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The global biobanking market size is projected to reach USD 49.46 billion by 2026. It is set to gain momentum from the rising need to achieve greater sustainability. It would further lead to the generation of more revenue. At present, numerous industry stakeholders and biobanks are implementing several strategies to attain the goal of sustainability. The Biobanking and Bimolecular Resources Research Infrastructure (BBMRI) headquartered in Netherlands, for instance, developed a series of sustainable biobanking consisting of nine recommendations. This information is published by Fortune Business Insights™ in a recent report, titled, “Biobanking Market Size, Share & Industry Analysis, By Sample Storage (Blood, Cells & Tissue, and Others), By Application (Regenerative Medicines, Life Sciences, and Others), By Settings (Academic Medical Institutes, and Pharmaceutical & Biotechnology Companies), and Regional Forecast, 2019-2026.” The report further mentions that the market stood at USD 25.09 billion in 2018. However, it is set to exhibit a CAGR of 8.9% during the forecast period between 2019 to 2026.
Regeneron & UK Biobank Provide New Human Sequencing Data
In March 2019, UK Biobank, a large long-term biobank study, and Regeneron Pharmaceuticals, Inc., a biotechnology company headquartered in New York, confirmed the availability of a vast amount of new human sequencing data, especially for health researchers. It would help in providing them with an unprecedented 'Big Data' resource for reforming the understanding of human biology. It is set to further aid them in therapeutic discovery.
Around 50,000 UK Biobank participants were taken into consideration for generating the exome sequence data at the Regeneron Genetics Center (RGC). GlaxoSmithKline also joined hands with both companies. The data is linked to detailed imaging, de-identified health records, and other related information. Regeneron is also a part of a consortium of biopharma organizations, consisting of Takeda, Pfizer, Biogen, Bristol-Myers Squibb, AstraZeneca, Alnylam, and Abbvie.
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Introduction to Virtual Biobanking will Augment Growth
Since the past few years, owing to the rapid technological advancements, the biobanking industry has gone through an evolution. At present, the biobanking system is being integrated with innovative technologies. Apart from that, the emergence of virtual biobanking is revolutionizing the system as it enables researchers to conduct their work efficiently and reduces time constraints. It is further helping the biobanks in procuring high revenue.
Additionally, many software companies are conducting research and development activities to create novel software solutions. These software solutions would help in enhancing the quality of the service provided to the consumers and upsurge the visibility of biobanks. All these factors are likely to boost the biobanking market growth during the forecast period. However, the lack of counselling and training of medical ethics may hamper the market growth.
Prominent Banks Focus on Providing Substantial Storage Facilities
The market is highly fragmented with the presence of a large number of big, medium, and small banks. Some of these are population-based, while the rest are disease-oriented. Some other banks consisting of blood biobank, cell-specific biobank, and tissue banks are also contributing to the growth by keeping up with the latest biobanking market trends. They are aiming to provide substantial storage facilities to meet the ever-increasing demand.
Fortune Business Insights™ provides a list of all the companies operating in this market. They are as follows:
Significant Industry Development-
Further Report Findings-
The biobanking market can be segmented in the following manner:
Value (USD billion)
By Sample Storage