Biobanking is a biorepository for receiving and storing biological specimens such as plant, animal, and microbe; which can be later used for supporting many types of contemporary research associated with genomics, healthcare research, medical care, and drug discovery. In addition, biobanking permits large-scale analysis for individuation of specific disease biomarkers, which will facilitate the development of personalized medicine. For promoting the health and well-being of the community, the need for proactive participation is necessary for medical institutions, especially community medical centers. Furthermore, several types of biobanks are currently established to support medical research, such as population biobanks and disease-oriented biobanks.ย
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The biobanking market is positively impacted by the pandemic. Furthermore, COVID-19 has brought to light the importance of biobanking and its role in understanding disease patterns and its utility in developing vaccines and other prevention and treatment protocols. Furthermore, the government is now focusing on biobanks and repositories worldwide, in which regulators will support this endeavor by working on easing approvals. For instance, the Indian Council of Medical Research (ICMR) has notified 16 bio-repositories to collect, store, and maintain clinical samples, including oropharyngeal/nasopharyngeal swabs, broncheoalveolar lavage , sputum, blood, urine, and stool of COVID-19 patients. The samples from COVID-19 patients will be collected and archived for future use to develop validated diagnostics, therapeutics, and vaccines. Furthermore, the market is expected to continue to grow post the pandemic.
Several organizations are participating to create written biobanking guidelines such as the World Medical Association, Council for International Organizations of Medical Sciences, Council of Europe, Human Genome Organization, World Health Organization, and United Nations Educational, Scientific and Cultural Organization (UNESCO).
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- By specimen type, the blood products segment was the highest contributor to the market in 2020.
- By type of biobank, the disease oriented biobank was the highest contributor to the market in 2020.
- By ownership, the private organization segment is projected to grow at a significant CAGR of 9.10% from 2021 to 2028.
- By application, the research segment contributed for nearly 6.70% of the global biobanking market in 2020.
- By end user, the pharma and biotech segment dominated the market in 2020 and is expected to continue this trend throughout the review period.
- By region, North America garnered largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the review period.
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