Biobanks Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The major factors for the growth of the global biobanks market include the innovations in regenerative medicine, the growing incidence of chronic diseases, advances in drug discovery and development, and R&D funding and investments by government and non-governmental organizations. These factors are expected to a boost the growth of the market over the forecast period.

Regenerative medicine through stem cell technology is one of the important treatments for diseases, such as Alzheimer's, diabetes, cancers, and rare genetic diseases. In order to benefit from the existing therapies, umbilical cord cells and other stem cells are preserved.

Stem cell practices are on the rise, globally, and are contributing to the development of new solutions for various diseases. Boston-based biotech start-up, Orig3n, is looking to build the largest and most diverse biobank, harnessing the power of induced pluripotent stem cell technology to accelerate regenerative medicine. Treatments for diseases, like muscular degeneration, using adult stem cells are now going into Phase 3 clinical trials in Japan. These successes are driving both the government and the private sector organizations into investing in more stem cell banks.

With the increase in awareness about stem cell therapies, there have been larger number of parents who are choosing umbilical cord banks for their children. There are a number of donor banks that are coming up as well. Biobanks not only aid in the therapies for genetic diseases, but also in medical research on rare genetic disorders. Increasing awareness about stem cell therapies and innovation in the field of regenerative medicine are driving the growth of the global biobank market.

Scope of the Report

As per the scope of the report, biobank is a biorepository, where various biomaterials (usually human specimens) are stored for research purpose. This study targets gaining a detailed overview of the market dynamics of the contemporary biobank market during the forecast period. It focuses on the need to develop strategic insights into the global and country-level markets, taking into consideration the demand for services and equipment in biobanks.

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Key Market Trends

Cryogenic Storage Segment by Equipment is Expected to Account for the Largest Market Share During the Forecast Period

• In biobanks, the cryogenic storage systems are basically used to store different life sciences materials at a very low temperature. The low temperature storage increases the longevity of the cells, while at the same time reducing the intensity of freezing damage.
• Various cryogenic storage devices are available that have been designed to allow storage of both liquid and vapor phase materials. The temperature in the cryogenic storage system is required to be maintained continuously.
• Currently, all demand is for automated cryogenic storage devices. This segment is further divided into refrigerators, ice machines, and freezers.
• The advanced storage and automated devices are propelling the growth of the market, steady growth in the North American and European markets is expected.
• The increasing R&D spending is propelling the demand for biobanks which is in turn helping in the growth of the segment.

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