Lifestyle Changes By Women Will Drive The Global Biobanks Market
The global biobanks market is expected to grow from around $53 billion in 2019 to $68.5 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The biobank market is expected to grow due to rising demand for egg banks during the forecast period. An increasing number of women are delaying childbirth to focus on their careers. This is increasing the demand for biobanks as these women are adopting egg freezing services to store their eggs to delay their pregnancy. Egg freezing is a process in which a woman`s eggs are extracted, frozen and stored in egg banks to preserve woman’s fertility to have a child in the future.
Companies such as Apple, Facebook, and Google are supporting their female employees to freeze their eggs. This allows female employees to pursue family planning according to their own timeline. This will also help younger female employees who want to avoid all the risks that come with delaying childbirth after their 30s. These lifestyle changes are increasing demand for storing and freezing eggs in egg banks for future fertilization; this is likely to drive the biobanks market going forward.
Other major drivers of the global biobanks market will be the rapid increase in disposable incomes and increasing demand for stem cells and regenerative medicine.
Improving economic conditions will increase disposable income levels and increase affordability for stem cell treatment. Increasing awareness of how to preserve and use stem cells will also drive the biobank market. Biobanks store and preserve stem cells that have the potential to differentiate into various types of cells in the body to treat diseases such as Alzheimer`s disease, Parkinson`s disease, heart disease, diabetes, leukemia and arthritis. Stem cell therapies’ costs are high due to high treatment development costs. Patients with high disposable incomes can afford these treatments, thus contributing to the growth of the biobanks market.
High demand for stem cells and regenerative medicines to treat medical conditions will also drive the global biobank market. Regenerative medicine involves the use of tissue engineering and cellular therapies to repair or replace damaged or diseased cells, organs or tissues. Cellular therapies include stem cells which have a unique ability to divide and replicate repeatedly to form different types of specialized cells. They are used to treat diseases such as Parkinson’s, stroke, heart disease and diabetes. The increase in regenerative medicine demand will drive the biobanks market, as they store and preserve stem cells and other biological samples.