Global Biobanking Market Assessment, By Product and Service [Equipment, Consumables, Services, Software], By Sample Type [Stem Cells, Human Tissues, Blood Product, Biological Fluids, Human Waste Products, Nucleic Acids], By Storage Type [Manual Storage, Automated Storage], By Ownership [National/ Regional Agencies, Universities, Private Organizations, Non-profit Organizations], By Application [Life Science Research, Clinical Research, Regenerative Medicine], By End-user [Pharmaceutical and Biotechnology Companies, CROs and CMOs, Academic and Research Institutes, Hospitals], By Region, Opportunities and Forecast, 2017-2031F

Global biobanking market is projected to witness a CAGR of 7.60% during the forecast period 2024-2031, growing from USD 70.69 billion in 2023 to USD 127.02 billion in 2031. The growth of the market is augmented by the growing awareness of various advantages associated with biobanks, rise in cases of chronic diseases, and increasing investments towards biobanks.

The increasing emphasis on precision medicine and genetic testing and the rising popularity of cord blood stem cell preservation in newborns boosts the market’s growth. This rise can be attributed to the growing awareness about the various advantages associated with stem cells from cord blood. These stem cells can be used to strengthen the immune system of patients undergoing cancer treatments and can be frozen and stored away for future applications.

The rising incidences of several chronic diseases and disorders are one of the significant global biobanking market trends. With the help of population-based biobanks, researchers are able to examine the role of exposure to external factors and individual genetic susceptibility in the development of various diseases by combining laboratory test results, clinical data, imaging data, and questionnaire data with molecular data. Additionally, the biological samples provided by biobanks can aid in validating and screening potential biomarkers. For instance, by analyzing tumor samples from cancer patients, researchers are able to discover changes in protein expression patterns and gene mutations that are associated with tumor development.

Increasing Prevalence of Chronic Diseases Boosts Market Demand

The rise in the number of cases of various chronic diseases in different regions is propelling the global biobanking market demand. Cardiovascular disorders are one of the leading causes of death. Cardiology research has discovered several genetic markers and proteins that might be responsible for the disorders. Biobanks have played a crucial role in these research activities by providing relevant samples to enhance the understanding of the therapy, prognosis, and diagnosis of cardiovascular disorders. According to the estimates of the US Centers for Disease Control and Prevention, approximately 695,000 individuals died from heart disease in 2021.

Similarly, cancer cases are rising, propelling the market demand as biobanks store samples and other essential data in a planned and systematic manner. This allows for detection, diagnosis, treatment, prevention of cancer, progressing genetic studies, and aiding researchers in identifying potential drug targets. The American Cancer Society estimated that 2,001,140 new cases of cancer and 611,720 deaths related to the disease are expected to occur in 2024 in the United States.

Rising Investments Towards Biobanks Support Market Expansion

The increasing investments in biobanks due to the growing awareness of various advantages is one of the significant factors bolstering the global biobanking market growth. Biobanks play a crucial role in precision medicine and have supported medical advancements, such as anticipation of dementia, similar conditions, and prevention of heart attacks. Biobanking technology has aided healthcare professionals and researchers in developing tests capable of predicting patients’ response to immunotherapy. Furthermore, the DNA data collected from biobanks has allowed researchers to determine the correct dosages of anticoagulants, thus boosting investments in biobanks in various regions across the globe. In June 2024, the iCAN national program launched a funding of USD 2.7 million (EUR 2.5 million) for cancer centers biobank projects. The project is expected to expand the molecular profiling of cancer in Finland and aims to identify new targets for treatment. The project, launched within the framework of the Southern Cancer Center and in cooperation between the HUS Helsinki University Hospital and the University of Helsinki, aims to expand to all the FICAN National Cancer Centers in alliance with the regional biobanks.

Europe Expected to Account for Significant Market Share

The growth of the European market is augmented by the strong presence of key market players, expansion of the research and development sector in healthcare, and growing awareness about various advantages associated with biobanks. Biobanking is essential for preserving specimens and plays a crucial role in enhancing the knowledge of healthcare professionals and researchers, allowing them to develop new technologies for treating and detecting diseases. Thus, the market is witnessing significant growth in Europe due to the rising prevalence of various chronic diseases in the region. According to the estimates of the Europa Donna, The European Breast Cancer Coalition, 604,900 incidences of cancer were reported in Europe in 2022. This increase is further propelling the requirement for biobanks in the region as they play a vital role in aiding researchers in studying various mechanisms associated with the development of cancer and their response to treatment, progression, and resistance.

