Market Size of North America Biobanks Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Biobanking Market Analysis
Stem cell practices are on the rise and are contributing to the development of new solutions for various diseases. Several advancements have been made in regenerative medicine through stem cell technology over the past decade. Thus, it has become one of the vital treatment methods for diseases, such as Alzheimer's, diabetes, cancer, and rare genetic diseases. In order to benefit from the existing therapies, umbilical cord cells and other stem cells are preserved in Biobanks. According to the Hastings Center, a non-profit organization, 300 million bio-specimen have been stored in the United States in various public and private biobanks. With the increase in awareness about stem cell therapies, there have been a larger number of parents, who choose umbilical cord banks for their children. Biobanks not only aid in the therapies for genetic diseases, but also in medical research on rare genetic disorders. However, other factors such as rising burden of chronic diseases and increasing healthcare expenditure are also expected to drive the market in the forecast period
North America Biobanking Industry Segmentation
Biobanks are the bio-repository, wherein various biomaterials (usually human specimens) are stored for research purposes.
| Equipment | |||||
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| Alarm Monitoring Systems | |||||
| Other Equipment |
| Media | |
| Optimized Media | |
| Non-optimized Media |
| Services | |
| Human Tissue Biobanking | |
| Stem Cell Biobanking | |
| Cord Banking | |
| DNA/RNA Biobanking | |
| Other Services |
| By Application | |
| Regenerative Medicine | |
| Drug Discovery | |
| Disease Research |
| Geography | |||||
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North America Biobanks Market Size Summary
The North America biobanking market is experiencing significant growth, driven by the increasing adoption of stem cell practices and advancements in regenerative medicine. Stem cell technology has become a crucial treatment method for various diseases, including Alzheimer's, diabetes, cancer, and rare genetic disorders. Biobanks play a vital role in preserving umbilical cord cells and other stem cells, facilitating both therapeutic applications and medical research. The rising awareness of stem cell therapies has led to more parents opting for umbilical cord banking, further propelling market expansion. Additionally, the growing burden of chronic diseases and increasing healthcare expenditure are contributing factors to the market's growth trajectory.
The market is characterized by a competitive landscape, with key players such as BioLifeSolutions Inc., Hamilton Company, Sigma-Aldrich Inc. (Merck KGaA), and Thermo Fisher Scientific Inc. actively operating in the region. The market is segmented based on equipment, including cryogenic storage systems and alarm monitoring systems, which are essential for the continuous monitoring of biobank storage processes. The demand for automated storage systems and alarm monitoring devices is on the rise, fueled by technological advancements. This competitive environment, coupled with the entrance of new players, is expected to drive further growth in the North American biobanking market.
North America Biobanks Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Burden of Chronic Diseases
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1.2.2 Advancements in Stem Cell and Regenerative Medicine Research
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1.2.3 Increasing Healthcare Expenditure
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1.3 Market Restraints
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1.3.1 Regulatory Issues
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Equipment
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2.1.1 Cryogenic Storage Systems
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2.1.1.1 Refrigerators
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2.1.1.2 Ice Machines
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2.1.1.3 Freezers
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2.1.2 Alarm Monitoring Systems
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2.1.3 Other Equipment
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2.2 Media
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2.2.1 Optimized Media
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2.2.2 Non-optimized Media
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2.3 Services
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2.3.1 Human Tissue Biobanking
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2.3.2 Stem Cell Biobanking
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2.3.3 Cord Banking
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2.3.4 DNA/RNA Biobanking
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2.3.5 Other Services
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2.4 By Application
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2.4.1 Regenerative Medicine
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2.4.2 Drug Discovery
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2.4.3 Disease Research
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2.5 Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Mexico
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North America Biobanks Market Size FAQs
What is the current North America Biobanks Market size?
The North America Biobanks Market is projected to register a CAGR of 8.5% during the forecast period (2024-2029)
Who are the key players in North America Biobanks Market?
BioLifeSolutions Inc., Hamilton Company, Sigma-Aldrich Inc. (Merck KGaA), Thermo Fisher Scientific Inc. and VWR International LLC are the major companies operating in the North America Biobanks Market.
