Rise in demand for affordable drugs and ongoing research and development activities is expected to drive the demand for United States biobanks market for the forecast period.
The rise in genomic research activities coupled with the expansion of application areas for bio-banked samples is driving the market growth for the forecast period. An increase in the incidence of auto immune diseases such as cancer and blood disorders in addition to the surge in the population suffering from chronic diseases is contributing to boost the market growth. The surge in popularity for personalized medicine and genetic testing is considered the key driver responsible for the market growth. An increase in the number of established stem cell biobanks along with the growing application of stem cells in cell therapy, toxicology, drug development, developmental biology is leading to the rapid rise in the number of stem cell banks, thereby creating lucrative opportunities for the biobank market growth.
The occurrence of COVID-19 outbreak across the world which has been declared as a pandemic by the World Health Organization has affected several countries adversely. Leading authorities in the United States imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing along with the other symptoms.
United States authorities increased the capacity of hospitals as a greater number of patients were getting affected daily and getting admitted into the hospital facilities. To contain the spread of novel coronavirus, high-quality COVID-19 specimens are required for diagnostic and research purposes which can be stored and preserved in biobanks. Biobanks are supporting the drug discovery process to ensure effective treatment along with providing quality samples for the clinical research process which in turn is fueling the growth of the market in this period.
However, the high cost involved in automation may create a hindrance in the growth of the biobanks market.
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United States biobanks market is segmented into type, ownership, product, specimen type, application, end user, regional distribution, and company. Based on specimen type, the market can be divided into blood products, solid tissue, cell lines, nucleic acid, and others. The blood products specimen type segment is expected to account for major market share in the next years as it is the most collected specimen used for diagnostic purposes. The surge in the prevalence of hematological diseases and other blood disorders is leading to accelerating the market demand.
Also, these are the source for DNA and RNA which can provide insight into the lineage and history of the person. Based on application, the market can be bifurcated into therapeutic and research. The therapeutic segment is expected to hold a significant share in the biobanks market in the forecast period. Regenerative medicines are in high demand owing to fueling demand for high-quality biosamples and growing research in regenerative medicine is fostering the market growth.
Thermo Fisher Scientific Inc., Hamilton Company, Brooks Automation, Inc., VWR Corporation, LLC, Promega Corporation, Becton, Dickinson, and Company, RUCDR Infinite Biologics, LabVantage Solutions Inc., US Biolab Corporation, Inc., ProteoGenex, Inc., Cureline, Inc., Bay Biosciences LLC, Geneticist Inc, BioLifeSolutions Inc. are the leading players operating in United States biobanks market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several biobanks service providers are coming up with their technologically advanced offerings.
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“High-end investments by the major players to upgrade the existing infrastructure to advance the platform and tools used in genetic studies are significant factors contributing to the market growth. Technological advancements such as the use of 3-D printing for tissue samples and mini-organ creation are also contributing to propel market growth. Adoption of virtualization, digitalization, and precision medicine to provide effective treatment coupled with the launch of novel products by the major players is boosting the growth of the market in the forecast period till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Biobanks Market By Type (Population Based Biobanks v/s Disease Oriented Biobanks) By Ownership (National/regional agency, Non-profit Organization, Universities, and Private Organization) By Product (Equipment & Consumables, Media, Software & Services) By Specimen Type (Blood Products, Solid Tissue, Cell Lines, Nucleic Acid, Others) By Application (Therapeutic v/s Research) By End User (Academic Institutes, and Pharma & Biotech Companies, Others), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of United States biobanks market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of United States biobanks market.
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