Cryogenic Biobanking Services Market Size is Expected to Reach Over USD 28.56 Bn by 2032
Updated · Apr 19, 2023
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Published Via 11Press: The global cryogenic biobanking services market was valued at USD 13.35 billion in 2022 and expected to experience compound annual compound annual growth rate (CAGR) of 7.9% from 2022-2032.
Cryogenic biobanking services involve the preservation of biological samples like blood, tissues and cells at extremely low temperatures using liquid nitrogen for use in research projects such as drug discovery/development as well as clinical applications like gene therapy. These samples may then be utilized for later use.
The market for cryogenic biobanking services is driven primarily by rising demands for personalized medicine, which requires using biological samples for diagnosis and treatment purposes. Furthermore, rising chronic disease prevalence such as cancer or neurological issues also drive this demand for these services.
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- The cryogenic biobanking services market was segmented into several regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
- North America held the greatest share of the market in 2020, led by the US as its primary contributor. This dominance can be attributed to numerous biobanks and research organizations as well as advanced healthcare infrastructure and accommodating government policies within North America.
- Europe also held an influential share in the cryogenic biobanking services market in 2020 due to an expanding network of biobanks and research organizations across Europe, rising prevalence rates associated with chronic conditions as well as government investments into biobanking infrastructure driving its expansion.
- Asia Pacific region is projected to experience the highest compound annual compound average growth over its forecast period, due to rising awareness about biobanking’s importance, rising government investments in biobanking infrastructure investments and an increasing prevalence of chronic diseases such as China and India.
- Latin America and Middle East and Africa accounted for only a comparatively smaller share of the market in 2020 due to a lack of advanced healthcare infrastructure and biobanking facilities within these regions. Yet their shares should grow with increasing investments by governments and private organizations into developing biobank infrastructure development projects in these regions.
- Growth of personalized medicine: As personalized medicine involves using biological samples for diagnosis and treatment purposes, its growing popularity has driven up demand for cryogenic biobanking services to preserve samples in order to preserve integrity and effectiveness of treatment plans.
- Cryogenic biobanking services play an integral part in research and treatment development for chronic illnesses like cancer, diabetes and cardiovascular conditions, contributing significantly to their prevalence globally and driving market expansion. This phenomenon contributes to growth.
- Developments in Biobanking Technology: Advancements in biobanking technologies such as automated sample storage and retrieval systems is driving growth in cryogenic biobanking services market. Such advanced tools allow efficient management and storage of biological samples without risk of degradation or loss, driving market expansion for cryogenic biobanking services market.
- Increased Government Funding: Governments around the globe are increasing investments in biobanking infrastructure and research, driving an expansion in cryogenic biobanking services market growth. For instance, in the U.S. National Institutes of Health provides funding for both infrastructure development as well as research.
- Rising Awareness About Preserving Biological Samples: As scientists and medical communities increasingly recognize the value of cryogenic biobanking services for research and clinical applications, preservation services have seen increasing demand. Proper preservation ensures quality and integrity when dealing with biological samples.
- Biobanking services may be prohibitively expensive for smaller research institutions with tight budgets; thus limiting adoption in certain regions or by specific organizations.
- Ethical and regulatory Challenges: Biobanking involves collecting, storing and using biological samples collected from human subjects; this poses numerous ethical and regulatory hurdles that relate to privacy, informed consent and ownership rights for samples that may slow market expansion while regulatory frameworks are developed and implemented to ensure ethical and legal compliance.
- Technical Challenges: Cryogenic biobanking involves advanced technology and equipment, which may require special skillset for proper operation. As with any industry, technical issues like equipment breakdown, contamination issues or loss of sample integrity could limit market expansion and further complicate things for cryogenic biobankers.
- Limited Standardization: Because biobanking practices and standards may differ across institutions and regions, making it challenging to compare or aggregate data across them. A lack of standardization also hinders reproducibility and generalizability of research findings which reduce demand for cryogenic biobanking services.
- Cryogenic biobanking services may face challenges maintaining market share and growth amidst competition from alternative technologies like dry storage and biopreservation, both offering benefits such as lower costs, simpler operation and reduced contamination risk. Cryogenic biobanking may find itself having difficulty maintaining its existing clientele due to this competition and ultimately risk losing business to these competitors.
