The rising incidence of chronic diseases and the surging number of research and development (R&D) activities being conducted on genome are the major factors predicted to cause the surge of the global biobanking market, from $25.8 billion to $36.8 billion from 2018 to 2024. In addition to this, the market is predicted to exhibit a CAGR of 6.2% between 2019 and 2024, as per the forecast of P&S Intelligence, a market research company based in India.
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The soaring prevalence of diabetes, Parkinson’s disease, and Alzheimer’s disease is massively boosting the demand for stem cells and cord blood cells (that contain the stem cells) all over the globe. The treatment procedures involving stem cells have the ability to help significantly in organ transplantation, tissue grafting, drug testing, and the development of regenerative medicines. Thus, because of the various advantages of stem cell therapies, their popularity is rapidly growing, which is, in turn, boosting the demand for biobanks across the world.
Based on offering, the biobanking market is categorized into services, software, equipment, and consumables. Out of these categories, the consumables are predicted to account the highest growth, in terms of revenue, in the market in future. This is ascribed to the higher demand for consumables amongst the consumers as compared to the equipment and software. In addition to this, the consumables are bought repeatedly by consumers whereas, the equipment and software record one-time sale in the biobanks.
During the next several years, the Asia-Pacific (APAC) biobanking market is predicted to register huge growth, on account of the rising awareness amongst the masses about biobanking, soaring population levels and surging clinical research activities in the various APAC countries. Furthermore, the advancement of the biotechnology sector, on account of increasing investments by public and private organizations and ballooning R&D activities, will majorly contribute toward the expansion of the market in the region in the forthcoming years.
Therefore, it can be safely said that the market will exhibit sharp growth in the upcoming years, on account of the increasing R&D activities in the healthcare and biotechnology sectors and the rising prevalence of chronic diseases across the world.
