06-Jan-2023 | Facts and Factors
According to Facts and Factors, the global biobanking market size was worth around USD 50.15 billion in 2021 and is predicted to grow to around USD 87.39 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.87% between 2022 and 2030.
Biobanking is the process of collecting samples of tissues or bodily fluids for research purposes. The studies are further used to learn more about the diseases concerned with living organisms to improve their health. Some of the other forms of information collected are weight, height, and questions related to health like lifestyle or family history. In most cases, biobanking samples are collected for a longer duration that goes on until several years depending on the expected outcomes of the study. This is to keep the sample safe for long-term research.
Browse the full “Biobanking Market Size, Share, Growth Analysis Report By Biospecimen Type (Human Tissues, Blood Products, Nucleic Acids, Cell Lines, and Others), By Product (Software & Services, Consumables, and Equipment), By Storage Type (Automated, and Manual), By Application (Clinical Diagnostics, Therapeutics, Drug Discovery & Development, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/biobanking-market
Some biobanking samples are used for customized purposes for instance treatment of a certain illness related to the person; however, there are certain projects, usually carried out on a bigger scale that requires the collection of samples from a large group of participants in order to conduct analysis and understand various stages of disease development. These techniques have been found useful in understanding medical cases that impact a larger part of society for instance Covid-19. The adoption and advancements in technology have helped to further the cause of biobanking since the methods of storing and analyzing the samples have improved drastically.
The global biobanking market is projected to grow owing to the growing participation of the public in the biobanking process. The participation involves people voluntarily requesting bodily fluid samples to be stored and allowing them to be either used for research and studies or to act as important information in case of any future medical concern. This move is further encouraged by service providers using advanced technologies to store the sample since it helps in generating confidence amongst the masses about the efficiency of the process. Participation from diverse groups of people is essential for the success of biobanking mechanisms.
The global market is projected to gain higher momentum due to growing investments by private and government entities in building necessary structures of biobanking facilities. The growing government funds to conduct genome studies, stem cell therapeutics, or for the development of regenerative medicine is a prime example of methods deployed by agencies with the national interest to promote biobanking culture. Growing advancements in orthopedic medical care may help generate more revenue in the coming years.
However, the key restraining factor in the global market is the growing number of legal cases related to biobanking. Two of the most popular legal cases were Greenberg vs Miami Children’s Hospital Research Institute and Moore vs Regents of the University of California. The latter dealt with the intellectual property right over one’s cells that were collected for samples to be used by doctors for research. By the end of the court's case, the decision was in the favor of Regents of the University of California as the court announced that Moore did not have any right over the sample. The patient succumbed due to cancer remission. Such incidents have resulted in growing concerns over the ethics behind the biobanking systems.
Increasing awareness about the conservation of stem cells in infants may provide growth opportunities while maintaining security in biobanks is expected to pose a major challenge.
Segmental Overview
The global biobanking market is segmented based on biospecimen type, product, storage type, application, and region.
Based on product, the global market segments are software & services, consumables, and equipment. The global market is projected to be led by the equipment segment in the coming years owing to the growing demand for personalized medicines. However, the software & services segment may also witness high CAGR due to the growing investments in the field to upgrade infrastructure. In July 2019, 54gene, pan-Africa’s first biobank received seed funding of USD 4.5 million, thus encouraging the company's efforts in upgrading biobanking infrastructure in the continent.
Based on application, the global market divisions are clinical diagnostics, therapeutics, drug discovery & development, and others. The highest growth was registered in the drug discovery & development process as the majority of the samples were collected for research purposes. The segment witnessed higher growth in 2021 as a post-Covid 19 impact as research institutes contribute to learning more about the virus. In March 2021, the US health agency received funding of USD 3.6 billion to conduct research on Covid-19.
Regional Overview
North America is anticipated to lead the global biobanking market due to the presence of advanced healthcare infrastructure in the US and Canada with the former leading the regional market growth. The US is home to some of the biggest brands operating the biobanking segment that have adopted aggressive strategies to enter new markets. Asia-Pacific may register a significant CAGR due to the growing investments in the healthcare sector in countries. In August 2021, National Centre for Advanced Research and Excellence, India, established the country’s first biobank related to heart failure. The facility boasts some of the most advanced methods of specimen storage.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 50.15 Billion |
Projected Market Size in 2030 |
USD 87.39 Billion |
CAGR Growth Rate |
5.87% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2030 |
Key Market Players |
Brooks Automation Inc., PHC Holdings Corporation (Panasonic Healthcare), Chart Industries Inc., Micronic, Merck KGaA, Hamilton Company, and others. |
Key Segment |
By Biospecimen Type, Product, Storage Type, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Competitive Analysis
The global biobanking market is led by players including Brooks Automation, Inc., PHC Holdings Corporation (Panasonic Healthcare), Chart Industries, Inc., Micronic, Merck KGaA, Hamilton Company, and others.
Recent Developments:
- In November 2022, the Indian Biological Data Bank opened a new regional center in Faridabad, India to store digital biological data. The information will be stored on a supercomputer called ‘Brahm’
- In October 2022, MyAfroDNA opened a new biobank centered on the study of African biospecimens
The global biobanking market is segmented as follows:
By Biospecimen Type
- Human Tissues
- Blood Products
- Nucleic Acids
- Cell Lines
- Others
By Product
- Software & Services
- Consumables
- Equipment
By Storage Type
By Application
- Clinical Diagnostics
- Therapeutics
- Drug Discovery & Development
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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