Biobanking Market Size was valued at USD 69.5 billion in 2022. The Biobanking market industry is projected to grow from USD 72.41 Billion in 2023 to USD 93.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.1% during the forecast period (2023 - 2032). Significant investments in the research and development of cutting-edge therapeutics like personalized medicine, regenerative medicine, and genomic cancer studies drive the field. Also, the emergence of COVID-19 has positioned biobanks at the forefront of pandemic control measures, propelling the market's organic revenue growth, thus driving the growth of the Biobanking market. These are just a few of the market drivers that are driving the market.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
In May 2023, the Medicines and Healthcare Products Regulatory Agency (MHRA) will pilot a novel genetic research resource known as a "biobank" in conjunction with Genomics England. The objective is to enhance comprehension regarding the potential impact of a patient's genetic makeup on medication safety. The Yellow Card biobank will store patient samples and genetic information concerning adverse events and suspected side effects of pharmaceuticals and medical devices, in addition to the MHRA's Yellow Card reporting site. This endeavor, which is an essential element of a holistic approach to personalized medicine, involves researchers utilizing the biobank's repository of genetic data to determine the underlying cause of a medication-induced adverse effect on a specific genetic trait. By means of rapid screening tests, physicians will have the ability to customize prescriptions according to the genetic profiles of their patients. This will guarantee that every individual in the United Kingdom is administered the most secure medication feasible.
The UK Biobank has unveiled astounding new data from the whole genome sequencing of its half a million participants in November 2023. This groundbreaking development is expected to accelerate the search for new diagnostics, treatments, and cures. The data is accessible exclusively to authorized researchers across the globe through a secure database that contains de-identified information (e.g., name, address, date of birth, name of general practitioner, and other such details removed). The current surplus of genomic data is without comparison; however, its integration with the substantial amount of data UK Biobank has amassed for the past fifteen years regarding lifestyle, whole body imaging scans, health information, and blood proteins will solidify its status as a defining moment in the history of healthcare. Following an extensive five-year endeavor, exceeding 350,000 hours of genome sequencing, and an investment exceeding £200 million, UK Biobank has successfully concluded the most ambitious sequencing data set in history and is now disclosing it to the world.
The blood that stays in the umbilical cord after a baby is delivered is known as cord blood. It is the source of stem cells that are preserved and processed for clinical research that is the most plentiful. The significant need for cord blood preservation in biobanking is projected to expand market potential. Moreover, introducing cord blood stem cell biobanking is a major market driver. For instance, the largest stem cell biobanking in the world was introduced by Lund University in Sweden in February 2020. The biobank will support a study into the genesis of the most prevalent diseases, including Parkinson's and Alzheimer's. The emergence of stem cell biobanks is also significantly influenced by the rising incidence of chronic diseases worldwide. As a result, the growth of the biobanking market will be driven by an increase in the number of biobanks throughout the forecast period. Thus, this factor is driving the market CAGR.
This market has evolved significantly in recent years. The primary market driver is integrating cutting-edge technology with the biobanking system. The biobanking system is undergoing a revolution thanks to virtual biobanking, which reduces time limitations and makes it easier for researchers to undertake their work. Virtual biobanking has raised the market's worth and sped up market expansion by assisting biobanks in generating larger revenue. Also, several software firms are developing software to make the biobanking system easier to use and adopt a virtual biobanking system. Thus, it is anticipated that this aspect will accelerate Biobanking market revenue ly.
The Biobanking market segmentation, based on products and services includes, equipment, consumables, services, software. The equipment segment held the majority share in 2022 in the Biobanking market data. It is because the number of new biobanks is growing quickly, and initial equipment installation is expensive. A wide range of equipment is available to support various biobanking procedures, including sample preparation, collection, processing, storage, and shipment.
Among the items are cell separators, freezers, thawing apparatus, barcode readers, alarm and monitoring systems. It is anticipated that the laboratory information management systems (LIMS) segment will become a valuable source of revenue. COVID-19 biobanking, testing, and research heavily rely on LIMS.
The Biobanking market segmentation, based on sample type includes blood products, human tissues, nucleic acids, cell lines, biological fluids, human waste products. The human tissue segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the abundance of biobanks that can keep tissues, the simplicity of obtaining tissue samples, and the accessibility of cutting-edge technology for storing and retrieving banked tissues. For oncology investigations, the need for diseased tissue samples, such as lymphoma, myeloma, ovarian leukemia, brain, prostate, colorectal carcinoma, breast, and lung tissues, is predicted to increase as disease-specific R&D spending rises, hence contributing in the growth of the Biobanking market.
