Asia Pacific Biobanks Market Segments and Growth by 2028

The biobanks market in Asia Pacific is expected to grow from US$ 540.25 million in 2021 to US$ 871.63 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.

The biotechnology sector in Asia Pacific is proliferating with heavy investments and strategic developments between private and public organizations. For instance, in December 2019, Astellas Pharma Inc. (Japan) signed an agreement to acquire Audentes Therapeutics Inc., a gene therapy company, for US$ 3 billion. Similarly, in November 2019, Fujifilm invested ~US$ 120 million (JPY 13 billion) in gene therapy as a part of the contract development and manufacturing segment of the organization. In addition, the Japan Pharmaceutical Medical Device Agency approved two gene therapy products. The products were approved simultaneously under Sakigake designation, equivalent to the FDA breakthrough therapy designation, and the EMA Priority Medicine (PRIME) designation. The agency is expected to approve at least one therapy per year. Strategic developments in the cell therapy domain by the domestic players in Asian countries are likely to increase the demand for cell therapy in the coming years. Since the approval of Gendicine for the treatment of head-and-neck squamous cell carcinoma by substituting affected copies of the p53 tumor suppressor gene with normal gene copies, China has expanded cell therapy applications and increased cell therapy production. For instance, in 2018, Taiwan held the ninth position for a regulatory agency to approve cell therapy's clinical application. In January 2020, the country introduced six autologous cell therapy treatments, including two for cancer, two for skin cell transplantation, and two for bone and cartilage regeneration. In Taiwan, four hospitals have licenses to provide cell therapies, and 26 more hospitals have already applied for a license to provide cell therapies. Therefore, rising awareness and use of cell therapy is expected to propel the adoption of biobanking in Asia Pacific. Furthermore, regenerative medicine research in cell therapy, gene therapy, and tissue engineering is rapidly growing in Asia Pacific countries. Also, rising geriatric population; increasing developments in healthcare services; surging requirement for transplants; and emerging personalized medicines in Japan, China, India, and South Korea would create demand for biobanking in the future. Thus, increasing adoption of cell therapy in developing regions is expected to fuel the demand for biobanking, which is likely to offer various growth opportunities for the biobanks market players during the forecast period.

Countries in Asia Pacific are facing challenges due to increasing incidences of COVID-19. Shrinking economy of many countries is also going to affect many sectors including pharmaceutical. As per the Asian Development Bank (ADB), a group of 45 countries in the Asia Pacific region, is expected to post growth of just 0.1 per cent in 2020. The pandemic's expansion, combined with concerns about the economy's recovery, has harmed the region's pharmaceutical business. This economic impact is projected to have a detrimental influence on research and development investments. Some research institutes in the region are actively participating in research to determine the feasibility of coronavirus management. The coronavirus disease 2019 (COVID-19) pandemic has hampered non-communicable disease detection and treatment. COVID-19 was associated with a significant and abrupt reduction in cardiovascular diagnostic testing across the Asia pacific, especially affecting the worlds economically challenged.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific biobanks market. The Asia Pacific biobanks market is expected to grow at a good CAGR during the forecast period.

Asia Pacific Biobanks Market Segmentation

Asia Pacific Biobanks Market – By Product and Service

• Equipment
  • Storage Equipment
  • Sample Analysis Equipment
  • Sample Processing Equipment
  • Sample Transport Equipment

• Consumables
  • Storage Consumables
  • Analysis Consumables
  • Processing Consumables
  • Collection Consumables
• Service
  • Storage Services
  • Processing Services
  • Transport Services
  • Supply Services
• Software

Asia Pacific Biobanks Market – By Sample

• Blood Products
• Human Tissues
• Cell Lines
• Others

Asia Pacific Biobanks Market – By Application

• Regenerative Medicine
• Life Science Research
• Clinical Research

Asia Pacific Biobanks Market – By Country

• China
• Japan
• India
• South Korea
• Australia
• Rest of APAC

Asia Pacific Biobanks Market – Companies Mentioned

• THERMO FISHER SCIENTIFIC INC.
• Tecan Trading AG
• QIAGEN
• Hamilton Company
• Avantor, Inc.
• MICRONICS JAPAN CO., LTD.
• BD
• Taylor-Wharton
• Brooks Automation, Inc.
• Promega Corporation
• SciSafe Inc.     

Asia Pacific Biobanks Report Scope