Equipment Segment Anticipated to Hold Significant Market Share

The expansion of the segment is supported by the rising collection of bio-samples and an increasing number of biobanks. Biobanking equipment plays a crucial role in storing, processing, analyzing, and transporting samples and is responsible for catering to the diverse sets of requirements of medical facilities, biobanks, and research institutes. The rising efforts of various medical technology companies towards the development and introduction of advanced solutions is another major factor supporting the segment’s expansion. In July 2023, Tecan Group Ltd. introduced a new phase separator to enhance automation in biobanking and liquid biopsy. The phase separator is expected to support advancements across various disease areas, including metabolic diseases, neurodegenerative diseases, oncology, proteomics, genomics, and others.

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Future Market Scenario (2024 – 2031F)

The increasing investments in constructing biobanks are expected to boost the market’s growth in the forecast years. Various clinical trials for several diseases and increasing utilization of stem cell therapies for treating rare and chronic diseases are other significant factors expected to boost the requirement for biobanking products. The increasing complexity of life science research is another major factor creating the requirement for high-quality specimens, which in turn is augmenting the investments in the construction of biobanks. Additionally, advancements in biomedical research technologies, such as molecular profiling, high-throughput screening, and next-generation sequencing, are propelling the requirement for large-scale sample repositories to support their execution. Thus, due to the rising efforts of researchers to enhance human health and increase their understanding of various diseases, the requirement for biobanking is expected to rise in the coming years.

Report Scope

“Biobanking Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global biobanking market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2023
Historical Period	2017-2022
Forecast Period	2024-2031
Projected Growth Rate	CAGR of 7.60% between 2024-2031
Revenue Forecast in 2031	USD 127.02 billion
Segments Covered	Product and Service, Sample Type, Storage Type, Ownership, Application, End-user
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profiled	Thermo Fisher Scientific Inc., Danaher Corporation, Becton, Dickinson and Company, Merck & Co., Inc., Hamilton Company, Tecan Group Ltd., Azenta US, Inc., BioLife Solutions Inc., VWR International, LLC, Biovault Technical
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, global biobanking market has been segmented into the following categories:

·         By Product and Service

o   Equipment

§  Storage Equipment

§  Sample Processing Equipment

§  Sample Analysis Equipment

§  Sample Transport Equipment

o   Consumables

§  Storage Consumables

§  Processing Consumables

§  Analysis Consumables

§  Collection Consumables

o   Services

§  Storage Services

§  Processing Services

§  Transport Services

§  Supply Services

o   Software

·         By Sample Type

o   Stem Cells

o   Human Tissues

o   Blood Product

o   Biological Fluids

o   Human Waste Products

o   Nucleic Acids

·         By Storage Type

o   Manual Storage

o   Automated Storage

·         By Ownership

o   National/Regional Agencies

o   Universities

o   Private Organizations

o   Non-profit Organizations

·         By Application

o   Life Science Research

o   Clinical Research

o   Regenerative Medicine

·         By End-user

o   Pharmaceutical and Biotechnology Companies

o   CROs and CMOs

o   Academic and Research Institutes

o   Hospitals

·         By Region

o   North America

o   South America

o   Europe

o   Asia-Pacific

o   Middle East and Africa

Key Players Landscape and Outlook

The rising investments by the key players of the market toward the introduction of novel technologies are bolstering the global biobanking market size. In January 2024, Thermo Fisher Scientific Inc. announced the launch of the new Axiom PangenomiX Array, their ethnically diverse and most extensive array that offers genetic coverage in pharmacogenomic research and population-scale disease research studies. At present, the array is the only research solution that combines fixed copy number discovery, whole-genome copy number variant detection, HLA typing, and SNP genotyping in one test. The array has already found application at a leading biobank in the United States for analyzing close to half a million ethnically diverse samples.

Additionally, in May 2024, Hamilton Company announced that four high-capacity BiOS automated storage systems will be installed in the new Manchester Science Park headquarters of the United Kingdom Biobank. The systems are expected to store over 12 million biological samples and have a capacity of an additional 8 million samples.

Key Players Operating in the Global Biobanking Market are:

·         Thermo Fisher Scientific Inc.

·         Danaher Corporation

·         Becton, Dickinson and Company

·         Merck & Co., Inc.

·         Hamilton Company

·         Tecan Group Ltd.

·         Azenta US, Inc.

·         BioLife Solutions Inc.

·         VWR International, LLC

·         Biovault Technical

Markets and Data report answers the following questions:

·         What is the current and future market size of the product/service in question globally or specific to different countries?

·         How are the markets divided into different product/service segments and the market size and growth of each segment?

·         What is the market potential of different product segments and their investment case?

·         How are the markets predicted to develop in the future and what factors will drive or inhibit growth?

·         What is the business environment and regulatory landscape specific to the product/service?

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