Canada Biobanks Market Report 2023 to 2030

Canada Biobanks Market Analysis

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The Canada Biobanks Market was valued at $6,139.20 Mn in 2023 and is predicted to grow at a CAGR of 8.80% from 2023 to 2030, to $11,079.34 Mn by 2030. The key drivers of this industry include the growing prevalence of chronic disease, government support and funding, and advancements in medical research. The industry is primarily dominated by players such as Thermo Fisher Scientific, Merck KGaA, QIAGEN, and Lonza among others.

ID: IN10CAHS058 CATEGORY: Healthcare Services GEOGRAPHY: Canada AUTHOR: Aashwi Mehta

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Canada Biobanks Market Executive Summary

The Canada Biobanks Market was valued at $6,139.20 Mn in 2023 and is predicted to grow at a CAGR of 8.80% from 2023 to 2030, to $11,079.34 Mn by 2030.

A biobank is a curated collection of mainly human biological samples and related data systematically organized for research purposes. These facilities play a crucial role in medical research, supporting various contemporary studies such as genomics and personalized medicine. The types of samples and information gathered vary based on each biobank's specific objectives. For instance, some biobanks focus on specific diseases like cancer, while others are population-based, comprising samples and data from individuals within a particular demographic or geographic area.

More than 22,000 Canadians have provided biological samples to the Statistics Canada biobank. The biobank continuously collects and stores whole blood, plasma, serum, buffy coat, urine, and DNA from consenting Canadians aged 3 to 79 years. The market is driven by significant factors like the growing prevalence of chronic disease, government support and funding, and advancements in medical research. However, ethical and privacy concerns, infrastructure and logistics, and standardization and quality control restrict the growth and potential of the market.

Prominent players in this field include Thermo Fisher Scientific, Merck KGaA, QIAGEN, and Lonza among others.

Canada Biobanks Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Growing Prevalence of Chronic Disease: Given that 45% of Canadians are coping with at least one significant chronic illness, and many are managing multiple conditions, this statistic propels the biobank market in Canada forward. It increases the demand for comprehensive collections of biological samples to support research into the causes, prevention, and treatment of chronic diseases.

Government Support and Funding: Governmental support and funding initiatives, such as The NeuroVISION-2 Biobank Initiative receiving a grant from the Canadian Institutes of Health Research (CIHR), drive the biobank market in Canada by providing essential financial backing and fostering growth in biobank capabilities and research opportunities.

Advancements in Medical Research: Growing interest in biological samples and data fuels advanced research in genomics, personalized medicine, and disease prevention, escalating the demand for biobank resources in Canada.

Market Restraints

Ethical and Privacy Concerns: Strict regulations and ethical considerations surrounding consent, data privacy, and sample usage pose challenges and may restrict involvement in the biobank market in Canada. These factors can complicate operational processes and deter potential participants, affecting the growth and effectiveness of biobank initiatives.

Infrastructure and Logistics: Effectively managing extensive storage, and logistics, and ensuring sample integrity necessitates significant investment in infrastructure and operational efficiency. This poses a market restraint for biobanks in Canada due to the high costs and resources required to maintain robust storage facilities and logistical capabilities, which can limit the scalability and operational agility of biobank operations.

Standardization and Quality Control: Maintaining uniform standards for sample quality, data management, and adherence to protocols across biobanks is essential but challenging to achieve consistently. This represents a market restraint for the biobank market in Canada, as variations in practices and protocols can hinder collaboration, data comparability, and overall reliability of research outcomes.

Regulatory Landscape and Reimbursement Scenario

Health Canada is the main regulatory body tasked with supervising the regulation of biological drugs, such as cell and tissue products, under the Food and Drugs Act and related regulations in Canada. The Tri-Council Policy Statement: Ethical Conduct for Research Involving Humans (TCPS2) outlines ethical guidelines for research involving human participants, including the handling and use of biospecimens.

Competitive Landscape

Key Players

Here are some of the major key players in the Canada Biobanks Market:

Thermo Fisher Scientific
Merck KGaA
QIAGEN
Lonza
Becton, Dickinson and Company
STEMCELL Technologies Inc.
Avantor
BioLife Solutions
Charles River Laboratories
Acorn Biolabs, Inc.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Canada Biobanks Market Segmentation

By Product and Service

Equipment
Consumables
Services

By Sample Type

Blood Products
Human Tissues
Nucleic Acids
Others

By Application

Regenerative Medicine
Life Science Research
Clinical Research
Others

Methodology for Database Creation

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Searching through academic conferences, published research, citations, and social media platforms
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2. Primary Research

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Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
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Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
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Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

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