The global biobanking market was valued at $42,104.30 million in 2020, and is estimated to reach $69,518.70 million by 2028, growing at a CAGR of 6.20% from 2021 to 2028.
Biobanking is a procedure to collect and preserve biological materials that can be further used for diagnosis, biodiversity studies, and research. Biobanks play a fundamental role in supporting biomedical research studies, developing personalized medicine, and maintaining & updating age demographic databases.
The growth of the global biobanking market is majorly driven increase in application areas of bio banked samples; rise in funding from private & government organizations to biobanking; rise in genomic research activities, and increase in investment in R&D activities by various healthcare companies. For instance, in January 2021, the Federal Ministry of Education and Research supported the German biobank node work and provided €3.5 million in funding for a duration of three years. Moreover, in May 2021, Victorian government provided funds of $5 million to new COVID-19 biobank at Doherty Institute. Furthermore, in August 2020, Medicines Discovery Catapult (MDC) discovered one of the world largest virtual biobanks. The rapid expansion of virtual network covers 330 clinical sites and around 1.5 million bio-sample, and enhances the type of clinical samples available for drug discovery and diagnostics procedures. The rise in incidences of chronic diseases such as autoimmune diseases, cancer, and blood disorders boosts the growth of the biobanking market. In addition, the increase in population suffering from chronic diseases propels the market growth.
However, side effects associated with the biobanking such as legal and ethical issue of biobanking and lack of awareness about biobanks, are expected to restrict the market growth during the forecast period.
Biobanking Market Segmentation
The biobanking market is segmented into the specimen type, type of biobank, ownership, application, end user, and region. By specimen type, the market is categorized into blood products, solid tissue, cell lines, nucleic acid, and others. By type of biobank, the market is bifurcated into population-based biobank and disease-oriented biobank. By ownership, it is divided into a national/regional agency, non-profit organization, universities, and private organization. The applications covered in the study include therapeutic and research. By end user, the market is bifurcated into academic institution and pharma & biotech companies.
Region wise, the market is analyzed across North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia and Rest of LAMEA).
By Specimen Type
Blood products holds the dominant position in 2020 and would continue to maintain the lead over the forecast period.
Depending on type of specimen type, the blood products segment dominated the market in 2020, and is expected to continue this trend throughout the forecast period, due to surge in the prevalence of hematological diseases, increase in demand for blood products for collecting specimens and rise in accidents. However, the solid tissue segment is expected to witness considerable market growth during the forecast period due to increase in demand for regenerative medicines, rise in prevalence of cardiovascular & neurological disorders, and surge in need of storage of organs for transplant.
By Biobank Type
Disease oriented biobanks segment is projected as one of the most lucrative segments.
On the basis of application, the research segment dominated the market in 2020, and is expected to continue this trend throughout the forecast period, due to increase in incidences of chronic diseases and advancements in regenerative medicine. However, the therapeutic segment is expected to witness considerable market growth during the forecast period owing to gradual increase in prevalence of chronic diseases & trauma emergencies, rise in incidence of degenerative diseases, and shortage of organs for transplantation.
National/regional agencies holds the dominant position in 2020 and would continue to maintain the lead over the forecast period.
Europe accounted for a major share in the biobanking market in 2020, and is expected to maintain its dominance during the forecast period, due to rise in adoption of advanced technologies and increase in awareness of biobanking among healthcare professionals and individuals working in the R&D industry. Moreover, upsurge in R&D activities in healthcare sector to develop novel biobanking and presence of major players operating in the region fuel the growth of the biobanking market. However, Asia-Pacific is expected to register highest CAGR of 7.8% from 2021 to 2028, due to easy accessibility to cost-effective blood storage and increase in awareness toward the benefits of cord blood.
Research segment is projected as one of the most lucrative segments.
The key players operating in the global market include BioIVT & Elevating Science, Geneticist Inc, Firalis S.A., AMS biotechnology Ltd. (AMSBIO LLC), and US Biolab Corporation, Inc., ProteoGenex, Inc., Cureline, Inc., Bay Biosciences LLC, CTI Biotech, and Boca Biolistics.
Asia-Pacific region would exhibit the highest CAGR of 7.8% during 2021-2028
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the biobanking market, and the current trends and future estimations to elucidate the imminent investment pockets
- It presents a quantitative analysis of the market from 2021 to 2028 to enable stakeholders to capitalize on the prevailing market opportunities
- Extensive analysis of the market based on procedures and services assists to understand the trends in the industry
- Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the biobanking market
Key Market Segments
By Specimen Type
- Blood Products
- Solid Tissue
- Cell Lines
- Nucleic Acid
By Type of Biobank
- Population-based Biobanks
- Disease-oriented Biobanks
- National/regional agency
- Non-Profit Organization
- Private Organization
By End User
- Academic Institutions
- Pharma & Biotech Companies
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- AMS biotechnology Ltd (AMSBIO LLC)
- Bay Biosciences LLC
- BioIVT & Elevating Science
- Boca Biolistics
- CTI Biotech
- Cureline, Inc
- Firalis S.A.
- Geneticist Inc
- ProteoGenex, Inc
- US Biolab Corporation, Inc
Biobanking Market Report Highlights
By SPECIMEN TYPE
By TYPE OF BIOBANK
By END USER
Key Market Players
CTI BIOTECH, BIOIVT & ELEVATING SCIENCE, BAY BIOSCIENCES LLC, PROTEOGENEX, INC., GENETICIST INC., BOCA BIOLISTICS, FIRALIS S.A., CURELINE, INC., US BIOLAB CORPORATION, INC., AMS BIOTECHNOLOGY LTD. (AMSBIO LLC)
According to the perspective of CXOs of the leading companies, the biobanking market gained prominence in 2020, and is expected to witness a significant rise in the near future. This is attributed to rise in the incidence of fatal diseases, increase in funding by the government for biobank research projects, and surge in awareness toward the benefits of biobank specimens such as cord blood for human health. However, certain limitations such as ethical and legal issues related to biobanking are expected to restrain the market growth.
The CXOs further added that biobanking plays an integral role in advancing biomedical and translational research through the collection and preservation of biological samples, such as blood, tissues, and nucleic acids, which are subsequently made available for use in research to discover disease-relevant biomarkers; this is further used for diagnosis, prognosis, and predicting drug responses. Furthermore, increase in number of research activities acts as a major driver for the market growth.
Moreover, rise in government funding for regenerative medicine, stem cell therapeutics, and cell & gene therapy is supporting research activities, which, in turn, is anticipated to boost the demand for biobanking products and services. Furthermore, increase in trend of cord blood banking is expected to supplement the market growth, globally. Future prospects including advancements in orthopedic procedures with the use of stem cells are expected to augment the market growth for biobanking.
North America dominates the biobanking market, due to the presence of numerous large-scale biobanks in the U.S., while Asia-Pacific is expected to grow at the highest growth rate during the forecast period, due to increase in government investment in biomedical and biotechnology industries.