Asia Pacific Biobanks Market Forecast to 2028 – COVID-19 Impact and Analysis – by Product and Service (Equipment, Consumables, Service, and Software), Sample (Blood Products, Human Tissues, Cell Lines, and Others), and Application (Regenerative Medicine,

Asia Pacific Biobanks Market Forecast to 2028 – COVID-19 Impact and Analysis – by Product and Service (Equipment, Consumables, Service, and Software), Sample (Blood Products, Human Tissues, Cell Lines, and Others), and Application (Regenerative Medicine, Life Science Research, and Clinical Research)

The biobanks market in Asia Pacific is expected to grow from US$ 540.25 million in 2021 to US$ 871.63 million by 2028. It is estimated to grow at a CAGR of 7.1% from 2021 to 2028. The biotechnology sector in Asia Pacific is increasing with heavy investments and strategic developments between private and public organizations. For instance, in December 2019, Astellas Pharma Inc. (Japan) signed an agreement to acquire Audentes Therapeutics Inc., a gene therapy company, for US$ 3 billion. Similarly, in November 2019, Fujifilm invested ~US$ 120 million (JPY 13 billion) in gene therapy as a part of the contract development and manufacturing segment of the organization. In addition, the Japan Pharmaceutical Medical Device Agency approved two gene therapy products. The products were approved simultaneously under Sakigake designation, equivalent to the FDA breakthrough therapy designation, and the EMA Priority Medicine (PRIME) designation. The agency is expected to approve at least one therapy per year.

Strategic developments in the cell therapy domain by the domestic players in Asian countries are likely to increase the demand for cell therapy in the coming years. Since the approval of Gendicine for the treatment of head-and-neck squamous cell carcinoma by substituting affected copies of the p53 tumor suppressor gene with normal gene copies, China has expanded cell therapy applications and increased cell therapy production. For instance, in 2018, Taiwan held the ninth position for a regulatory agency to approve cell therapy's clinical application. In January 2020, the country introduced six autologous cell therapy treatments, including two for cancer, skin cell transplantation, and bone and cartilage regeneration. In Taiwan, four hospitals have licenses to provide cell therapies, and 26 more hospitals have already applied for a license to provide cell therapies. Therefore, increasing awareness and the use of cell therapy is expected to propel the adoption of biobanking in Asia Pacific over the next few years.

Furthermore, regenerative medicine research in cell therapy, gene therapy, and tissue engineering is rapidly growing in Asia Pacific countries. Also, the rising geriatric population, increasing developments in healthcare services, surging requirement for transplants, and emerging personalized medicines in Japan, China, India, and South Korea are likely to create demand for biobanking in the near future. Thus, increasing adoption of cell therapy in developing regions is expected to fuel the demand for biobanking, which is expected to offer various growth opportunities for market players during the forecast period.

APAC countries are facing severe challenges due to increasing incidences of COVID-19. With the growing investment in research to develop COVID-19 vaccines and therapeutics, the Asia Pacific biobanking sector, which is plagued by ethical difficulties and infrastructure challenges, is expected to proliferate in the coming 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 oropharyngeal/nasopharyngeal swabs, bronchoalveolar lavage, sputum, blood, urine, and stool.

The Department of Biotechnology is expected to support these COVID-19 certified bio-bank facilities with a well-thoughT future strategy, allowing the development of novel technological interventions in due time. According to the government, these certified biobanks will utilize clinical samples for R&D purposes in their respective institutes. Biobank samples could provide crucial answers to these concerns, opening 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 during this pandemic. With the government's current focus on biobanks and repositories, regulators are expected to try to make approvals easier. This is likely to aid the development of the public-private partnership model in biobanking and the ability to attract foreign partnerships and India-centric data. The importance of biobanks in Asia Pacific has been highlighted by COVID-19.

The Asia Pacific biobanks market is analyzed on the basis of product and services, sample, and application. Based on application, the market is segmented into regenerative medicine, life science research, and clinical research. In 2021, the regenerative medicine segment held the largest share in the market. In cell and gene therapy, which plays an essential role in the development of regenerative medicine, several projects are being conducted, particularly in the T-cell therapy space. For instance, the emerging infectious diseases research program at Singapore's Duke-NUS medical school demonstrated the efficacy of these immunotherapies in treating COVID-19 infected patients based on earlier study results. The presence of several projects and continuous funding by government and private organizations to support R&D also accelerate the industry's growth. National Institutes of Health (NIH) supports the scientific research community through NIH Stem Cell Libraries & Projects, NIH Regenerative Medicine Program, NIH Stem Cell Unit, and others. Same way, initiatives taken by market players to raise funding for the R&D of regenerative medicine support the market growth.

The Asia Pacific biobanks market size has been derived using primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific biobanks market concerning all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the Asia Pacific biobanks market. THERMO FISHER SCIENTIFIC INC.; Tecan Trading AG; QIAGEN; Hamilton Company; Avantor, Inc.; MICRONICS JAPAN CO., LTD.; BD; Taylor-Wharton; Brooks Automation, Inc.; Promega Corporation; SciSafe Inc. are the leading companies in the market.

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