Biobanking Market Size & Share, by Product (Equipment, Consumables, Service, Software); Specimen Type (Blood Products, Human Tissue, Nucleic Acids, Cell Lines, Biological Fluids); Storage Type (Manual Storage, Automated Storage); Application (Regenerative Medicine, Life Science Research, Clinical Research); End-user (Academic Institutions, Pharma & Biotech Companies) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4602
  • Published Date: Feb 16, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Biobanking Market size is anticipated to cross USD 90 billion by the end of 2033, witnessing around 8% CAGR during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of biobanking was USD 50 billion. The growth of the market is primarily attributed to the significant propagation in the biotechnology sector across the globe. The biotechnology sector is a science-driven industry that creates healthcare products by using molecular biology and living organisms. For instance, the biotechnology sector in India alone is expected to reach approximately USD 81 billion in 2022, to reach nearly USD 152 billion by 2025, and USD 310 billion by 2030. Furthermore, the proliferation of genomics research activities for various diseases study is another significant factor that is driving the growth of the global biobanking market during the projected period.

Biobanks assist in the development of multi-omics biobanks, in which insights from genomes, proteomics, and metabolomics are linked with radiomic data to produce a fresh and personalized technique for disease treatment. The implementation of big data and AI have been transforming the array of biobanks for the more advanced development of precision medicine. For instance, the purpose of precision medicine is to deliver clinicians the ability to determine the best course of action for a patient effectively, and accurately. The precision medicine eco-system, which is constantly evolving, is the answer to the issue. Precision medicine emphasizes the significance of integrating molecular profiling with well-established clinical index values to develop diagnostic, predictive, and therapeutic approaches customized to the requirements of each patient. For the precision medicine ecosystem to be used to its full potential, data must be properly interpreted. The best course of action to be taken for each unique patient group is determined by the precision medicine ecosystem's combination of genomic and clinical data. Moreover, increasing advancement in orthopedic procedures implying stem cells is also anticipated to fuel up the market growth of the global biobanking market over the forecast period.


Biobanking-Market-scope
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Biobanking Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~8%

Base Year Market Size (2022)

~ USD 50 Billion

Forecast Year Market Size (2033)

~ USD 90 Billion

                                       Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Biobanking Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Growing Research Activities Associated with Genomics - As per the World Health Organization (WHO), as a result of significant investments made during the COVID-19 pandemic, the percentage of countries capable of carrying out genomic surveillance expanded from 54% to 68% between March 2021 and January 2022.

  • Genomics research is the study of full genetics along with the complement of an organism. It is generally conducted to prepare personalized medicines and focus on the editing, mapping, structure, function, and evolution of a genome. Furthermore, there has been growing popularity of genomics in cancer care for providing personalized medicines to the patients for the cure. In addition, genomic research can obtain several public targets, such as a reduction in health disparities. Therefore, the surge in genomics research is expected to fuel market growth over the forecast period.
  • Increasing Instances of Umbilical Cord Blood Cell Conservation – For instance, in Japan, approximately 36% of childbirth facilities presently provide umbilical cord blood cell storage to private biobanks, which is an increase from 15% in the past.

  • Escalating Count of Biobanks Globally - For instance, the worldwide number of biobanks reached around 130 by the end of 2018. Hence, the surge in the number of biobanks is expected to enlarge the market size over the forecast period.

  • Rising Cases of Hemophilia and Bleeding Disorders - Hemophilia is a disorder that interrupts the clotting of blood. It is a rare disorder that can develop in humans based on their genetics. For instance, between 2021 to 2022, approximately 200 thousand people were noticed to be living with hemophilia across the globe.

Challenges

  • Associated High Cost of Storage of Specimen Samples - The process of specimen sample storage in biobanks requires costly equipment, which in turn, makes the entire process of storage expensive. This factor is estimated to hinder the growth of the biobanking market.
  • Deficit in Counselling and Training on Medical Ethics
  • Misconceptions about Biobanking


Biobanking Segmentation

Specimen Type (Blood Products, Human Tissue, Nucleic Acids, Cell Lines, Biological Fluids)

The global biobanking market is segmented and analyzed for demand and supply by specimen type into blood products, human tissue, nucleic acids, cell lines, biological fluids, and others. Out of these sub-segments, the blood products segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the rising demand for the collection of specimens of blood products, the radically increasing the ratio of accidents, and the potentially growing prevalence of several types of hematological disorders across the globe.  For instance, in the United States, one person is diagnosed with leukemia, lymphoma, or myeloma every 4 minutes. Furthermore, in the United States, approximately 189,500 individuals were anticipated to be diagnosed with leukemia, lymphoma, or myeloma in 2021. Furthermore, blood products improve maternal health and child mortality and save millions of lives. 

