Regenerative Medicine segment to dominate the Asia Pacific Biobanks Market during 2021–2028

According to a new market research study on “Asia Pacific Biobanks Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and Services, Sample, and Application” is expected to reach US$ 871.63 million by 2028 from US$ 540.25 million in 2021. The market is estimated to grow at a CAGR of 7.1% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific biobanks market along with the drivers and restraints pertaining to the market growth. Virtual biobanks, raising adoption of cell therapy in developing regions, and surging funding and genomic research activities for studying diseases are the major factor driving the growth of the Asia Pacific biobanks market. However, extensive cost of automation hinders the growth of Asia Pacific biobanks market.

Countries in Asia Pacific are facing challenges due to increasing incidences of COVID-19. Despite growing investment in research to create covid-19 vaccines and therapies, the Asia Pacific biobanking sector, which has been plagued by ethical difficulties and infrastructure challenges, is likely to grow rapidly in the future years. In India, The Indian Council of Medical Research (ICMR) has approved 16 bio-repositories to collect, store, and keep clinical samples from covid-19 patients, including as oropharyngeal/nasopharyngeal swabs, bronchoalveolar lavage, sputum, blood, urine, and stool. The Department of Biotechnology would support these covid-19 certified bio-bank facilities with a well-thought-out future strategy, allowing for the development of novel technological interventions in due time. According to the government, these certified bio banks will utilize clinical samples for R&D purposes in their respective institutes. Biobank samples could provide crucial answers to these concerns, opening up new possibilities for enhanced diagnostics and therapies. The importance of biobanking, its function in understanding illness patterns, and its utility in producing vaccines and other prevention and treatment protocols has been highlighted by ovid-19. With the government's current focus on biobanks and repositories, we expect that regulators will try to make approvals easier. This would also aid in the development of the public-private partnership model in biobanking, as well as the ability to attract foreign partnerships and India-centric data. The importance of bio-banks in Asia Pacific has been highlighted by covid-19.

The Asia Pacific biobanks market is segmented on the basis of product and services, sample, application, and country. Based on product and services, the market is segmented into equipment, consumables, services, and software. In 2021, equipment segment held the largest share in the market, consumables is expected to be the fastest growing segment during the forecast period. Further, based on equipment, the market is segmented into storage equipment, sample analysis equipment, sample processing equipment, and sample transport equipment. In 2021, storage equipment delivery mode segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Based on consumables, the market is segmented into storage consumables, analysis consumables, processing consumables, and collection consumables. In 2021, storage consumables segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Based on services, the market is segmented into storage services, processing services, transport services, and supply services. In 2021, storage services segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on samples, the market is segmented into blood products, cell lines, human tissues, and others. In 2021, blood products segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into regenerative medicine, life science research, and clinical research. In 2021, regenerative medicine segment held the largest share in the market, life science research is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into China, Japan, India, South Korea, and Australia. And Rest of APAC. In 2021, China held the largest share in the market, and Japan is expected to be the fastest growing country during the forecast period.

THERMO FISHER SCIENTIFIC INC.; Tecan Trading AG; QIAGEN; Hamilton Company; Avantor, Inc.; MICRONICS JAPAN CO., LTD.; BD; Taylor-Wharton; Brooks Automation, Inc.; Promega Corporation; and SciSafe Inc. are among the leading companies in the Asia Pacific biobanks market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Azenta Life Sciences, formerly a division of Brooks Automation, Inc. and Cleveland Clinic have opened a new 22,000-square-foot biospecimen sample management and repository facility on Cleveland Clinic’s main campus.

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