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Biobanking Market Size

Report ID: GMI6534
Published Date: Aug 2023
Report Format: PDF

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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.

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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.

Biobanking Market Report Attributes
Report Attribute	Details
Base Year:	2022
Biobanking Market Size in 2022:	USD 62.6 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	7.2%
2032 Value Projection:	USD 127.3 Billion
Historical Data for:	2018 to 2022
No. of Pages:	287
Tables, Charts & Figures:	497
Segments covered:	Product & Service, Sample Type, Application, Storage Type, End-user, and Region
Growth Drivers:	Technological advancements in genomics, personalized medicine, and drug development Increasing demand for personalized medicine Increasing investments in genomic research Integration of bioinformatics tools and advanced data analysis techniques Increased need for cost-effective drug discovery and development Growing investments and fundings for biobanks
Pitfalls & Challenges:	High cost associated with automated systems Issues related to biospecimen sample procurement Data privacy and ethical concerns High cost required for establishing and maintaining biobanks Lack of incompatibility between different biobank data systems

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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.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The biobanking industry size was USD 62.6 billion in 2022 and is predicted to experience a sustainable growth of CAGR 7.2% from 2023 to 2032.

The equipment segment accounted for the largest market share of 52.4% in 2022 and is expected to record around 7.3% CAGR from 2023 to 2032 attributed to the rapid increase in the number of new biobanks.

North America biobanking market size was around USD 20.2 billion, and it is expected to reach USD 41.5 billion by 2032 attributed to factors such as robust & well-established research infrastructure, with numerous renowned academic and research institutions.

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., and Azenta Inc.