The rising incidence of various chronic conditions and diseases such as Parkinson’s disease, diabetes, and Alzheimer’s disease is pushing up the demand for stem cells and cord blood cells across the globe, on account of the fact that these therapies can help considerably in organ transplantation, tissue grafting, drug testing, and the development of regenerative medicine. This is subsequently pushing up the requirement for biobanks and biobanking solutions across the world.
Moreover, due to the surging demand for finding proper and effective treatment procedures for various chronic diseases such as ischemic heart diseases, respiratory disorders, cancer, and diabetes, the governments and national bodies/institutes of many countries are making huge investments in biobanks for preserving, analyzing, transporting, and collecting blood samples. For example, the German Federal Ministry of Education and Research (BMBF) made an allocation of $16 million to 11 German biobanks in May 2017.
Due to the aforementioned factors, the demand for biobanks is growing rapidly across the world. This is driving the advancement of the global biobanking market. As a result, the valuation of the market is predicted to surge from $25.8 billion in 2018 to $36.8 billion by 2024. Furthermore, the market is predicted to progress at a CAGR of 6.2% between 2019 and 2024. Depending on offering, the market is divided into services, software, equipment, and consumables.
Out of these, the blood products and genetic material category will register the highest growth in the market in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This is credited to the growing requirement for the preservation of various blood products such as serum, plasma, and platelets all over the world on account of the growing incidence of chronic diseases across the world.
Hence, it can be said with full confidence that the demand for biobanks will surge all over the world in the coming years, primarily because of the rising incidence of chronic diseases, the soaring geriatric population, and the allocation of huge funds for the development of biobanks in healthcare facilities around the world.