New York, March 28, 2023 (GLOBE NEWSWIRE) -- The global biobanking market size was USD 48.9 billion in 2022 and is poised to reach USD 88.7 Bn by 2032, growing at a CAGR of 6.3%. Bio-banking market refers to the advanced market structures that use technology to preserve and collect biological data, samples, and materials for use in the future. Additionally, they gather information about different diseases, try to find a cure, and study the effects of multiple conditions. The increase in the number of applications for biobank samples has raised the demand for bio banking equipment, which results in market expansion.
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Key Takeaway:
- By Product and Services, the equipment segment held the highest market revenue from 2023 to 2032.
- By Sample, the blood product segment is anticipated to dominate the market due to increased ovarian cancer prevalence.
- By Application, the life sciences segment accounted for the largest revenue share of the market.
- In 2022, Europe dominated the market with the highest revenue share of 32.5%.
- North America will grow at the fastest CAGR from 2023-2032.
Due to increased investments in R&D by healthcare companies and the number of research activities, the demand for the Biobanking Market is increased. Bio banking is expanding and also facilitating the rapid expansion of its complementary markets. For instance, the cryogenic market first provides these businesses with storage facilities for preserving blood, cells, tissues, and other biological materials.
Factors affecting the growth of the Biobanking Market
Several factors can affect the growth of the Biobanking Market. Some of these factors include:
- Rising population and expenditure: Increased expenditures and rising populations by public and private healthcare providers drive the market over the forecast period.
- Increasing demand for global market equipment: There has been a significant rise in demand for global market equipment due to the expansion of research into various diseases.
- Rise in awareness by various healthcare programs: The increasing health awareness programs and missions motivated people worldwide to improve their health status, propelling the market's growth.
- A large amount of money is required to set up bio banking companies: The market has been expanding quickly, but some factors have slowed down the market's growth.
- High cost of Bio banking equipment: The high cost of Bio banking equipment is another major constraint observed recently that hindered the market growth.
- Effect of COVID-19 pandemic: COVID-19 cause a negative impact on the global bio-banking market.
Top Trends in the Global Biobanking Market
The revenue generation will increase with sustainability, leading to prominent growth in the global Biobanking Market. The sustainability of the biobank is crucial to stay operative and effective. The insecurity related to long-term funding is a prevalent concern despite financial support from public organizations. Therefore, the biobank must balance its social, economic, and operational aspects to become more sustainable. The global Biobanking market would expand due to increased revenue from the biobank's increased sustainability. Biobanks and several industry stakeholders are pursuing different strategies to achieve the sustainability objective.
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Market Growth
The global Biobanking market is consolidated with several global banks. Some biobanks are population-based, while others focus on diseases. Tissue banks, blood biobanks, cell-specific biobanks, and various other banks also support the market. The global Biobanking market is expected to grow during the forecast period. The focus on genomic medicine and genomic generation sequencing (NGS) continued to expand along with the development of new technologies. In addition, the availability of different types of biospecimens to serve various sectors, such as diagnostics, drug research, and others, was expected to boost market growth.
Regional Analysis
Europe dominates the global bio-banking market during the forecast period, with a revenue share of 32.5%. Owing to the presence of biobanks in Nordic nations like Denmark, Sweden, Norway, and others. The European biobank market is growing due to an increasing supply of samples. Also, another reason for the expansion of the market in this region is the ongoing R&D efforts taken by pharmaceutical industries.
North America currently occupies the second position in this market because of the numerous clinical trials conducted by research institutions & pharmaceutical companies. Also, the growing use of virtual biobanks made possible by technological advancements expanded the NA market. On the other hand, Asia Pacific is anticipated to experience a higher CAGR over the forecast period due to increased sales of blood and cell samples to academic medical institutions for research purposes.
Competitive Landscape
Biobank Graz is a publicly-funded biobank with around 20 million sample collection facilities. It is also known as a major biomedical research center. Using automation technology, Biobank Graz distributes scientific and ethical samples to academic institutions around the globe. Similarly, biobanks with distribution strategies and extensive storage facilities are estimated to increase the global market's value.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 48.9 Billion |
| Market Size (2032) | USD 88.7 Billion |
| CAGR (from 2023 to 2032) | 6.3% |
| Europe Revenue Share | 32.5% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Due to the expansion of research into various diseases, demand for global market equipment has significantly increased. As a result, it has improved the overall structure of the market. In addition, the Biobanking Market share has been propelled due to the need for multiple types of research, the development of low-cost medicines, and the rising demand for cost-effective drug discovery.
