Biobanks Market Size Worth US$ 3,758.64 million by 2028 Lead By Avantor, SciSafe , Biovault Family; Taylor-Wharton, MICRONICS JAPAN

According to our latest study on "Biobanks Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product and Service (Equipment, Consumables, Service, and Software), Sample (Blood Products, Human Tissues, Cell Lines, and Others), and Application (Regenerative Medicine, Life Science Research, and Clinical Research)," the market is expected to grow from US$ 2,418.31 million in 2021 to US$ 3,758.64 million by 2028; it is estimated to register a CAGR of 6.5% from 2021 to 2028.

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THERMO FISHER SCIENTIFIC INC.; Tecan Trading AG; QIAGEN; Hamilton Company; Avantor, Inc.; MICRONICS JAPAN CO., LTD.; BD; Taylor-Wharton; Brooks Automation, Inc; Biovault Family; Promega Corporation; and SciSafe Inc., are among the leading companies operating in the biobanks market.

Biobanks have been helpful in the fight against COVID-19 because they have provided researchers with access to the samples, researchers need to study the disease and create vaccines and therapies. While the pandemic posed a significant problem for biobanks, it also allowed future growth in many other research areas. It would have been impossible to make the genome of the SARS-CoV-2 virus accessible to the whole scientific community and produce efficient vaccinations in record time without samples from patients infected with COVID-19. Since the beginning of the pandemic, researchers have been requesting these samples to undertake tests to better understand the virus's various mechanisms for tricking human immune systems. The COVID-19 pandemic has brought new opportunities to biobanks as the importance of medical research has been brought to the forefront of the general public. Biobanks are currently well connected with other healthcare professionals and are building a more robust network to deal with future global crises.

Based on product and service, the global biobanks market is segmented into equipment, consumables, services, and software. In 2021, the equipment segment held the largest share of the market. Moreover, the consumables segment is expected to register the highest CAGR in the market during 2021-2028. Equipment play a vital role in the storage, analysis, processing, and collection of samples in biobanks products. Moreover, the increasing number of product launches in recent years is driving the equipment segment.

The UK has announced the world's largest genome project as a part of 200 million public-private collaboration between charities and pharma. The country has already developed the largest genome database globally through the 100,000 Genomes Project led by Innovate UK as a part of UK Research and Innovation. The project will fund researchers and industry to combine data and real-world evidence from the UK health services and create new products and services to diagnose diseases earlier and efficiently.

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