IMARC Group, a leading market research company, has recently releases report titled “Biobanking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global biobanking market share, price, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Industry Overview of Biobanking

Biobanking is a process of collecting, storing, and managing biological samples, such as tissues, blood, and deoxyribonucleic acid (DNA), for research and clinical purposes. It plays a crucial role in advancing scientific understanding and medical progress. It also facilitates medical research by providing a vast repository of diverse biological materials, enabling scientists to study diseases, discover new treatments, and develop diagnostic tools. Additionally, it supports personalized medicine, as the stored samples can help tailor treatments to individual genetic profiles. Furthermore, biobanking promotes data sharing and collaboration within the scientific community, accelerating the pace of discovery. It enhances the efficiency of clinical trials by assisting in patient stratification and biomarker identification. It can improve patient outcomes by aiding in the early detection of diseases and monitoring treatment responses. As it also has ethical and regulatory frameworks to ensure the privacy and informed consent of donors, the demand for biobanking is rising across the globe.

How Big Is the Biobanking Market?

The global biobanking market size reached US$ 57.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 82.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.86% during 2023-2028.

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What are the growth prospects and trends in the biobanking industry?

The growing focus on personalized medicine, which provides treatments to individuals according to their genetic profiles, represents one of the key factors offering a favorable market outlook. Moreover, biobanks play a pivotal role in genomics by providing access to a vast array of genetic material, supporting studies related to the genetic basis of diseases and drug responses.

In addition, pharmaceutical companies rely on biobanks to accelerate drug discovery and development. These repositories of biological samples aid in identifying potential drug targets, testing drug candidates, and conducting clinical trials more efficiently. Besides this, the increasing demand for biobanking, as it is essential for storing cancer tissues and blood samples to help researchers to better understand cancer genetics, develop targeted therapies, and improve early detection methods, is supporting the growth of the market.

Additionally, advancements in storage and analytical technologies are enhancing the viability of biobanking. Automated sample handling, cryopreservation techniques, and high-throughput sequencing are making it easier to manage and utilize biobank resources effectively.

What is included in market segmentation?

The report has segmented the market into the following categories:

Specimen Type Insights:

• Blood Products
• Solid Tissue
• Cell Lines
• Nucleic Acid
• Others

Biobank Type Insights:

• Population-based Biobanks
• Disease-oriented Biobanks

Application Insights:

End-User Insights:

• Academic Institutions
• Pharma and Biotech Companies

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Brooks Automation Inc., Bay Biosciences LLC, Boca Biolistics, Ctibiotech, Cureline Inc., Firalis, Greiner Bio-One International GmbH, Hamilton Company, Merck KGaA, ProteoGenex Inc., Thermo Fisher Scientific Inc., VWR Corporation (Avantor Inc.)

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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