The biobanking market was valued at approximately USD 3 billion in 2021, and it is expected to witness revenue of USD 8 billion in 2030, with a CAGR of 5% from 2022 to 2030.
The biobanking market was valued at approximately USD 3 billion in 2021, and it is expected to witness revenue of USD 8 billion in 2030, with a CAGR of 5% from 2022 to 2030.
Demand for biobanking remains strong in 2021. Some sales insight revealing the strong growth of biobanking during the past few years are listed below:
- Based on product, the equipment segment captured a market share of 75% in 2021
- By service, biobanking & repository segment accounted for 35% of the revenue share in 2021
- Depending on biospecimen, the human tissues segment constituted around 38% of the market revenue in 2021
- By application, the drug discovery & clinical research segment accounted for 38% of the market revenue in 2021
- Europe generated a revenue of around US$24.15 billion in 2021
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| Report Scope | Details |
| Market Size in 2030 | USD 115.4Billion |
| Growth Rate from 2022 to 2030 | CAGR of 5.9% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Europe Market Share in 2021 | 35% |
| Physical Biobanks Market Share in 2021 | 80% |
Leading Regions Market Review
Global Biobanking Market Captured by Europe
The European nations like Sweden, Denmark, and Norway witnesses the presence of several well-established biobanks, which significantly contributed towards the growth of the biobanking market in Europe.According to the Global Engage article, approximately 40% of the individuals in Iceland have donated their DNA, which has been stored in the biobanks. The rising awareness among the population regarding the donation of DNA samples to save lives and the presence of strong biobank infrastructure in Europe has led to the dominance of Europe in the global biobanking market.
The increasing supply of samples in the biobanks in Europe is estimated to retain the dominance of Europe in the global market during the forecast period. Furthermore, the constantly rising investments by the European pharmaceutical companies in the research and development is one of the major factors behind the growth of the Europe biobanking market. The rising technological advancements in the biobanking has led to the growth of the virtual biobank and it is expected to witness a significant growth in the foreseeable future.
What are the key trends in the Global Biobanking Market?
The umbilical cord that is obtained post-delivery of a baby is an abundant source of stem cells, which is processed for clinical research. The conservation of the cord blood in the biobanking industry is on high demand across the globe. Further, the introduction of the cord blood biobanking is trending and is expected to foster the growth of the global biobanking market. The biobank is expected to allow the researchers in understanding the origin of diseases like Parkinson diseases and Alzheimer’s disease. The rapidly rising prevalence of chronic diseases among the population is expected to drive the growth of the stem cell biobanks. Moreover, the rapid penetration of the digital technologies in the biobanking industry has led to the rise of the virtual biobanks. The virtual biobanks effectively reduces the time constraints and help the researchers in conducting research works smoothly. The rising adoption of virtual biobank is expected to boost the growth of the global biobanking industry in the foreseeable future.
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What are the key challenge in the Global Biobanking Market?
The biobanking industry faces ethical challenges in the emerging economies. Ethical implication is an important aspect of the biobanking with respect to prior consent from the patients, handling, distribution, and storage. But there are certain restraining factors such as lack of awareness, traditional practices, low rate of literacy, and high poverty. Furthermore, there is a lack of training regarding the medical ethics. These factors may restrict the growth of the global biobanking market.
Moreover, there is a challenge associated with the costs pertaining to the technological advancements. The high costs associated with the equipment and consumables in the biobanks results in increased operational cost. Therefore, the lack of ethics and high capital investments are the major challenges faced by the market players operating in the global biobanking market.
Asia Pacific Forecast the Strongest Growth Rate During the Forecast Year (2022-2030)
Asia Pacific witnesses the presence of several leading pharmaceutical companies and research organizations. The rising investments by the prominent market players in the research and development is encouraging the technological advancements and driving the growth of the Asia Pacific biobanking market. The rising prevalence of various chronic diseases and shifting focus of the researchers to understand the origin of various diseases is expected to fuel the drug discovery process and help to develop various drugs for curing different diseases. The rising adoption of virtual biobanks in Asia Pacific is another major driver of the Asia Pacific biobanking market
Some of the key players in the market include:
- Thermo Fisher Scientific Inc.
- Tecan Trading AG
- QIAGEN
- Hamilton Company
- Brooks Life Sciences
- TTP Labtech
- VWR International, LLC.
- Promega Corporation
- Worthington Industries
- BD
- Merck KGaA
- Biokryo GmbH
- Cell&Co BioServices
- RUCDR Infinite Biologics
- Modul-Bio
Market Segmentations:
By Product
- Equipment
- Consumables
- Laboratory Information Systems
By Service
- Biobanking and Repository
- Validation/Qualification
- Lab Processing
- Cold Chain Logistic
- Others
By Biospecimen Type
- Human Tissues
- Stem Cells
- Organs
- Others
By Biobank
- Physical Biobanks
- Virtual Biobanks
By Application
- Drug Discovery and Clinical Research
- Therapeutics
- Clinical Diagnostics
- Others
By Type of Biobank
- Population-based Biobanks
- Disease-oriented Biobanks
By Ownership
- National/regional agency
- Non-Profit Organization
- Universities
- Private Organization
By Storage
- Manual Storage
- Automated Storage
Regional Segmentations:
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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