Canada Biobanks Market to Grow Due to Technological Advancement until 2026

Rising demand for pharma product storage is driving the growth of Canada Biobanks Market, in the forecast period, 2022-2026.

According to TechSci Research report, “Canada Biobanks Market By Type (Population Based Biobanks, Disease Oriented Biobanks, Tissue Biobanks, Others), By Ownership (Academic & Research Institutes, Pharmaceutical & Biotechnology Industries, Hospitals, Non-Profit Organizations, Others), By Product (Equipment & Consumables, Media, Software & Services), By Specimen Type (Blood Products, Solid Tissue, Cell Lines, Nucleic Acid, Others), By Application (Therapeutics, Drug Discovery, Clinical Research, Clinical Diagnostics, Others), By End User (Academic & Research Institutes, Pharma & Biotech Companies, Hospitals & Clinics, Others), By Region, Competition Forecast & Opportunities, 2026”, Canada Biobanks market has shown promising growth in the past years and is expected to continue its growth in upcoming forecast years. Canada biobanks market owes its growth to the factors like rapidly increasing demand for advanced infrastructure for storage and collection of human samples. Moreover, rapidly increasing demand for procurement and storage of the cord stem cells is also expected to drive the growth of the Canada biobanks market in the upcoming five years. Additionally, recent product launches from the global market players in the country is also aiding the growth of the Canada biobanks market. In April 2020, Québec COVID-19 Biobank began operating in Canada. This biobank was launched by Genome Québec and the Fonds de recherche du Québec. The biobank branch is dedicated to enable the collection, storage and sharing of samples and data related to the COVID-19 crisis and to better understand COVID-19 infection and transmission, to identify at-risk individuals and protect them and to improve treatment of this disease and for hospitals to be able to decide who will need admission and ventilation.

Storage units for the wide-range repositories that are responsible for the collection, storage and distribution of the human samples like blood, cells, plasma, serum, urine, tissues, etc. are termed as biobanks. The integration of advanced technologies, data analytics, and automation supports the maintenance of these healthcare infrastructure. Some of the biobanks also keep records of the personal and health information of the patients like genetic information, health records, family history, and lifestyle history. The information is helpful in predicting diseases and other biological and genetic studies.

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The Canada biobanks market is segmented by type, ownership, product, specimen type, application, end user, competitional landscape, and regional distribution. Based on ownership, the market is further segmented into academic & research institutes, pharmaceutical & biotechnology industries, hospitals, non-profit organizations, and others. Academic and research institutes are anticipated to hold the largest revenue shares of the market and assert their dominance over the market in the upcoming five years on account of rapidly increasing research and technological advancement in the genomic sector. Moreover, increasing investment for the research and development, along with the growing need for multiple samples to carry research activities is further driving the growth of the Canada biobanks market. Increasing prevalence of cancer, Alzheimer’s disease, and other chronic illnesses is supporting the growth of the pharmaceutical & biotechnology industries and is responsible for the significant growth in the Canada biobanks market.

Canada biobanks market players’ list includes Applied Biobanking Solutions Inc., BC Children’s Hospital Biobank, McCain GU BioBank, Alberta Cancer Research Biobank, Biobank at Montreal Heart Institute, CHU Dumont Biobank, Pfeffer Lab Biobank, Research Centre for Women’s and Infants’ Health (RCWIH) BioBank, Maternal-Infant Research on Environmental Chemicals (MIREC), Canadian Biosample Repository, CARTaGENE biobank, among others. These market players hold larger share of the market than the new market players. With the evolving technology, it is appropriate to say that the effective research and development of the technologically advanced instruments and methods to satisfy consumer demands would support the market growth and benefit the market players as well as the consumers. New market players may focus on the research and development to provide such products that satisfies the consumer demand as well as benefit the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.

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“Canada supports one of the most active and advanced healthcare industries in the world. The rapidly increasing research and technical advancement in the industry is driving its resources and specimen samples collection in the country. Also, the presence of multiple market players and global giants in the country is aiding the growth of the market. Due to the rising government investment along with the FDI fundings, the sector is replenished with the financial support and growing exponentially in the future five years. Upgrading the infrastructure for the advancement of the platforms and using genetic studies are some of the major markets driving factors,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Canada Biobanks Market By Type (Population Based Biobanks, Disease Oriented Biobanks, Tissue Biobanks, Others), By Ownership (Academic & Research Institutes, Pharmaceutical & Biotechnology Industries, Hospitals, Non-Profit Organizations, Others), By Product (Equipment & Consumables, Media, Software & Services), By Specimen Type (Blood Products, Solid Tissue, Cell Lines, Nucleic Acid, Others), By Application (Therapeutics, Drug Discovery, Clinical Research, Clinical Diagnostics, Others), By End User (Academic & Research Institutes, Pharma & Biotech Companies, Hospitals & Clinics, Others), By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of Canada Biobanks market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Canada biobanks market.

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