Kenneth Research recently added a report on ‘Biobanking Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Biobanking Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Biobanking Market products.
Requse Of this Sample Report – https://www.kennethresearch.com/sample-request-10059470
The global biobanking market in 2020 is estimated to be USD ~68 billion, and it is expected to expand at a compound annual growth rate (CAGR) of ~7% from 2022 to 2030. Medicine and cancer genome research are driving the development of this field. In addition, the emergence of COVID-19 puts the biobank at the forefront of epidemic control measures, leading to organic growth in market revenue. The increasing popularity of precision/personalized medicine and genetic testing have become key market drivers. Biobanks play an important role in biomedical research. In the past few decades, some progress has been made in the platforms and tools used in genetic research. This has led to an increase in the demand for biological samples in clinical laboratories to develop genetic testing analyses.
The cooperation between public and private institutions in the biobank has played a vital role in the development of the market. Digitalization, precision medicine, and virtualization are rapidly changing the biobank industry through the development of new methods and collaborative concepts initiated by public and private organizations. Companies in various fields have cooperated with Biobank to accelerate market revenue.
For example, Illumina collaborates with four institutions (University of Colorado Denver, Vanderbilt University, University of Montreal Heart Institute, and Partners HealthCare) to genotype its biological samples for research and development activities. In addition, despite the supply chain obstacles caused by the global pandemic, the market has seen lucrative growth in 2020. This is because biobanks have become a key focus of public health agencies and healthcare providers working to contain the COVID-19 pandemic.
In terms of the number of global cases, the biological sample bank is very important to curb the spread of the virus. High-quality COVID-19 samples are necessary and useful for research and diagnostic purposes, and the biobank is considered an important repository for these samples. Therefore, the biobank is supporting the clinical research and drug discovery process in response to this global disaster.
The biological sample library equipment segment dominates the biological sample library market, with revenue accounting for the largest share of 77% in 2020, mainly due to the rapid increase in the number of new biological sample libraries and the high initial cost of the team. Provide a wide range of equipment to serve different biological sample library processes, such as sample preparation, collection, processing, storage and transportation. Equipment includes cell separators, freezers, defrosting equipment, barcode scanners, and alarm and monitoring systems.
The Laboratory Information Management System (LIMS) department is expected to become a lucrative source of revenue during the forecast period. This is because LIMS plays an important role in COVID-19 biological repositories, testing and research. In April 2020, LabVantage Solutions, Inc. A new COVID-19 LIMS solution was developed. In addition, CloudLIMS also provides its cloud LIMS free of charge to biobanks, research institutions, and laboratories that conduct COVID-19 research or testing around the world.
The biobank and storage library service sectors dominate the biobank market, accounting for a larger share of revenue in 2020, accounting for 35%. This is due to the higher penetration rate of these services in the market and the greater need for preservation of biological samples to improve accuracy. Research on medicine and specific diseases. The expansion of biobank services from academic research to clinical companies and government initiatives, as well as open and highly connected companies, has promoted the development of this market segment.
The clinical trial and research workflow around COVID-19. Many research institutions and companies are engaged in the development and research of vaccines against the new coronavirus. This is expected to increase the demand for laboratory processing services such as DNA extraction, plasma/serum separation, sample retrieval and sample plates.
INFORMATION ON TYPES OF BIOLOGICAL SAMPLES:
The human tissue part dominates the biobank market, with the highest revenue share in 2020 at 39%. Advanced technology for storing and retrieving storage organizations. It is expected that increased investment in the research and development of specific diseases will drive the demand for tissue samples from lymphoma, myeloma, ovarian leukemia, brain tissue, prostate cancer, breast cancer, and lung colorectal cancer for oncology research. -19 and improve its diagnosis and treatment, it is expected that the human body tissue part will be in high demand in the near future.
Technological advancements, such as using 3D printing for tissue samples/creating miniature 3D printed organs in COVID-19 testing, are expected to drive the growth of this segment. The number of established stem cell biobanks is rapidly increasing worldwide.
The promising applications of stem cells in regenerative medicine, cell therapy, developmental biology, toxicology, and drug development can be attributed to the rapid increase in the number of stem cell banks, which has led to substantial growth in revenue in this segment.
INFORMATION ON THE TYPES OF BIOLOGICAL REPOSITORIES:
Entity/real biological repositories occupy a dominant position in the biological repositories market, with the largest revenue share in 2020 at 81%. These biobanks have a comprehensive network, so their revenue share is relatively high. The rapid progress in the fields of bioinformatics analysis and precision medicine can be attributed to this change in the operating strategy of the biobank. Over the years, a large number of tissue samples from pathology laboratories, clinical trials, and research projects have contributed to most of the tissue bank in 2020.
Read more Reports@
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
Name: Kenneth research
Phone: +1 313 462 0609