Le Lézard
Classified in: Health, Science and technology
Subject: MRR

Global Biobanking Market Report 2024: Market Set to Surpass $75 Billion in 2024, Growing Demand for Umbilical Cord Blood Banking


DUBLIN, Feb. 28, 2024 /PRNewswire/ --The "Biobanking Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.

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World revenue for the Biobanking Market is forecast to surpass US$75 billion in 2024, with strong revenue growth through to 2034. 

Growing Investments and Funding Projected to Boost Industry Growth

Biobanks are experiencing increased acknowledgment and support from global governments, research bodies, and financial institutions, leading to a surge in investment in these facilities. Notably, initiatives like the Biorepository and Precision Medicine Initiative Cohort Program, funded by the U.S. National Institutes of Health (NIH), seek to amass biological samples from over a million individuals to establish a comprehensive national research resource.

Concurrently, the European Commission has committed funding to the Biobanking and Biomolecular Resources Research Infrastructure (BBMRI), a pan-European facility focused on biobanking and biomolecular resources. This heightened attention and financial backing underscore the strategic importance of biobanks in advancing scientific research and precision medicine on a global scale.

Hight Cost of Equipment Likely to Challenge Industry Growth

The market's growth potential is anticipated to face limitations due to the substantial expenses associated with automated equipment. While cutting-edge technologies like advanced sample handling systems have the potential to enhance operational efficiency and elevate the quality of biobanking processes, their high price tags pose a considerable challenge, particularly for smaller biobanking enterprises or those with constrained financial capacities. Take, for instance, the expenditure involved in acquiring an automated storage system, which can vary based on its size and complexity.

The initial capital outlay for such systems can be substantial, ranging from tens of thousands to hundreds of thousands of dollars. Beyond the initial investment, ongoing considerations encompass maintenance and operational expenses, including software updates, repairs, and training. This cost factor serves as a strategic consideration for businesses evaluating the incorporation of automated equipment in their biobanking operations.

Key Market Dynamics

Market Driving Factors

Market Restraining Factors

Market Opportunities

Forecasts to 2034 and other analyses reveal commercial prospects

Segments Covered in the Report

Ownership

Product and Service

Sample

Application

End-users

In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 22 leading national markets.

The report also includes profiles and for some of the leading companies in the Biobanking Market, 2024 to 2034, with a focus on this segment of these companies' operations.

Leading companies profiled in the report

In summary, the report provides you with the following knowledge:


For more information about this report visit https://www.researchandmarkets.com/r/mwwz5j

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SOURCE Research and Markets


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