Biobanking Market in terms of revenue was estimated to be worth $2.9 billion in 2023 and is poised to reach $5.0 billion by 2028, growing at a CAGR of 11.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The global biobanking market is expected to grow at a CAGR of 11.4% during the forecast period. The growth of this market is driven by increasing number of private cord blood banks has led to a rise in competition among biobanks, which has driven innovation and improvements in the quality of biobanking services. This, in turn, has fueled growth in the biobanking market as more companies seek to enter this expanding field and meet the growing demand for cord blood stem cell preservation.
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The global biobanking market is expected to grow at a CAGR of 11.4% during the forecast period. The growth of this market is driven by increasing number of private cord blood banks has led to a rise in competition among biobanks, which has driven innovation and improvements in the quality of biobanking services. This, in turn, has fueled growth in the biobanking market as more companies seek to enter this expanding field and meet the growing demand for cord blood stem cell preservation.
The blood products segment accounted for the largest share, by sample type in the biobanking market in 2022.
Based on sample type, the global biobanking market has been segmented into blood products, human tissues, nucleic acids, human waste products, cell lines, and biological fluids. The blood products segment held the largest share of the global biobanking market in 2022. This can be attributed to the rising incidence of blood disorders and the increasing demand for various types of blood products across the globe. With the ongoing expansion of biobanks and the increasing emphasis on precision medicine, the demand for blood products in biobanking is expected to remain strong, further propelling the growth of the global biobanking market
The manual storage segment accounted for the largest share of the storage type segment in the biobanking industry in 2022.
Based on storage, the global biobanking market has been segmented into manual storage and automated storage. The manual storage segment held the larger market share in 2022. The large share of this segment can be attributed to the low cost and easy installation associated with this type of storage. Furthermore, many research centers and life science companies rely on manual processes for biological sample storage, this is further accelerating the market growth.
The North America region catered the largest share of the biobanking market in 2022.
The biobanking market in North America has experienced significant growth in recent years, showcasing a robust expansion trajectory. This can be attributed to the increasing number of biobanks and the growing investments in biobanking infrastructure. Major healthcare institutes and research organizations in North America have made substantial commitments to expanding their biobanking capabilities. Additionally, the rising prevalence of chronic diseases and the subsequent demand for personalized medicine has fueled the growth of the biobanking market in North America, with biobanks playing a pivotal role in storing and providing high-quality biological specimens for research and development purposes.
Key players in the biobanking market include Thermo Fisher Scientific, Inc. (US), PHC Holdings Corporation (Japan), Becton, Dickinson and Company (US), QIAGEN N.V. (Germany), Merck KGaA (Germany), Avantor, Inc. (US), Cryoport, Inc. (US), Tecan Trading AG (Switzerland), Azenta, Inc. (US), Greiner Holding AG (Austria), Hamilton Company (US), Micronic (Netherlands), AMSBIO (UK), Bay Biosciences LLC (US), BioKryo (Germany), SPT Labtech (UK), ASKION GmbH (Germany), Cell&Co BioServices (France), Ziath Ltd. (UK), CTIBiotech (France), Cureline (US), Firalis Group (France), Sopachem (Netherlands), ProteoGenex (US), and US Biolab Corporation, Inc. (US).
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Biobanking Market: Impact Analysis
Drivers
- Growing investments and funding for biobanks
- Focus on genetic testing and precision medicine
- Increasing trend in preservation of cord blood stem cells from newborns
- Favorable funding scenario for research related to regenerative medicine
Restraints
- High cost of automated equipment
- Issues related to biospecimen sample management
- OPPORTUNITIES
Challenges
- High operational cost of biobanks
- Storage of samples
Recent Developments
- In February 2023, PHC Corporation of North America launched the PHCbi Brand VIP ECO SMART Ultra-low Temperature Freezer with industry-leading energy efficiency.
- In September 2022, Cryoport entered into a strategic partnership with BioLife Plasma Services to offer supply chain solutions and service offerings, such as bioservices and cryo-processing, for BioLife Plasma Services.
Biobanking Market Advantages:
- Valuable Research Resources: Biobanks provide researchers with access to a vast collection of well-characterized biological samples and associated data. These resources serve as a valuable foundation for conducting various types of research, including genomics, proteomics, metabolomics, and epidemiological studies. Biobanks enable researchers to investigate diseases, discover new biomarkers, study genetic variations, and develop personalized therapies.
- Accelerating Drug Discovery and Development: Biobanks play a crucial role in the drug discovery and development process. By providing researchers and pharmaceutical companies with access to diverse and representative samples, biobanks facilitate the identification of drug targets, testing of potential therapies, and assessment of drug efficacy and safety. This accelerates the drug development timeline, reduces costs, and enhances the success rate of clinical trials.