The rising health awareness programs and missions have motivated people worldwide to improve their health status and be aware of the diseases that can affect them differently, which have been another primary driver in the global market. Also, preserving newborn cord blood stem cells has expanded the scope of Application for the global Biobanking Market in recent years.
Market Restraints
The Biobanking Market has proliferated, but a few factors have slowed its growth. First, much money needs to be invested in setting up Bio banking companies, making it difficult for new players to enter the market. The high cost of Bio banking equipment is another major factor hindering market growth. It affects the Biobanking Market share because it cannot serve patients from various social classes. This prevents most patients from participating because they can’t afford it.
Market Opportunities
To facilitate scientific research, virtual biobanks were offered by traditional biobanks. It is an online platform that makes held samples in traditional biobanks available in 2D and 3D formats. It is accessible through a web portal or specialized software. This technology helps access clinical data and bio specimens faster, along with further sample analysis. Biobanks should adopt various strategies to take advantage of these opportunities. In developing countries like China and India, technological advancement, increasing populations and economies, and new innovative methodologies will open up new market growth opportunities.
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Report Segmentation of the Biobanking Market
Product and Services Insight
Based on products and services, the market is segmented into consumables, equipment, and software & services. The global Biobanking Market is expected to be dominated by the equipment category. Due to factors like the rise in biobanks and the number of bio-samples that need to be stored, the demand for Bio banking devices is increasing.
Sample Type Insight
The market is divided into blood, cells, tissue, and other segments based on the sample type. The blood segment dominated the global market. Preventative measures, storage, and distribution have developed in nations globally due to a rise in the prevalence of infectious diseases and the need for blood sample collection. The pharmaceutical industry and academic medical institutions are the primary customers of the biobank for blood samples. The trans-hit bio database shows that the industry requires 85% of blood samples compared to other sample types for non-cancerous studies.
Application Insight
Based on the Application, the market is divided into life science, regenerative medicines, and other applications. The life science sector is the one that dominated the market owing to the expansion of sample distribution to pharmaceutical R&D and academic institutions for clinical applications. Furthermore, scientists are under pressure due to the need for cures and the rising prevalence of complex diseases. Also, the regenerative medicine sector is estimated to grow at the highest CAGR over the forecast period. Additionally, clinical trials of regenerative medicines for various uses have been conducted in association with pharmaceutical companies and research institutions worldwide.
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Market Segmentation
Based on Product and Services
- Equipment
- Consumables
- Software & Services
Based on the Sample Type
- Blood Products
- Human Tissues
- Cell Lines
- Nucleic Acids
- Other Sample Types
Based on Application
- Regenerative
- Life Sciences
- Other Applications
By Geography
- North America
- The US
- Canada
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Mexico
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players
- UK Biobank
- IBBL
- Shanghai Zhangjiang Biobank
- Thermo Fisher Scientific Inc.
- Isenet Biobanking
- Brooks Life Sciences
- Hamilton Company
- ASKION
- Other Key Players.
Recent Development of the Biobanking Market
- In May 2022, Following a competitive procurement process, BC Platforms (BCP) was awarded a multi-year contract to collaborate with three Finnish Hospital District-owned Clinical Biobanks (Clinical Biobanks) to enhance access to and automated management of phenotypic, clinical data, and genomic. The project bolsters Finland's goal of becoming a global leader in Real-World Data (RWD) research, aids in creating novel treatments, and improves the resilience of healthcare systems.
- In May 2022, Phenomix Sciences (Phenomix) started its Bio banking registry and results study. By collecting patients' DNA, hormones, metabolomics, and behavioural assessments concerning treatment outcomes, the registry will evaluate variability in obesity treatment response. The Phenomix Sciences Obesity Platform contains 20 billion unique data points, which the collected data will enhance.
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- Blood Tubing Set market size is estimated to be worth USD 1,001.36 MN in 2022 and is forecast to USD 1,511.01 Mn by 2032 with a CAGR of 4.2%
- Disposable blood pressure cuffs market size is expected to be worth around USD 899.60 million by 2032 from USD 280.5 million in 2022, growing at a CAGR of 12.36% during the forecast period 2022 to 2032.
- Self-sampling blood collection and storage devices market is projected to achieve a valuation of USD 321.13 Mn by 2031 at a CAGR of 11.90%.
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