Biobanking Industry Expects Cell Banks to Revolutionize Healthcare - Grand View Research, Inc.
SAN FRANCISCO, July 5, 2023 /PRNewswire/ -- The global biobanking industry size will witness an upward growth trajectory in the wake of soaring investments in regenerative medicine and personalized medicine, according to the "Biobanking Industry Data Book, 2023 - 2030," published by Grand View Research. The growing commercialization of biobanking services and the rising penetration of novel therapeutic discovery have opened avenues of growth for pharmaceutical and biotechnology researchers. Biobanks have become invaluable for drug discovery and assessing the genetic component of human disease, a trend likely to expand to the realms of virtual biobanks, blood banks, DNA/RNA banks, genetic banks and stem cell banks.
The demand for medical data sets in biobanks has spurred the trend for precision medicine. A personalized approach to healthcare, as well as the development of new drugs, has become paramount. So much so that the identification of biomarkers has gained an impetus for early detection, treatment and prevention of diseases, including neurological disorders, cardiovascular disease and cancer. The biobanks market size stood at USD 66.66 billion in 2021 and will depict a CAGR of 4.6% between 2022 and 2030. The growth trajectory is partly due to the expanding application of biobanks in genetic discoveries.
Order your copy of the Free Sample of "Biobanking Industry Data Book - Biobanks, Cell Banking Outsourcing, Cord Blood Banking Services, DNA & RNA Banking Services Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research
Although the havoc wrecked by the COVID-19 pandemic disrupted the healthcare industry, biobanks and researchers joined forces to offset the impact and develop vaccines and therapies. For instance, in August 2020, Medicines Discovery Catapult (MDC) augmented its virtual biobanks across 330 clinical sites and 1.5 million banked biosamples.
Forward-looking companies expect growth momentum for cell banks on the heels of advancements and research in cryopreservation and stem cell therapy. In April 2023, the Board of the California Institute for Regenerative Medicine (CIRM) announced an infusion of USD 89 million into stem cell and gene therapy research. The rising footfall of gene and cell therapy has augured innovation. For instance, the U.S. FDA approval of cell and gene therapies was pegged at 27 by December 2022, the figure could witness an addition of 10 to 20 therapies each year by 2025.
The growing momentum of induced pluripotent stem cell (iPSC) therapy has negated the need for a donor match and immunosuppressant usage. To illustrate, in May 2022, Sernova and Evotec announced the development of a new beta cell replacement therapy based on the latter's iPSC technology. The global cell banking outsourcing market size was valued at USD 9.86 billion in 2021 and is poised to witness around 16.39% CAGR through 2030.
Mega-trends and opportunities which are expected to reshape the business outlook are illustrated below:
- Soaring cancer cases will spur the demand for DNA & RNA banking services. While the overall cancer mortality has dipped 33% since 1991, the American Cancer Society forecasts 609,820 cancer deaths and 1,958,310 new cancer cases in the U.S. in 2023.
- Cord blood banking services have become pronounced following the popularity of hybrid banks to enhance the footprint of personalized banking and cold blood transplants.
- Industry participants expect North America to emerge as a favorable investment hub in light of the influx of funds toward the development of drug discovery and to make biobanks a reliable and safe space.
The industry for biobanking in Europe has witnessed an upward trajectory following the trend for personalized treatment and investments in research activities. To illustrate, 24 EU Member States signed the 1+ Million Genomes Initiative as of November 2022, with Ireland and France being the latest entrants. During the period, Genomic Data Infrastructure (GDI) was rolled out to bolster the scale-up and sustainability phase of the initiative. Leading players have upped investments in regenerative medicine and stem cell research. In January 2023, BioGrad announced the opening of the U.K.'s second-largest biobank facility in Liverpool. The new facility will enable parents to preserve their stem cells within the North West.
The competitive landscape suggests that well-established and emerging players could inject funds into research and development activities, innovations, product offerings, geographical expansion, mergers & acquisitions and partnerships. For instance, in April 2023, Merck & Co. announced the acquisition of Prometheus Biosciences for approximately USD 10.8 billion to propel its immunology drug pipeline. The latter's platform has a large collection of biospecimens of patients suffering from IBD (inflammatory bowel disease) and other gastrointestinal disorders.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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