Middle East and Africa Biobanks Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product and Service (Equipment, Consumables, Service, and Software), Sample (Blood Products, Human Tissues, Cell Lines, and Others), and Application (Regene

Middle East and Africa Biobanks Market Forecast to 2028 - COVID-19 Impact and Regional 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 Middle East & Africa is expected to grow from US$ 113.66 million in 2021 to US$ 1 168.76 million by 2028. It is estimated to grow at a CAGR of 5.8% from 2021 to 2028.

Regenerative therapies help induce the regeneration of cells, tissues, and organs and restore their functions. Rapid advancements in regenerative medicines to provide effective solutions for chronic conditions drive market growth. Cell therapy is one of the fastest-growing segments of the regenerative medicine domain. Novartis’s Kymriah was the first cell therapy solution to treat B-cell acute leukemia. Moreover, RepliCel, a regenerative medicine provider, has a wide range of regenerative medicine products in the pipeline, with three products—RCH-01, RCS-01, and RCT-01—in the development phase.

Further, Sernova is engaged in developing regenerative medicine technologies and has a massive pipeline of products for various conditions, such as diabetes, Hemophilia A, and hyperthyroidism. Biobank is a significant asset in regenerative medicine as it provides materials for research, development, and therapy. Furthermore, associating each biospecimen (in part or whole) with relevant patient demographics and medical data can be a source of big data that leads to improved patient outcomes and new therapeutic approaches developments. As the foundation for a successful regenerative medicine and tissue engineering program, investing in biobanking can yield considerable cost recoveries. Thus, the rising adoption of regenerative therapies propels the growth of the biobanks market.

In the Middle East & Africa (MEA), South Africa, Saudi Arabia, and the UAE are some of the worst-affected countries. Economic uncertainties and ongoing conflicts are worsening the condition in the region. For instance, various countries, such as Syria, Libya, and Yemen, are suffering violent disputes and cannot implement robust public health measures. Iran was in a deep economic recession due to the US sanctions. Also, the primary source of economic stabilization in the Middle East countries is oil production and export. However, the recent pandemic is causing turbulence to the economies of the Middle East. A significant impact is observed in the region: a sudden drop in domestic and external demand for goods and products, especially crude oil, and halted production due to labor shortage.

The COVID-19 pandemic has brought new opportunities to biobanks as the importance of medical research has been brought to the forefront of the general public. Biobanks are currently well connected with other healthcare professionals and are building a more robust network to deal with future global crises. However, the availability of biobanks is not always guaranteed in the future. Before the pandemic, many biobanks had limited resources to maintain infrastructure, equipment, and staff. Suppressing the pandemic could dramatically reduce the available public funding, forcing biobanks to look for alternative funding sources. These factors are projected to boost the growth of the Middle East & Africa biobanks market.

The Middle East & Africa biobanks market is analyzed on the basis of product and services, sample, and application. Based on samples, the market is segmented into blood products, cell lines, human tissues, and others. In 2021, the blood products segment held the largest share in the market. Equipment plays a vital role in the manufacturing of biobanks products. Equipment is required for every process of storing bioproduct. Therefore, processes, such as biomaterial storage, handling, and research management, require different equipment types. Hence, the market for biobanks by equipment segment is further divided into storage equipment, sample analysis equipment, sample processing equipment, and sample transport equipment. The growth of the storage segment is attributed to the increasing demand for awareness about biobanks. Also, the rising number of product launches in the market is likely to offer significant segment growth opportunities during the forecast period. The equipment segment is further sub-segmented as storage equipment, sample analysis equipment, sample processing equipment, and sample transport equipment.

The Middle East & Africa 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 Middle East & Africa 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. The 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 Middle East & Africa 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; and SciSafe Inc. are the leading companies in the market.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Middle East & Africa biobanks market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa biobanks market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the biobanks market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution