Biobanking Market Analysis

Biobanking Market Analysis

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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.