The global biobanks market size was estimated to be US$ 65 billion in 2021 and is expected grow at a CAGR of 4.5% between 2023 to 2032.
Biobanks are a place that collects and preserves biological samples and resources for use in research and diagnosis. Biobanking is very valuable in biomedical studies like genomics, proteomics, and customized drug development. Biobanks can also store and disseminate data from a large population of patients.
Researchers can access the samples and data available in biobanks for scientific research of prevalent diseases, genetic disorders, and human genomics. Biobanks are also used for the storage of human biological resources like plasma, DNA, blood, saliva, stem cells, etc, thus enabling the preservation of personal biological samples and medical information.
Factors assisting in the growth:
Various measures like centralized registrations, duplicate sample storage, and regular backup of data is undertaken at biobanks. Cryogenic storage of samples is also considered a form of the biobank. Hospitals, universities, pharmaceutical companies, charitable groups, and research centers are primary users of biobanks.
Increased research and development activities by healthcare forms have resulted in newer applications of biobanks which promote market growth. Increasing investments from government and commercial sectors have also enabled the growth of the biobanks market. Genomics, personalized medications, disease diagnosis, environmental remediation, and the bioenergy sector have also propelled the market expansion for biobank services.
The rise of chronic disorders, cancer, and viral diseases has also shown biobanks' applicability and thus it's market growth. Virtual networks and statistical information hosted by such biobanks provide meta-analysis opportunities in drug development and clinical treatment.
A scientist may also get access to a large amount of genomic data for research purposes. This along with the large-scale adoption of biotechnological services has increased the demand for the global biobanks market.
Virtual biobanking services hosted by several biobanks have started offering online databases with 2D & 3D data formats. The ease and visualization offered by these virtual services enable faster access to biological specimens and clinical data which may help in better analysis of the samples. Such added benefits offered by biobanks have made them capable of fulfilling diverse roles in the biomedical market and thus the outreach of the global biobanks market is expected to increase.
Factors impacting growth:
However, during the forecasted period, the growth of the biobank market may be hampered by conflicting rules and regulations on biobank functioning. stringent rules regarding informed consent, ethical collection, and a lack of standard practices across the entire sector will cause a significant hurdle in the adoption and expansion of this market to a considerable level. Governments and participants of the biobanking sector should ensure a good balance between restrictive and proliferating regulations.
Proper collection of sample/data, standardized storage and retrieval procedures, consent-based practices, and data protection guarantee is a primary requirement that needs to be addressed throughout the biobanking market. Only after proper ratification of such regulatory hurdles, we may expect the global biobanks market to grow at significant speed.
Operational strategies like virtual biobank repositories, radiofrequency identification (RFID) tagging of samples, automated and simple tracking processes, cost reduction, and data errors need to be implemented to enable a smooth and reliable biobanking experience. Advancement of these features and their proper implementation will only help the biobanks market to proliferate out of the current situation.
Current market conditions
Currently, the European Biobanks market is having the highest market of all the regions across the globe. The reasons for the increased penetration of the biobanking sector in Europe can be attributed to faster acceptance of advanced technologies and increased awareness of such services in the general population as well as healthcare professionals.
North America is closely following the European region in terms of revenue wherein the USA has the highest share in this region. Biobanks are primarily used for cord blood storage purposes across the USA. Increased understanding of biobanking services, growing interest in stem cell-based technologies, and an overall acceptance of biobanks for storage of cord blood and genetic samples are boosting the development of the biobanks market in this region.
The rising population in countries like India and China has also ushered in new developments and increased affordability for biobanking services in these countries. The developing regions of Asia-Pacific and the Middle East are also projected to observe positive growth in the biobanks market in this region.
A surge in awareness, rise in disposable income, increased specialty biomedical facilities, and a general rise in diagnosis and prevalence of genetic disorders are propelling the growth of the biobanks sector in the above-mentioned regions. As the countries in this region show rapid economic growth, the demand for biobanking services will also see a significant rise. Thus, the Asia-Pacific region in general with countries like India, China, and the Philippines is expected to drive the growth of the biobanks market in this region during the forecasted period.
Dominant players in biobanking sector:
Companies like Avantor, BioCision, Biovault Family, Hamilton Company, Lonza, Merck KGaA, PromoCell GmbH, Stemcell technologies, Tecan Trading, and Thermo Fisher Scientific are leading the biobanks market in terms of share and revenue. These companies are also involved in competitive strategies like R&D, market rank analysis, market capitalization, etc, to further increase their market share in the biobanking sector.
Global Biobanks Market Segmentation:
By Product
- Equipment
- Consumable
- Others
By Service
- Biobanking/Repository
- Lab Processing
- Others
By Sample Type
- Human Tissues
- Organs
- Stem Cells
- Others
By Application
- Therapeutics
- Drug Discovery & Clinical Research
- Others
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
