Biobanking Industry Expects Cell Banks to Revolutionize Healthcare – Grand View Research, Inc.

SAN FRANCISCO, July 5, 2023 /PRNewswire/ — The global size of the biobanking industry will witness an upward growth trajectory on the back of growing investment in regenerative medicine and personalized medicine, according to the “Biobanking Industry Data Book, 2023 – 2030“, published by Grand View Research. The increasing commercialization of biobanking services and the growing penetration of new therapeutic discoveries have opened avenues of growth for pharmaceutical and biotechnology researchers. Biobanks have become invaluable for drug discovery and component evaluation. genetics of human disease, a trend set to expand into the realm of virtual biobanks, blood banks, DNA/RNA banks, gene banks and stem cell banks.

The demand for medical datasets in biobanks has spurred the trend towards precision medicine. A personalized approach to healthcare, as well as the development of new medicines, has become essential. So much so that the identification of biomarkers has gained momentum for the early diagnosis, treatment and prevention of diseases, including neurological disorders, cardiovascular disease and cancer. The market size of biobanks stood at USD 66.66 billion in 2021 and will represent a CAGR of 4.6% between 2022 and 2030. The growth trajectory is in part due to the expanding application of biobanks in genetic discoveries.

Order your copy of the free sample of “Biobanking Industry Data Book: Biobanking, Cell Banking Outsourcing, Cord Blood Banking Services, DNA and RNA Banking Services Market Size, Share, Trends Analysis and Segment Forecasts, 2023-2030” Data Book, published by Grand View Research

While the chaos caused by the COVID-19 pandemic has disrupted the healthcare sector, biobanks and researchers have joined forces to offset the impact and develop vaccines and therapies. For example, inside August 2020Medicines Discovery Catapult (MDC) has expanded its virtual biobanks to 330 clinical sites and 1.5 million biological specimens stored.

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Forward-thinking companies expect growth momentum for cell banks on the back of advances and research in cryopreservation and stem cell therapy. In April 2023the California Institute for Regenerative Medicine (CIRM) Board has announced an infusion of 89 million dollars in stem cell research and gene therapy. The increased diffusion of cell and gene therapy has fostered innovation. For example, US FDA approval for cell and gene therapies has been pegged at 27’s December 2022the figure could testify to an addition of 10-20 therapies each year by 2025.

The growing momentum of induced pluripotent stem cell (iPSC) therapy has negated the need for donor matching and the use of immunosuppressants. To illustrate, in May 2022, Sernova and Evotec announced the development of a new beta cell replacement therapy based on the latter’s iPSC technology. The size of the global cell banking outsourcing market was assessed USD 9.86 billion in 2021 and is poised to witness a CAGR of approximately 16.39% through 2030.

Scroll through the Biobanking Industry Data Book index to better understand the coverage and scope of the study

Illustrated below are the megatrends and opportunities that are expected to reshape the business outlook:

• Skyrocketing cancer cases will spur demand for DNA and RNA banking services. While overall cancer mortality has dropped 33 percent since 1991, the American Cancer Society predicts 609,820 cancer deaths and 1,958,310 new cancer cases in the United States in 2023.

• Cord blood banking services emerged following the popularity of hybrid banks to enhance the footprint of personalized banking and cold blood transplants.

• Industry participants expect North America emerge as a favorable investment hub in light of the influx of funds towards drug discovery development and make biobanks a trusted and secure space.

The biobanking industry in Europe has witnessed an upward trajectory following the trend for personalized treatment and investment in research assets. To illustrate, 24 EU Member States have signed up to the 1+ Million Genomes initiative since November 2022with Ireland AND France be the last to arrive. During the period, the Genomic Data Infrastructure (GDI) was implemented to strengthen the scale-up and sustainability phase of the initiative. Major players have increased investment in regenerative medicine and stem cell research. In January 2023, BioGrad has announced the opening of the UK’s second largest biobank facility in Liverpool. The new facility will allow parents to store their stem cells in the Northwest.

The competitive landscape suggests that both established and emerging players could inject funds into R&D, innovations, product offerings, geographic expansion, mergers and acquisitions, and partnerships. For example, inside April 2023Merck & Co. announced the acquisition of Prometheus Biosciences for approx USD 10.8 billion to push its pipeline of immunological drugs. The latter’s platform has a large collection of biological samples from patients suffering from IBD (inflammatory bowel disease) and other gastrointestinal disorders.

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About Grand View Research

Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Registered to California and based in San Francisco, the company includes over 425 analysts and consultants, who add more than 1200 market research reports to its extensive database each year. These reports offer in-depth analysis on 46 industries in 25 major countries around the world. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and assess the opportunities ahead.

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SOURCE Grand View Research, Inc.