Biobanking Market - By Product [Equipment (Storage, Sample Analysis, Processing, Transport), Consumable, Service, Software], Sample (Blood, Tissue, Cell Line), Application (Regenerative Medicine), Storage Type, End-user, Global Forecast (2023-2032)

Biobanking Market Size

Biobanking Market size was valued to be USD 62.6 billion in 2022 and is predicted to experience a sustainable growth of CAGR 7.2% from 2023 to 2032. Some of the major factors contributing to the growth of market are growing awareness about biobanking that is leading to an increase in genomic research and development activities.
 

Furthermore, the increased government, and non-government fundings to support regenerative medicine research, and increased need for cost-effective drug discovery and development are also supporting the market expansion. Biobanking refers to the practice of collecting, processing, storing, and managing biological samples, such as tissues, blood, DNA, and other body fluids, along with associated health information.

Additionally, the biobanks play a crucial role in advancing medical research, personalized medicine, and in the development of new diagnostic and therapeutic approaches by serving as invaluable repositories for researchers and scientists studying various diseases, genetics, and the effects of environmental factors on health.
 

COVID-19 Impact

The COVID-19 had a major influence on the biobanking market and resulted in the organic revenue growth of the market. During the COVID-19 pandemic, the collection, processing, and analysis of patient samples increased abruptly and led to increased awareness and fundings for biobanks. Additionally, the pandemic also led to expansion of new biobanks that diversified types of samples and enabled researchers to study the virus and its effects more comprehensively.
 

For instance, in 2021, Tulane University in New Orleans announced a new COVID-19 biobank containing blood & cell samples from survivors to aid researchers in determining the fact that some people heal rapidly while others have long-term effects of the COVID-19 virus. As a result, such initiatives show that the outbreak of the pandemic boosted the demand for biobank services, benefiting the global economy. 
 

Biobanking Market Driving Factors

The growing investments and funding for biobanks are the key factor driving the market trends. For instance, according to a report published by Financial Times, in May 2023, the UK government is expected to unveil more than USD 165 million of funding for the UK Biobank, a pioneering genomics project, to quadruple its research capacity to advance scientists’ and drugmakers’ understanding of human biology. Such increased investments being made by countries in the field of biobanking are allowing biobanks to enhance their infrastructure, acquire advanced equipment, and implement better storage and management systems for biological samples that is helping the overall market to grow.

Biobanking Market Restraining Factors

The high cost of automated equipment is expected to restrain the market progress. Automated equipment, such as advanced sample handling systems, can significantly improve the efficiency and quality of biobanking operations. However, the high cost of this equipment can be a significant barrier to the entry of smaller biobanking companies or those with limited financial resources. For instance, the cost of an automated storage system can vary depending on the size and complexity of the system. The initial investment in an automated storage system can be significant, with costs ranging from USD 10,000 to hundreds of thousands of USD.
 

In addition to the initial investment, there are ongoing maintenance and operational costs that must be considered, such as software updates, repairs, and training that can lead to an additional high cost that is not bearable by every organisation. The issues related to biospecimen sample procurement can also restrain the growth of the market.
 

Biobanking Market Analysis

Based on product and service, the biobanking market is segmented into equipment, consumables, services, and software. In 2022, the equipment segment accounted for the largest revenue share of 52.4% in the market and is expected to grow at a CAGR of 7.3% in the forecast period. This growth can be attributed to the rapid increase in the number of new biobanks. The biobanking equipment segment encompasses a range of specialized products essential for the processing, analysis, storage, and transport of biological samples. These specimens may include human tissues, cells, blood, DNA, and other biospecimens collected from patients, donors, or research participants. The segment covers a broad spectrum of solutions and technologies catering to the diverse needs of biobanks, research institutes, and medical facilities.
 

Based on sample type, the biobanking market is segmented into blood products, human tissues, cell lines, nucleic acids, biological fluids, and human waste products. The blood products segment is expected to showcase growth at a CAGR of 6.9% during the forecast period. This growth is attributed to a large number of biobanks with facilities to store tissues, easy availability of tissue samples, and availability of advanced technology for storage and retrieval of banked tissues. Growing investment in disease-specific research and development activities is anticipated to increase the demand for diseased tissue samples, such as lymphoma, myeloma, ovarian leukemia, and brain further leading to increased use of biobanks for such diseased tissue samples.
 