Application (Regenerative Medicine, Life Science Research, Clinical Research)

The global biobanking market is also segmented and analyzed for demand and supply by application into regenerative medicine, life science research, and clinical research. Amongst these segments, the clinical research segment is expected to garner a significant share. In clinical research, biobanking is used for the systematic collection of data on a large scale and tissues for additional research purposes. Clinical research can last for an uncertain period, where biobanks become useful to preserve specimens with 100% quality for a prolonged time. For instance, in FY 2020, the National Institutes of Health were estimated to fund approximately USD 16 billion for clinical research in the United States.

Our in-depth analysis of the global market includes the following segments:

          By Product

  • Equipment
  • Consumables
  • Service
  • Software

           By Specimen Type

  • Blood Products
  • Human Tissue
  • Nucleic Acids
  • Cell Lines
  • Biological Fluids
  • Others

         By Storage Type

  • Manual Storage
  • Automated Storage

 

         By Application

  • Regenerative Medicine
  • Life Science Research
  • Clinical Research

         By End-User

  • Academic Institutions
  • Pharma & Biotech Companies

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Biobanking Industry - Regional Synopsis

North American Market Forecast   

The North American biobanking market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the rising adoption of advanced technology, along with the growing awareness regarding biobanking among the people and research professionals, and the escalating investment in research and development activities in the region. For instance, the 16 largest pharmaceutical firms in the United States invested about USD 140 billion in research and development in 2021, which represents a 43% hike from 2016. Additionally, the surge in stem cell practices in the region to develop solutions for various diseases backed by the ongoing development via stem cell technology in regenerative medicines is further projected to expand the market size during the forecast period. Stem cell technology has become the most important treatment method for multiple diseases such as cancer, rare genetic diseases, diabetes, Alzheimer’s, and others. In the United States, approximately 30 million people suffer from diabetes. However, in 2018, around 25 million people were diagnosed with diabetes in a similar region.

Research Nester
Biobanking-Market-regional
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Companies Dominating the Biobanking Landscape

top-features-companies
    • UK Biobank Limited
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Thermo Fisher Scientific Holdings, Inc.
    • Tecan Trading AG
    • Hamilton Bonaduz AG
    • Bay Biosciences LLC.
    • ISENET USA LLC
    • ASKION GmbH
    • Promega Corporation
    • VWR International, LLC.
    • Merck KGaA

In-the-news

In The News

  • Thermo Fisher Scientific Inc. and Qatar Genome Program (QGP), a member of Qatar Foundation, partnered to speed up genomic research and clinical applications of predictive genomics in Qatar to accelerate the benefits of precision medicine across Arab populations worldwide. By combining whole genome sequencing data with an Axiom custom genotyping array for Pan-Arab populations, this partnership aims to advance scientific research and provide insights into conditions such as diabetes, cardiovascular and metabolic disorders, autism, and other genetic disorders.

  • UK Biobank Limited released the Whole Genome Sequencing (WGS) data of 200,000 UK Biobank participants for research use. Through these steps, researchers are estimated to understand the genetic factors of the disease and accelerate advanced drug discovery work.


Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 4602
  • Published Date: Feb 16, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing instances of umbilical cord blood cell conservation are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2023-2033.

The associated high cost of storage of specimen samples is estimated to be the growth hindering factor for the market expansion.

The market in the North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Thermo Fisher Scientific Holdings, Inc., Tecan Trading AG, Hamilton Bonaduz AG, Bay Biosciences LLC., ISENET USA LLC, ASKION GmbH, Promega Corporation, VWR International, LLC., Merck KGaA, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product, specimen type, storage type, application, end-user, and by region.

The blood products segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Biobanking Market Report Scope
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