Global Biobanking Market Insights, Opportunities, Top Key Players and Forecast to 2032
Biobanking Market
The biobanking market size was valued USD 69.5 billion in 2022 and is expected to reach USD 93.3 billion by 2032 at 4.2% CAGR during the forecast period 2023-2032.
Market Drivers and Key Restraints
The global biobanking market is undergoing massive evolution in the form of technological innovations in genetic tools, which help elevate the demand for high-quality biospecimens used for enhancing cancer research. Citing a reference, Northwell Health had partnered with Indivumed in January 2017 for creating a cancer research biobank. In addition, the current developments in information technology as well as automation solutions have enhanced the efficiency of the biobanking services. For instance, with the launch of fully automated programmed freezers as well as refrigerators, the temperature monitoring in biobanks has become far more efficient than before.
Additionally, technological developments in biotechnology workflows have led to a growth in the application scope of biosamples. To illustrate, UK biobank had collaborated with GSK as well as Regeneron Genetics Center in March 2017, following which Regeneron had successfully sequenced all the 500,000 samples present in the UK biobank. These samples were highly instrumental in clinical research.
The noteworthy changes in the biobanking operations for ensuring optimization of sample maintenance and storage are expected to be one the prominent factors backing the growth of the market. These changes are inclusive of deposit and delivery of a sample in a temperature-monitored hatch along with automated tracking of the handling of a sample. Other significant changes include growth in funding, the increasing standardization of biobanking processes, and availability of collections that are centralized which are presumed to have a positive impact on the growth of the market.
Biobanking Market Insights and Analysis By Product & Services (Equipment, Consumables, and Services), Sample Type (Blood Products), Storage Type (Manual Storage), Application (Regenerative Medicine) and End-User (Hospitals, Others)- Forecast till 2032.
Major Key Players:
Some of Key Market Players are Hamilton Company, Greiner Holding AG, Promega Corporation, Becton Dickinson and Company, Merck KGaA, VWR Corporation, Tecan Trading AG, Thermo Fisher Scientific Inc., Panasonic Healthcare Holdings Co., Ltd, Qiagen N.V., Brooks Automation, Inc., Chart Industries, Inc., and others.
Segment Analysis
The global biobanking market is segmented on the basis of products and services, sample type, storage type, application, end-user, and region. Considering products and services, the market is segmented into equipment, consumables, services, and software. Equipment is further sub-segmented into storage equipment, sample analysis equipment, sample processing equipment, sample transport equipment, and others. Consumables are further sub-segmented into storage consumables, analysis consumables, processing consumables, collection consumables, and others. Services are sub-segmented into storage services, processing services, transport services, and supply services.
By sample type, the market is segmented into blood products, human tissues, cell lines, nucleic acids, biological fluids, and others. Based on storage type the market is segmented into manual storage and automated storage.
On the basis of application, the market is segmented into regenerative medicine, life science research, and clinical research.
By end-user, the market is segmented into hospitals, diagnostic laboratory, research centers, and others. Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. The American region is segmented into North America and South America.
Regional Analysis
The Americas dominates the global biobanking market owing to the increasing prevalence of chronic diseases and presence of a well-developed healthcare sector within the region. Moreover, the increasing healthcare expenditure and presence of key players within the regional boundaries provide a favorable background for the market growth.
Europe is the second largest in the global biobanking market. Factors such as the increasing availability of funds for research and a huge patient population followed by a well-developed healthcare sector drive the market within the region.
Asia Pacific is estimated to be the fastest growing market for biobanking. This can be attributed to the presence of developing economies such as India and China. Moreover, the increasing healthcare expenditure and a rapidly developing healthcare sector boost the market growth within the region.
On the other hand, the Middle East and Africa has the least share in the global biobanking market due to low per capita healthcare expenditure and stringent government policies, especially within the Africa region. It is estimated that the Middle East holds a majority of the market within the Middle Eastern and African region.
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