Growing Incidence of Chronic Diseases Fueling Demand for Biobanks

The rising incidence of various chronic conditions and diseases such as Parkinson’s disease, diabetes, and Alzheimer’s disease is pushing up the demand for stem cells and cord blood cells across the globe, on account of the fact that these therapies can help considerably in organ transplantation, tissue grafting, drug testing, and the development of regenerative medicine. This is subsequently pushing up the requirement for biobanks and biobanking solutions across the world.

Moreover, due to the surging demand for finding proper and effective treatment procedures for various chronic diseases such as ischemic heart diseases, respiratory disorders, cancer, and diabetes, the governments and national bodies/institutes of many countries are making huge investments in biobanks for preserving, analyzing, transporting, and collecting blood samples. For example, the German Federal Ministry of Education and Research (BMBF) made an allocation of $16 million to 11 German biobanks in May 2017.

Due to the aforementioned factors, the demand for biobanks is growing rapidly across the world. This is driving the advancement of the global biobanking market. As a result, the valuation of the market is predicted to surge from $25.8 billion in 2018 to $36.8 billion by 2024. Furthermore, the market is predicted to progress at a CAGR of 6.2% between 2019 and 2024. Depending on offering, the market is divided into services, software, equipment, and consumables.

Out of these, the consumables category is predicted to demonstrate the highest growth in the market in the future years. Furthermore, the software category is predicted to exhibit rapid expansion in the biobanking market in the forthcoming years. When the type of sample is taken into consideration, the market is classified into human tissues, blood products and genetic materials, biological fluids, human waste products, cell lines, and human tissues categories.

Out of these, the blood products and genetic material category will register the highest growth in the market in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This is credited to the growing requirement for the preservation of various blood products such as serum, plasma, and platelets all over the world on account of the growing incidence of chronic diseases across the world.

Globally, the biobanking market is predicted to demonstrate lucrative growth in the Asia-Pacific (APAC) region in the coming years. This will be a result of the surging clinical research activities and the soaring population of geriatric people in the regional countries. Apart from these factors, the rapid expansion of the biotechnology sector, because of the huge investments being made in this sector by both private and public organizations, is also propelling the demand for biobanks in the APAC region.