New York, United States, July 25, 2022 (GLOBE NEWSWIRE) -- A biobank is a biorepository meant to collect and preserve biological materials used for diagnosis, biodiversity studies, and research. In addition, it is used to support the research of the most common types of genetic disorders to develop personalized medicines and maintain and update the database of diseases related to aging. It is a process of collecting different samples of body fluids or tissue and store for further use in research by pharmaceutical and biotechnology companies.
The rise in funding from private and government organizations for biobanking and the increase in application areas of bio-banked samples are the major factors that drive the growth of the global biobanking market. Genomic research activities act as a critical driving force in the global market. Furthermore, the government is taking multiple initiatives to support regenerative medicine research, which is expected to boost the market growth.
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Increase in Research and Development Activities for Application of Biobank Specimens to Drive the Global Biobanking Market
Private and government organizations are undertaking many clinical trials to widen the application of cord blood. Biobanking is gaining momentum owing to the developments in metagenomics, personalized medicine, genomics, proteomics, bioenergy, environmental remediation, disease biology, and allied fields. Moreover, biobanking is essential in supporting many types of contemporary research, such as genomics and personalized medicine, as it allows researchers to access data and biological samples, increasing the demand for biobanking products and services.
Various institutes are conducting numerous researches on the application of cord blood in different fields of science, which could benefit human health. Moreover, in 2020, Lund University in Sweden launched the world's largest biobank to understand and research the most common diseases such as Alzheimer's disease, Parkinson's disease, cardiovascular, and diabetes. Thus, an increase in research activities in such applications of cord blood has been witnessed in recent years, which is expected to boost the demand for cord blood, thereby fueling the market growth.
High Growth Potential in Developing Countries Create Umpteen Opportunities for Biobanking
Biobanking is the fastest-growing sector of the healthcare industry. Individuals seek cutting-edge alternatives to conventional therapy to treat chronic ailments. Additionally, the global biobanking market is driven by rising demand. Applications for stem cell therapy are constantly being created due to new research and discoveries. Complex and untreatable diseases with existing medical techniques may be treated effectively using stem cell therapy. For instance, the launch of Stempeucel in India was made possible by a partnership between Stempeutics and Cipla Limited, a significant pharmaceutical business. The first cell therapy for the treatment of critical limb ischemia is called Stempeucel.
According to the World Health Organization (WHO), it was reported that more than 50,000 transplants are performed each year globally. Furthermore, developing countries such as India and China are expected to experience significant growth, owing to a surge in health care infrastructure, increase in affordability, and rise in awareness related to biobanking. Additionally, in June 2018, the German biobank Alliance, an organization of biobanks in Germany, launched a campaign to raise awareness about donating biomaterials such as blood, tissues, and other body fluids.
The developing regions such as Asia-Pacific and LAMEA are expected to witness notable growth, owing to a surge in healthcare infrastructure, increase in affordability, and rise in awareness related to chronic diseases and disorders. Besides, the surge in personal disposable income of the population and the rise in health care spending in developing regions are expected to offer potential growth opportunities for the global biobanking market.
Report Scope:
| Report Metric | Details |
| Market Size | USD 69,518 Million by 2030 |
| CAGR | 6.2% (2020-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Specimen Type, Type of Biobank, Ownership, Application, End-User, and Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | BioIVT & Elevating Science, Geneticist Inc, Firalis S.A, AMS Biotechnology Ltd. (AMSBIO LLC), US Biolab Corporation, Inc, ProteoGenex, Inc., Cureline, Inc., Bay Biosciences LLC, CTI Biotech, Boca Biolistics |
| Key Market Opportunities | High Growth Potential in Developing Countries |
| Key Market Drivers | Increase in Research and Development Activities for Application of Biobank Specimens |
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Regional Insights
The European biobanking market accounts for the highest share and is expected to grow at a CAGR of 5.6% during the forecast period. This is attributed to the early adoption of advanced technologies and increased awareness of biobanking among healthcare professionals and individuals in the R&D industry.
North America is the second-largest revenue contributor, with the US leading this market. The North American biobanking market is projected to reach USD 28 billion by 2030, growing at a CAGR of 6.3%. This is attributed to the high acceptance of storing specimens such as cord blood in the US. Additionally, a rise in awareness among the population about the benefits of biobanking and increased investments for R&D in stem cell research boost the growth of companies providing cord blood preservation facilities, which, in turn, augments the development of the overall market.
