Biobanking Market Trends

Growth Drivers

• Growing Research Activities Associated with Genomics - As per the World Health Organization (WHO), as a result of significant investments made during the COVID-19 pandemic, the percentage of countries capable of carrying out genomic surveillance expanded from 54% to 68% between March 2021 and January 2022.

• Genomics research is the study of full genetics along with the complement of an organism. It is generally conducted to prepare personalized medicines and focus on the editing, mapping, structure, function, and evolution of a genome. Furthermore, there has been growing popularity of genomics in cancer care for providing personalized medicines to the patients for the cure. In addition, genomic research can obtain several public targets, such as a reduction in health disparities. Therefore, the surge in genomics research is expected to fuel market growth over the forecast period.

• Increasing Instances of Umbilical Cord Blood Cell Conservation – For instance, in Japan, approximately 36% of childbirth facilities presently provide umbilical cord blood cell storage to private biobanks, which is an increase from 15% in the past.

• Escalating Count of Biobanks Globally - For instance, the worldwide number of biobanks reached around 130 by the end of 2018. Hence, the surge in the number of biobanks is expected to enlarge the market size over the forecast period.

• Rising Cases of Hemophilia and Bleeding Disorders - Hemophilia is a disorder that interrupts the clotting of blood. It is a rare disorder that can develop in humans based on their genetics. For instance, between 2021 to 2022, approximately 200 thousand people were noticed to be living with hemophilia across the globe.

Challenges

• Associated High Cost of Storage of Specimen Samples - The process of specimen sample storage in biobanks requires costly equipment, which in turn, makes the entire process of storage expensive. This factor is estimated to hinder the growth of the biobanking market.
• Deficit in Counselling and Training on Medical Ethics
• Misconceptions about Biobanking