Blood Products segment to dominate the Middle East & Africa Biobanks Market during 2021–2028

According to a new market research study on “Middle East & Africa Biobanks Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and Services, Sample, and Application” is expected to reach US$ 168.76 million by 2028 from US$ 113.66 million in 2021. The market is estimated to grow at a CAGR of 5.8% from 2021 to 2028. The report provides trends prevailing in the Middle East & Africa biobanks market along with the drivers and restraints pertaining to the market growth. Strengthening Funding and Genomic Research Activities for Studying Diseases, Increasing adoption of regenerative medicines, and virtual biobanks are the major factor driving the growth of the Middle East & Africa biobanks market. However, exorbitant cost of automation hinders the growth of Middle East & Africa biobanks market.

In Middle East & Africa region South Africa Saudi Arabia, and UAE are some of the worst affected countries. Economic uncertainties and ongoing conflicts are worsening the condition in the region. For instance, countries such as Syria, Libya, and Yemen are suffering violent conflicts and cannot implement robust public health measures. Iran was in deep economic recession due to the US sanctions. Also, the major source of economic stabilization in Middle East countries is oil production and export. However, the recent pandemic is causing turbulence to the economies of the Middle East. A sudden drop in domestic and external demand for goods and products, especially crude oil, and halted production due to labor shortage, are major impacts observed in the region. The Covid19 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. Prior to the pandemic, many biobanks had limited resources to maintain infrastructure, equipment, and staff. Suppressing the pandemic could dramatically reduce the public funding currently available, forcing biobanks to look for alternative sources of funding. These factors are projected to boost the growth of Middle East & Africa biobanks market.

The Middle East & Africa biobanks market is segmented on the basis of product and services, sample, application, and country. Based on product and services, the market is segmented into equipment, consumables, services, and software. In 2021, equipment segment held the largest share in the market, consumables is expected to be the fastest growing segment during the forecast period. Further, based on equipment, the market is segmented into storage equipment, sample analysis equipment, sample processing equipment, and sample transport equipment. In 2021, storage equipment delivery mode segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Based on consumables, the market is segmented into storage consumables, analysis consumables, processing consumables, and collection consumables. In 2021, storage consumables segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Based on services, the market is segmented into storage services, processing services, transport services, and supply services. In 2021, storage services segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on samples, the market is segmented into blood products, cell lines, human tissues, and others. In 2021, blood products segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into regenerative medicine, life science research, and clinical research. In 2021, regenerative medicine segment held the largest share in the market, life science research is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into Saudi Arabia, South Africa, the UAE, and Rest of MEA. In 2021, Saudi Arabia held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.

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 among the leading companies in the Middle East & Africa biobanks market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, 2019, Tecan announced the acquisition of a long-term supplier to vertically integrate the manufacturing of critical precision-machined parts.

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