North America Biobanks Market Developments and Forecast by 2028

The biobanks market in North America is expected to grow from US$ 875.19 million in 2021 to US$ 1,386.56 million by 2028; it is estimated to grow at a CAGR of 6.8% from 2021 to 2028.

Regenerative therapies help induce the regeneration of cells, tissues, and organs and restore their functions. Each year, the increasing number of regenerative medicine applications for human clinical trials is submitted to the Food and Drug Administration (FDA). As per the Alliance for Regenerative Medicine, in the Q3 of 2019, 1,052 clinical trials utilizing regenerative medicine were underway globally. Also, 218 cellular therapy trials were underway (41 Phase I, 147 Phase II, 30 Phase III) in 2019. Rapid advancements in regenerative medicines to provide effective solutions for chronic conditions drive market growth. Cell therapy is one of the fastest-growing segments of the regenerative medicine domain. Novartis’s Kymriah was the first cell therapy solution to treat B-cell acute leukemia. Moreover, RepliCel, a regenerative medicine provider, has a wide range of regenerative medicine products in the pipeline, with three products—RCH-01, RCS-01, and RCT-01—in the development phase. Further, Sernova is engaged in developing regenerative medicine technologies and has a huge pipeline of products for various conditions, such as diabetes, Hemophilia A, and hyperthyroidism. Biobank is a major asset in the field of regenerative medicine as it provides materials for research, development, and therapy. Furthermore, associating each biospecimen (in part or in whole) with relevant patient demographics and medical data can be a source of big data that leads to improved patient outcomes and new therapeutic approaches developments. As the foundation for a successful regenerative medicine and tissue engineering program, investing in biobanking can yield considerable cost recoveries. Thus, the rising adoption of regenerative medicines propels the growth of the biobanks market.The COVID-19 pandemic was an once-in-a-lifetime occurrence that had far-reaching health-care, economic, and societal consequences around the world. The health-care system in North America faced an immediate issue in estimating the demographics of COVID-19's impact. In the absence of precise data, a lockdown was enforced early, putting the health-care system under even more strain to care for non-COVID-19 patients who needed immediate attention. The lockdown had an immediate impact on logistics and supply lines, which had an impact on health-care delivery in the region. In the early stages of COVID-19, biobanking activities in Canada were considered a non-essential health care service, but as necessary research operations began, COVID-19–related studies were permitted and launched. Biobanking became a necessary service as a result of this development, allowing for faster COVID-19 research and the continuation of critical research operations. During the epidemic, navigating the scarce and frequently competing health-care supply chains was critical for continuous operational demands. biobanks have had to purchase extra personal protective equipment (PPE) to safeguard their personnel from COVID-19, and even employees have had to be regularly checked for suspected COVID-19 symptoms. Biobanks had to communicate and search globally for the materials they required to quickly collect and store specimens. Biobanks are critical in collecting and preserving biosamples such as plasma, serum, DNA and RNA, clinical data, and genomic data due to the large number of clinical trials related to COVID-19.
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 North America biobanks market. The North America biobanks market is expected to grow at a good CAGR during the forecast period.

North America Biobanks market Revenue and Forecast to 2028 (US$ Million)  

 

North America Biobanks Market Segmentation

North America 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

North America Biobanks Market – By Sample

• Blood Products
• Human Tissues
• Cell Lines
• Others

North America Biobanks Market – By Application

• Regenerative Medicine
• Life Science Research
• Clinical Research

North America Biobanks Market – By Country

• US
• Canada
• Mexico

North America 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.     

North America Biobanks Report Scope