Biobanking Market Size to reach USD 49.46 Billion Market Rising in United States
The global biobanking market is set to gain traction from the rising integration of innovative technologies in the pre-existing systems. Besides, the introduction to virtual biobanking is set to revolutionize the system by enabling researchers to conduct their studies smoothly, as well as by lowering the time constraints. This information is published by Fortune Business Insights™ in a recent study, titled, “Biobanking Market Size, Share & Industry Analysis, By Sample Storage (Blood, Cells & Tissue, and Others), By Application (Regenerative Medicines, Life Sciences, and Others), By Settings (Academic Medical Institutes, and Pharmaceutical & Biotechnology Companies), and Regional Forecast, 2019-2026.” The study further mentions that the biobanking market size was USD 25.09 billion in 2018 and is projected to reach USD 49.46 billion by 2026, exhibiting a CAGR of 8.9% during the forecast period.
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|
North America |
United States, Canada and Mexico |
|
Europe |
Germany, UK, France, Italy, Russia and Turkey
etc. |
|
Asia-Pacific |
China, Japan, Korea, India, Australia, Indonesia,
Thailand, Philippines, Malaysia and Vietnam etc. |
|
South America |
Brazil, Argentina, Columbia etc. |
|
Middle East & Africa |
Saudi Arabia, UAE, Egypt, Nigeria and South
Africa |
Regeneron & UK Biobank Provide New Human Sequencing Data
In March 2019, UK Biobank, a large
long-term biobank study, and Regeneron Pharmaceuticals, Inc., a biotechnology
company headquartered in New York, confirmed the availability of a vast amount
of new human sequencing data, especially for health researchers. It would help
in providing them with an unprecedented 'Big Data' resource for reforming the
understanding of human biology. It is set to further aid them in therapeutic
discovery.
Around 50,000 UK Biobank participants
were taken into consideration for generating the exome sequence data at the
Regeneron Genetics Center (RGC). GlaxoSmithKline also joined hands with both
companies. The data is linked to detailed imaging, de-identified health
records, and other related information. Regeneron is also a part of a
consortium of biopharma organizations, consisting of Takeda, Pfizer, Biogen,
Bristol-Myers Squibb, AstraZeneca, Alnylam, and Abbvie.
Introduction to Virtual Biobanking will Augment Growth
Since the past few years, owing to the
rapid technological advancements, the biobanking industry has gone through an
evolution. At present, the biobanking system is being integrated with
innovative technologies. Apart from that, the emergence of virtual biobanking
is revolutionizing the system as it enables researchers to conduct their work
efficiently and reduces time constraints. It is further helping the biobanks in
procuring high revenue.
Additionally, many software companies
are conducting research and development activities to create novel software
solutions. These software solutions would help in enhancing the quality of the
service provided to the consumers and upsurge the visibility of biobanks. All
these factors are likely to boost the biobanking market growth during the
forecast period. However, the lack of counselling and training of medical
ethics may hamper the market growth.
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This
Report Answers the Following Questions:
·
What are the most significant
biobanking market trends, challenges, and opportunities?
·
How many segments will the market
consist of?
·
Which region is expected to dominate
the market in terms of revenue?
·
Which segment is likely to lead in
terms of share in the coming years?
·
What are the new strategies adopted by
key players to strengthen position?
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