Biobanks Market to be driven by demand from growing number of smartphone users in the Forecast Period of 2023-2032

According to a new report published by K D Market Insights, titled, “Biobanks Market Insights, Trends, Opportunity & Forecast, 2023–2032,” the global biobanks market size is anticipated to witness moderate growth during the forecast period i.e., 2023-2032. The increasing investments and funding for biobanks, the focus on genetic testing and precision medicine, and the rising trend in the preservation of cord blood stem cells., demand for biological samples and data in various research and development activities, such as drug discovery, personalized medicine, and genomics research which are the major factors augmenting the growth of the global biobanks market.

Governments, research organizations, and funding agencies worldwide recognize the importance of biobanks, leading to substantial investments in infrastructure and research initiatives. Are further expected to create ample growth opportunities for the global biobanks market during the forecast period i.e., 2023-2032. Moreover, focus on genetic testing and precision medicine, is increasing has propelled market expansion. Rising trend in the preservation of cord blood stem cells from newborns, is expected to contribute towards the market growth during the period.

The North America region accounted for the largest share in the global biobanks market in 2022. The region is further projected to continue dominating in the market and also register the highest CAGR in the market during the forecast period. This can be attributed to the increasing investments and funding, strong research infrastructure, and government support.

According to product & service, the equipment segment accounted for the largest market share in the biobanks market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.

The global biobanks market is segmented into product & service, sample type, storage type, application and region. Based on product & service, the market is bifurcated into equipment, consumable, services, software. Based on sample type, it is classified into blood products, human tissues, cell lines, nucleic acids, biological fluids, human waste products. Based on storage type, it is classified into manual storage, automated storage. Based on application, it is classified into regenerative medicine, life science research, clinical research.

The global biobanks market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).

Key Insights of Biobanks Market

On the basis of product & service, the equipment segment accounted for the largest market share in the biobanks market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
On the basis of region, North America accounted for the largest share in the global biobanks market in 2022. The region is further projected to continue dominating in the market during the forecast period.
On the basis of region, Asia-Pacific is estimated to account for the second largest share in the market during the forecast period.

Some of the major biobanks’ companies profiled in the report include Thermo Fisher Scientific, PHC Holdings Corporation, Becton, Dickinson and Company, QIAGEN N.V., Merck KGaA, Avantor, Cryoport, Tecan Trading AG, Azenta, Greiner Holding AG, Hamilton Company, Micronic, AMSBIO, Bay Biosciences LLC, BioKryo, SPT Labtech, ASKION GmbH, Cell&Co BioServices, Ziath Ltd., CTIBiotech, Cureline, Firalis Group, Sopachem, ProteoGenex, and US Biolab Corporation, Inc.