as blood, tissues, and nucleic acids, which are then made available for usage in research to determine disease-relevant biomarkers; this is later used for diagnosis, prognosis, and foreseeing drug responses. An advance in the number of research activities in this section outlines a prominent driver for the market.
Key Takeaways from the Market Study
- Global biobanking market to grow 2x from 2022 to 2032
- S to be an opportunistic market, growing at an 8.5% value CAGR until 2032
- China likely to reach a market value of US$ 88 Million by the end of the forecast period
- Biobanking incubators and centrifuges to account for 32% market revenue
- By application, biobanking for therapeutics to flourish at an 8% value CAGR
“Latest advancements in the biobanking equipment and increasing emphasis on researches for the development of new drugs is boosting the demand for biobanking systems across the globe.”- comments a Fact.MR analyst
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In Nov 2021, Merck successfully completed the acquisition of Acceleron Pharma Inc. Acceleron is focused on harnessing the power of the transforming growth factor (TGF)-beta superfamily of proteins that are known to play a central role in the regulation of cell growth, differentiation, and repair.
- In Dec 2021, Thermo Fisher Scientific Inc., the world leader in serving science, completed its acquisition of PPD, Inc., a leading global provider of clinical research services to the biopharma and biotech industry, for $17.4 billion.
More Insights Available:
Fact.MR, in its new offering, presents an unbiased analysis of the Technology market, presenting historical demand data (2015-2021) and forecast statistics from 2022 to 2032.
The study divulges essential insights into the market based on storage (manual and automatic), application (therapeutics, clinical diagnostics, drug discovery & development and others), biospecimen (blood products, human tissues, cell lines, nucleic acids and others), and product (equipment, incubators & centrifuges, alarms & monitoring systems, accessories & other equipment and consumables) across six major regions (North America, Latin America, Europe, South Asia, and Oceania, MEA)
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