- Facilitating Personalized Medicine: Biobanks contribute to the advancement of personalized medicine, which aims to provide tailored healthcare based on an individual's unique genetic makeup and other factors. By storing genetic information, clinical data, and biological samples, biobanks enable the identification of genetic markers associated with diseases, predicting disease risks, and guiding personalized treatment decisions. This helps healthcare providers deliver targeted therapies and improve patient outcomes.
- Long-Term Sample Preservation: Biobanks employ specialized techniques and infrastructure to ensure the long-term preservation of biological samples. This enables the availability of high-quality samples over extended periods, allowing researchers to conduct longitudinal studies, analyze disease progression, and investigate long-term health outcomes. Long-term sample storage also enables retrospective studies and future research on emerging diseases or new research questions.
- Collaboration and Data Sharing: Biobanks promote collaboration and data sharing among researchers, institutions, and industries. By establishing standardized protocols, ethical guidelines, and data sharing agreements, biobanks facilitate the exchange of samples, data, and knowledge. This collaboration fosters scientific discoveries, enables the replication of research findings, and maximizes the utility of stored samples.
- Advancing Translational Research: Biobanks bridge the gap between basic research and clinical applications by facilitating translational research. By linking biological samples to clinical data, biobanks support the investigation of disease mechanisms, biomarker discovery, and the development of diagnostic tests. This enhances the translation of scientific knowledge into clinical practice, leading to improved disease diagnosis, prognosis, and treatment.
Overall, the biobanking market offers significant advantages by providing researchers and healthcare professionals with access to diverse, well-preserved, and well-characterized biological samples. These advantages accelerate research, drug development, and personalized medicine initiatives, ultimately contributing to advancements in healthcare and patient care.
Biobanking market - Report Highlights:
- The market size is updated for the base year 2022 and forecasted from 2023 to 2028 by studying the impact of the recession on the overall biobanking industry.
- The new edition includes the impact of the recession on the biobanking market (especially the region-wise impact in the geographic analysis section) in 2022. There is a variation in the growth rate of the market due to the ongoing recession.
- Additional points such as ranges/scenarios, trends/disruptions impacting customers' businesses, pricing analysis, value chain analysis, supply chain analysis, ecosystem analysis, patent analysis, key conferences and events (2022-2023), list of key regulatory bodies, regulatory landscape, Porter's Five Forces analysis, key stakeholders, the influence of stakeholders on buying decisions, and buying criteria among end users have been added in the market overview chapter.
- The new edition of the report provides updated financial information till 2022 (depending on availability) for each listed company in a graphical representation. This will help in the easy analysis of the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating region/country, and business segment focus in terms of the highest revenue-generating segment.
- Recent developments help us to understand market trends and the growth strategies adopted by players in the market.
- Tracking the portfolios of prominent market players helps analyze the major products in the biobanking market. The new edition of the report provides an updated product portfolio of the companies profiled in the report.
- Key market strategies/right to win, market share analysis for 2022, revenue share analysis of key market players from 2020 to 2022, and competitive leadership mapping have been added in the competitive landscape section of the report.
- The new version of the report includes competitive leadership mapping for companies operating in the market. This new section is an output of a comprehensive study of the key vendors offering biobanking products. The top 25 vendors were shortlisted from a list of 50+ vendors, and these were evaluated based on market share/ranking and product footprint, rated and positioned on a 2x2 quadrant, referred to as Company Evaluation Quadrant, categorizing them as Stars, Emerging Leaders, Pervasive Players, and Participants.
- The new version of the report includes the startup/SME evaluation quadrant for 10 companies operating in the biobanking market. This updated section is an output of a comprehensive study of the key startup vendors offering biobanking products. The top 10 vendors were shortlisted from a list of 50+ vendors, and these vendors were evaluated based on their product portfolio and business strategy, rated and positioned on a 2x2 quadrant, referred to as Competitive Leadership Quadrant, categorizing them as Progressive Companies, Starting Blocks, Responsive Companies, and Dynamic Companies.
- In the new edition of the report, the Rest of the World is segmented into Latin America and the Middle East and Africa. Country-level markets for Brazil and the Rest of Latin America in the Latin American region have been added.
- The new version of the report includes the ownership segment, which is further segmented into national/regional agencies, non-profit organizations, universities, and private organizations.
- The new version of the report includes an end-user segment, which is further segmented into pharmaceutical & biotechnology companies and CROs, academic and research institutes, and hospitals.
Report Link: ( Biobanking Market )
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