Based on application, the biobanking market is classified into regenerative medicine, life-science research, and clinical research. In 2022, the regenerative medicine segment accounted for the largest market revenue of USD 26.2 billion and is expected to grow at a CAGR of 7% in the forecast period. The growth can be attributed to the increase in the supply of sample distribution to academic institutions, this surge has fuelled collaborative research programs, enabling researchers to access a wide range of high-quality samples for their investigations. Additionally, the increase in pharmaceutical research and development efforts, particularly for clinical purposes, has also amplified the demand for well-preserved and annotated biological specimens leading to increased use of biobanks for such sample specimens.
 

Based on storage type, the biobanking market is classified into automated storage and manual storage. In 2022, the automated storage segment accounted for the largest market revenue of USD 35.9 billion and is anticipated to grow at a CAGR of 7.1% in the forecast period. The expansion of this segment can be attributed to the advantages incorporated with automated storage system such as, ability to manage large volume of samples efficiently.
 

Additionally, the accuracy in samples data management achieved by automated storage systems is crucial for maintaining the integrity and reliability of research outcomes by minimizing the risk of human error, ensuring precise and consistent data tracking, annotation, and retrieval. Moreover, the integration of automated storage significantly reduces the reliance on manual labour, leading to enhanced operational efficiency, cost-effectiveness.
 

Based on end-user, the biobanking market is classified into biotechnology and pharmaceutical companies, contract research organisations (CROs), academic and research institutes, and hospitals. The biotechnology and pharmaceutical companies segment held the largest market share of 37.3% in 2022 and is expected to grow at a CAGR of 7% in the forecast period. This growth could be attributed to factors such as, the increase in genetic and genomic investigations, crucial for DNA sequencing and the study of genetic mutations.
 

Additionally, the CROs offer specialized expertise, cutting-edge technologies, and comprehensive infrastructure that are essential for handling and analysing the vast amounts of genetic data generated. Moreover, the surge in emphasis on precision medicine for various diseases, and development in the academic biobank has also added to the growth of this segment.
 

Based on the region, the biobanking market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. In 2022, North America accounted for a revenue of USD 20.2 billion, and it is expected to reach USD 41.5 billion by 2032. This growth could be attributed to factors such as, robust, and well-established research infrastructure, with numerous renowned academic and research institutions. Additionally, the prevalence of advanced healthcare systems and the region's proactive regulatory environment have fostered an influencing atmosphere for biobanking activities. Likewise, the significant investments in research and development made by government and private organisation, has also propelled North America to the forefront of biobanking endeavours.
 

Biobanking Market Share

The prominent players in biobanking market are

• Thermo Fisher Scientific, Inc.
• PHC Holdings Corporation
• Hamilton Company
• Avantor Inc.
• Qiagen N.V.
• Tecan Trading AG
• Merck & Co., Inc.
• Becton
• Dickinson and Company
• Cryoport Inc.
• Azenta Inc.

These companies are implementing several strategies such as collaborations, acquisitions, partnerships, mergers, and product launches to maintain a competitive edge in the industry.
 

Biobanking Industry News:

• In February 2023, PHC Corporation of North America launched the PHCbi Brand VIP ECO smart ultra-low temperature freezer with industry-leading energy efficiency. This technology will increase the shelf life for the sample and will ultimately lead to lesser number of sample spoilage.
   
• In September 2022, Cryoport partnered with BioLife Plasma Services to offer supply chain solutions and service offerings, such as bio-services and cryo-processing, for BioLife Plasma Services. This strategy helped these companies to provide the best quality cellular starting materials for use within a multitude of life-saving cellular therapies.
   

The global biobanking market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

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By Product & Service

• Equipment
  • Storage equipment
  • Sample analysis equipment
  • Sample processing equipment      
  • Sample transport equipment
• Consumable
  • Storage consumables
  • Analysis consumables
  • Processing consumables
  • Collection consumables
• Service
  • Storage services
  • Processing services
  • Transport services
  • Supply services
• Software

By Sample Type

• Blood products
• Human tissues        
• Cell lines
• Nucleic acids 
• Biological fluids
• Human waste products

By Application

• Regenerative medicine
• Life-science research
• Clinical research

Storage Type

• Automated storage
• Manual storage

By End-User

• Biotechnology & Pharmaceutical Companies
• Contract research organizations (CROs)
• Academic & Research Institutes
• Hospitals

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of Middle East & Africa