Key Highlights
- The global biobanking market was worth USD 42,104 million in 2021. It is estimated to reach USD 69,518 million by 2030, growing at a CAGR of 6.20% during the forecast period (2022–2030).
- Based on specimen type, the global biobanking market is categorized into Blood Products, Solid Tissue, Cell Lines, Nucleic Acid, and Others. The Blood Products segment dominates the global biobanking market and is estimated to grow at a CAGR of 6.5% during the forecast period.
- Based on the type of biobank, the global biobanking market is bifurcated into Population-Based and Disease-Oriented Biobanks. The Disease-Oriented Biobanks segment dominates the market and is estimated to grow at a CAGR of 5.9% during the forecast period.
- Based on ownership, the global biobanking market is differentiated Into National/Regional Agencies, Non-Profit Organizations, Universities, and Private Organizations. National/Regional Agency is the highest contributor to the market and is estimated to grow at a CAGR of 5.5% during the forecast period.
- Based on application, the global biobanking market is segmented into Therapeutic and Research. The research segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.9% during the forecast period.
- Based on end-user, the global biobanking market is bifurcated into Academic Institutions and Pharma & Biotech Companies. Academic Institutions are the highest contributor to the market and are estimated to grow at a CAGR of 6.2% during the forecast period.
- Based on regions, the global biobanking market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The European biobanking market accounts for the highest market share and is expected to grow at a CAGR of 5.6% during the forecast period.
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The key players in the global biobanking market are
- BioIVT & Elevating Science
- Geneticist Inc
- Firalis S.A
- AMS biotechnology Ltd. (AMSBIO LLC)
- US Biolab Corporation, Inc
- ProteoGenex, Inc
- Cureline, Inc
- Bay Biosciences LLC
- CTI Biotech
- Boca Biolistics
Global Biobanking Market: Segmentation
By Specimen Type
- Blood Products
- Solid Tissue
- Cell Lines
- Nucleic Acid
- Others
By Type of Biobank
- Population-Based Biobanks
- Disease-Oriented Biobanks
By Ownership
- National/Regional Agency
- Non-Profit Organization
- Universities
- Private Organization
By Application
- Therapeutic
- Research
By End-User
- Academic Institutions
- Pharma & Biotech Companies
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Biobanking Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Specimen Type Overview
- Introduction
- Market Size & Forecast
- Blood Products
- Market Size & Forecast
- Solid Tissue
- Market Size & Forecast
- Introduction
- Type of Biobank Overview
- Introduction
- Market Size & Forecast
- Population-Based Biobanks
- Market Size & Forecast
- Disease-Oriented Biobanks
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Specimen Type
- By Type of Biobank
- Canada
- By Specimen Type
- By Type of Biobank
- Mexico
- By Specimen Type
- By Type of Biobank
- Latin America
- By Specimen Type
- By Type of Biobank
- Europe
- Market Size & Forecast
- Germany
- By Specimen Type
- By Type of Biobank
- France
- By Specimen Type
- By Type of Biobank
- U.K.
- By Specimen Type
- By Type of Biobank
- Italy
- By Specimen Type
- By Type of Biobank
- Spain
- By Specimen Type
- By Type of Biobank
- Rest of Europe
- By Specimen Type
- By Type of Biobank
- Asia Pacific
- Market Size & Forecast
- Japan
- By Specimen Type
- By Type of Biobank
- China
- By Specimen Type
- By Type of Biobank
- Australia
- By Specimen Type
- By Type of Biobank
- India
- By Specimen Type
- By Type of Biobank
- South Korea
- By Specimen Type
- By Type of Biobank
- Rest of Asia-Pacific
- By Specimen Type
- By Type of Biobank
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Specimen Type
- By Type of Biobank
- South Africa
- By Specimen Type
- By Type of Biobank
- Kuwait
- By Specimen Type
- By Type of Biobank
- Rest of Middle East & Africa
- By Specimen Type
- By Type of Biobank
- Introduction
- Company Profile
- BioIVT & Elevating Science
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Geneticist Inc
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Firalis S.A
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- BioIVT & Elevating Science
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/biobanking-market/toc
Market News
- In June 2022, Cureline, Inc. and its satellite companies expanded, offering their clients a wide range of preclinical project services from HBS validation studies to animal toxicology and drug R&D to novel commercial research methods development.
- In December 2021, AMSBIO opened a new office in Alkmaar, the Netherlands. The new AMSBIO Europe BV office provides EU customers rapid access to the company's extensive range of top-quality products and consumables.
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