The Biobanking market segmentation, based on application includes regenerative medicine, life science research, and clinical research. The life science research segment held the majority share in 2022 in the Biobanking market data. The expansion of sample distribution to academic institutions and pharmaceutical R&D for clinical applications is credited with the dominance. Scientists are under pressure due to the rising prevalence of complicated diseases and the demand for effective treatments. Moreover, a greater CAGR is projected for the regenerative medicine segment during the forecast period. Moreover, pharmaceutical and research organizations worldwide have partnered to carry out clinical trials of regenerative therapies for various uses.
Figure 1 Biobanking Market, by Applications, 2022 & 2030 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Biobanking Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Biobanking market accounted for USD 31.831 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. This is due to the numerous clinical trials that academic institutions and pharmaceutical corporations have conducted. Another reason for North America's geographic location is the growing technological progress in setting up virtual biobanks. New product development, partnerships, partnerships, expansions, mergers, and acquisitions are the main strategies used by the organisations in the market.
Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2 BIOBANKING MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Biobanking market accounts for the second-largest market share. This can be linked to the fact that the Nordic nations, including Sweden, Norway, Denmark, and others, have long-standing biobanks. Almost 40% of Iceland's population has given DNA, which is safely and secretly held in the biobanks, according to a post on Engage, a producer of conferences and summits for the life science and pharmaceutical industries. Such contributions and a rising sample supply are expanding the European biobank market's size. Also, ongoing R&D efforts by European pharmaceutical companies are one of the causes contributing to the region's larger market share. Moreover, UK Biobanking market held the largest market share, and the Germany Biobanking market was the fastest growing market in the region.
Asia Pacific Biobanking Market is expected to grow at the fastest CAGR from 2022 to 2030. It is because academic medical institutes are buying more blood and cell samples for research the Asia Pacific region's biobank market will increase over the forecast period due to rising investments in creating well-structured biobanks. Further, the China Biobanking market held the largest market share, and the India Biobanking market was the fastest-growing market in the region.
Biobanking Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Biobanking market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the Biobanking industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Biobanking industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Biobanking industry has provided medicine with some of the most significant benefits. The Biobanking market major player such as Hamilton Company, Greiner Holding AG, Promega Corporation, Merck KGaA, VWR Corporation.
The latest generation of approaches to medication development and commercialization are supported by Precision Medicine Group, a company providing specialist services. In the era of precision medicine, precision offers a cohesive infrastructure to help pharmaceutical and life science businesses as they create new products. ProMedDx and GLAS, two top biospecimen providers, were acquired by Precision for Medicine, a division of Precision Medicine Group, in August 2019. With the support of this acquisition, the business will be able to offer more biospecimen solutions and develop its scientific knowledge and understanding.
Biogen Inc. is a Cambridge, Massachusetts-based American multinational biotechnology firm that specializes in the research, development, and distribution of treatments for treating neurological illnesses to patients worldwide. In April 2020, Biogen, Inc. announced a partnership to create a COVID-19 biobank with Partners HealthCare and the Broad Institute of MIT.
Key Companies in the Biobanking market includes
Biobanking Industry Developments
March 2021 The U.K. Biobank announced in March 2021 that they had updated their data set with information from a study that assessed various circulatory metabolomics indicators. The trials were conducted by Nightingale Health, a Finnish firm that develops blood biomarker technologies, and involved 120,000 individuals.
February 2020 Hamilton Storage introduced new sample storage tubes and RackWare racks in February 2020 at the SLAS 2020 International Conference and Exposition. Furthermore, market participants are forming strategic alliances with research communities and healthcare institutions to effectively meet the need for the storage and processing of biosamples in the biobanking industry.
May 2019 IBBL reported in May 2019 that its Proficiency Testing program in China had shown favorable results. The results suggest that biobanking and laboratory procedures are becoming more standardized on a scale.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 69.5 billion |
| Market Size 2023 | USD 72.41 billion |
| Market Size 2032 | USD 93.3 billion |
| Compound Annual Growth Rate (CAGR) | 4.1 % (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product and Services, Sample Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Hamilton Company, Greiner Holding AG, Promega Corporation, Merck KGaA, VWR Corporation |
| Key Market Opportunities | Development of Biobanking in emerging countries |
| Key Market Dynamics | Growing awareness about biobanking |
Biobanking Market Highlights:
Frequently Asked Questions (FAQ) :
The Biobanking market size was valued at USD 69.5 Billion in 2022.
The market is projected to grow at a CAGR of 4.1% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Hamilton Company, Greiner Holding AG, Promega Corporation, Merck KGaA, VWR Corporation.
The equipment solutions category dominated the market in 2022.
The life science research had the largest share in the market.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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