Key Market Segments
- Ice Machines
- Alarms And Monitoring System
- Cryogenic Storage Systems
- Regenerative Medicine
- Drug Discovery
Key Market Players
- Coriell Institute For Medical Research
- BioServe Biotechnologies
- Preservation Solution
- Custom Biogenic Systems
- As demand for stem cell and regenerative medicine grows, cryogenic biobanking services become even more indispensable in protecting stem cells and other regenerative medicine products from being lost through storage or preservation processes. Cryogenic biobanking will become even more essential as more consumers utilize such treatments, necessitating cryogenic storage services.
- Focused efforts toward precision medicine: Precision medicine involves customizing treatments based on each patient’s genetic, environmental and lifestyle factors. Cryogenic biobanking services offer ample biological samples for precision medicine research and development – creating an important growth opportunity in this market segment.
- Expansion into Emerging Markets: China, India and Brazil offer considerable expansion potential in cryogenic biobanking services markets. With large populations, expanding economies, increasing investments in healthcare infrastructure and research being made in these regions makes these markets extremely appealing to cryogenic biobanking services providers.
- Advancements in cryopreservation technology: Recent advancements in cryopreservation techniques such as vitrification can greatly enhance biological sample preservation quality and viability, providing cryogenic biobanking services providers with new opportunities.
- Expansion into non-human biobanking: Cryogenic biobanking services have increasingly become used for the storage and preservation of biological samples from animals, plants and other organisms as part of conservation biology, agriculture or environmental research efforts. Expanding this service into non-human biobanking can represent an attractive growth opportunity within this market segment.
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- Lack of Standardization: Current biobanking practices and protocols do not comply with industry best practice, leading to variations in sample quality and consistency across biobanks – something which makes comparing and merging data across these entities challenging and may therefore limit their utility or value as cryogenic biobanks.
- Ethical and regulatory challenges: Biobanking involves collecting, storing, and using biological samples collected from human subjects; this poses ethical and regulatory challenges related to privacy, informed consent, and ownership of samples that may limit market growth potential overall. These obstacles create entry barriers for new players while at the same time hinder the market as a whole.
- Technical Challenges: Cryogenic biobanking involves complex technologies and equipment that may require expert knowledge in order to operate safely and securely, so this field may pose unique technical hurdles as equipment failure, sample contamination and loss of sample integrity can impede market expansion.
- Competitors from alternative technologies: Cryogenic biobanking services can find themselves pitted against alternative technologies like dry storage and biopreservation that offer advantages like lower costs, easier operation and reduced contamination risks – which poses challenges in maintaining market share or expanding growth potential for these cryogenic services.
- Cost and Funding Constraints: Cryogenic biobanking services may be costly for smaller research institutions with tight budgets; this could impede adoption in certain regions or among certain organizations, while government funding of biobank research infrastructure development could create funding constraints for cryogenic biobank services providers.
|The market size value in 2022||USD 13.35 Bn|
|Revenue forecast by 2032||USD 28.56 Bn|
|Growth Rate||CAGR Of 7.9%|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World|
|Short-Term Projection Year||2028|
|Long-Term Projected Year||2032|
- One recent trend in cryogenic biobanking services market is the increasing emergence of automation and robotics within biobanking operations. Automated systems can help streamline biobanking workflows, minimize errors, improve sample processing & retrieval efficiency while saving both time and labor resources for sample management/retrieval tasks. Some biobanks now use robotic systems specifically for these processes which reduce time & labor requirements significantly.
- Another recent trend is the increasing adoption of cloud-based biobanking solutions, offering numerous advantages like centralized data management, secure storage space and remote access. These benefits help increase biobanking services’ accessibility and scaleability – especially among smaller research institutions or organizations with limited resources.
Frequently Asked Question
Q: What is the current market size for the Cryogenic Biobanking Services Market?
A: According to a report by Market.us, the Cryogenic Biobanking Services Market was valued at USD 13.35 billion in 2022 and is expected to reach USD 28.56 billion by 2032, growing at a CAGR of 7.9% during the forecast period.
Q: What are the key segments of the Cryogenic Biobanking Services Market?
A: The Cryogenic Biobanking Services Market can be segmented based on By Type (On-premise, Cloud-basedIce Machines, Freezers, Alarms And Monitoring System, Refrigerators, Cryogenic Storage Systems, Accessories), Application (Biobaking, Regenerative Medicine, Drug Discovery), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
Q: Who are the key players in the Cryogenic Biobanking Services Market?
A: Some of the key players in the Cryogenic Biobanking Services Market include Coriell Institute For Medical Research, BioServe Biotechnologies, Sigma-Aldrich, Preservation Solution, Thermogenesis, Custom Biogenic Systems, Stemgent.
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