Market Trends of Biobanks Industry
The Human Tissue Biobanking Segment is Expected to Hold Significant Market Share During the Forecast Period
The human tissue biobanking segment is anticipated to hold a significant market share by sample type. Human tissue biobanks are distinct from other organizations that accept and collect tissue and blood for direct patient care, such as an organ or blood transplantation. These biobanks are specifically used for research purposes. An upsurge in disease research, especially rare diseases in humans, and advancements in regenerative medicine are fuelling the growth of the human tissue biobanking services segment.
The surge in biobanks offering human tissue banking services is augmenting the segment's growth. For instance, Newcastle University opened a new collection of blood samples and donated human tissue in December 2021, which could revolutionize attempts to cure uncommon malignancies. In October 2021, RareCan, a Hexham-based medical start-up dedicated to advancing research into the rarest forms of cancer, collaborated to create the 'BioResource.' BioResource will store samples collected during surgery from patients with certain types of cancer and make them available to researchers worldwide to treat, prevent, and diagnose the diseases.
Moreover, in July 2021, Tissue Solutions Ltd., a virtual biobank based in the United Kingdom, was acquired by BioIVT, a prominent provider of research models and services for drug and diagnostic development. Tissue Solutions delivers high-quality human tissue and other biological materials to medical researchers for drug discovery, target identification and validation, assay development and validation, biomarker and companion diagnostic development, and more. This acquisition may improve the accessibility of human tissue biobanking services across the country, thereby facilitating the segment's growth in the future.
Thus, these factors are expected to boost the segment's growth during the forecast period.
North America is Expected to Hold a Significant Share in Studied Market and Expected to do the Same in the Forecast Period
North America is expected to witness a significant share in the biobank market. The major factors fueling the market's growth in the United States are the increasing burden of chronic diseases and the focus on R&D activities. For instance, according to Cancer Facts and Figures 2023, published in January 2023 by the American Cancer Society, an estimated 1.9 million new cancer cases will be diagnosed in 2023. Among these, prostate cancer is estimated to be 288,300, followed by 238,340 cases of lung cancer and 300,590 cases of female breast cancer. Furthermore, according to statistics published by the Government of Canada and released in May 2022, about 233,900 Canadians were diagnosed with cancer in 2022, and prostate cancer is expected to remain the most commonly diagnosed cancer. Since biobanks make it easier for researchers to get the volume, quality, and type of cancer tissue and data required to speed up their research, the growing cancer incidences may boost the R&D activities concerning cancer medications, contributing to the market's growth.
Additionally, strategic developments undertaken by key players may contribute to the market's growth. For instance, in February 2021, Cincinnati Children's Hospital Medical Center collaborated with Down Syndrome Achieves (DSA) to launch a research biobank. It is a central repository for biospecimens donated by individuals with Down syndrome and their immediate families.
Moreover, the North American biobank market is also driven by growing product launches, collaborations, and partnerships within the industry. For instance, in September 2021, STEMCELL Technologies launched human pluripotent stem cell (hPSC) characterization and banking services in partnership with WiCell. These services, offered through STEMCELL's Contract Assay Services division, will provide researchers with comprehensive cell quality assessments and enable them to generate cell banks using standardized practices.
Hence, these factors are expected to drive the market's growth in North America over the forecast period.
