Biobanks play a crucial role in drug discovery and studying the genetic components of human diseases.
FREMONT, CA: The demand for medical datasets in biobanks has propelled the trend of precision medicine, which emphasizes personalized approaches to healthcare and the development of new drugs. Biomarker identification has gained momentum for early disease detection, treatment, and prevention, particularly for neurological disorders, cardiovascular disease, and cancer. Despite the disruptions caused by the COVID-19 pandemic, biobanks and researchers collaborated to mitigate the impact and develop vaccines and therapies.
According to the "Biobanking Industry Data Book, 2023 - 2030," published by Grand View Research, the global biobanking industry is expected to experience significant growth due to increased investments in regenerative medicine and personalized medicine. The development is fueled by the commercialization of biobanking services and the growing adoption of novel therapeutic discoveries, creating new opportunities for pharmaceutical and biotechnology researchers. The trend is expanding to include virtual biobanks, blood, DNA/RNA, genetic, and stem cell banks.
Companies are optimistic about the growth prospects of cell banks due to advancements in cryopreservation and stem cell therapy. In April 2023, the California Institute for Regenerative Medicine (CIRM) allocated USD 89 million for stem cell and gene therapy research. The increasing popularity of gene and cell therapy has fueled innovation, with the U.S. FDA approving 27 cell and gene therapies by December 2022. The number is expected to grow by 10 to 20 treatments annually by 2025.
The rise of induced pluripotent stem cell (iPSC) therapy has eliminated the need for donor matches and immunosuppressant usage. The global cell banking outsourcing market was valued at USD 9.86 billion in 2021 and is anticipated to grow at a CAGR of approximately 16.39 percent through 2030.
