Chicago, July 31, 2023 (GLOBE NEWSWIRE) -- In the near future, the biobanking industry is poised for unprecedented growth and transformative advancements, revolutionizing the landscape of medical research and personalized healthcare. Enabled by cutting-edge technologies, such as high-throughput sequencing, artificial intelligence, and advanced data analytics, biobanks will evolve into vast repositories of diverse biological samples, encompassing genomic, proteomic, metabolomic, and clinical data. This extensive and diverse biobank data will fuel groundbreaking research endeavors, unlocking deeper insights into the genetic basis of diseases, biomarker discovery, and the development of targeted therapies. Moreover, with increasingly stringent data privacy measures and ethical guidelines, biobanks will garner public trust, facilitating the secure exchange of information and international collaboration on an unprecedented scale. As a result, the biobanking industry's expansion will usher in an era of personalized medicine, where patients' unique genetic profiles and health histories will pave the way for more precise diagnostics, tailored treatments, and improved healthcare outcomes.
Biobanking market in terms of revenue was estimated to be worth $2.9 Billion in 2023 and is poised to reach $5.0 Billion by 2028, growing at a CAGR of 11.4% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The growth of this market is majorly driven by the increasing focus on precision medicine along with genetic testing. In addition, government and private funding in support of regenerative medicine research have been instrumental in driving the growth of the biobanking market.
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Biobanking Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $2.9 Billion |
| Estimated Value by 2028 | $5.0 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.4% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & Service, Storage Type, Sample Type, Ownership, Application and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America (LATAM) and Middle East and Africa (MEA) |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Emerging countries to provide lucrative opportunities |
| Key Market Drivers | Growing investments and funding for biobanks |
Biobanking market major players covered in the report, such as:
- Thermo Fisher Scientific Inc. (US)
- PHC Holdings Corporation (Japan)
- Becton, Dickinson and Company (US)
- QIAGEN N.V. (Germany)
- Merck KGaA (Germany)
- Avantor Inc. (US)
- Cryoport Inc. (US)
- Tecan Trading AG (Switzerland)
- Azenta Inc. (US)
- Greiner Holding AG (Austria)
- Hamilton Company (US)
- Micronic (Netherlands)
- AMSBIO (UK)
- Bay Biosciences LLC (US)
- BioKryo (Germany)
- SPT Labtech (UK)
- ASKION GmbH (Germany)
- Cell&Co BioServices (France)
- Ziath Ltd. (UK)
- CTIBiotech (France)
- Cureline (US)
- Firalis Group (France)
- Sopachem (Netherlands)
- ProteoGenex (US)
- US Biolab Corporation Inc. (US)
- and Among Others
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This report categorizes the biobanking market into the following segments and subsegments:
Biobanking Market, by Product &Service
- Equipment
- Storage Equipment
- Sample Analysis Equipment
- Sample Processing Equipment
- Sample Transport Equipment
- Consumables
- Storage Consumables
- Analysis Consumables
- Processing Consumables
- Collection Consumables
- Services
- Storage Services
- Processing Services
- Transport Services
- Supply Services
- Software
Biobanking Market, by Sample Type
- Blood Products
- Human Tissues
- Cell Lines
- Nucleic Acids
- Biological Fluids
- Human Waste Products
Biobanking Market, by Storage Type
- Manual Storage
- Automated Storage
Biobanking Market, by Ownership
- Universities
- National/Regional Agencies
- Non-Profit Organizations
- Private Organizations
Biobanking Market, by Application
- Regenerative Medicine
- Life Science Research
- Clinical Research
Biobanking Market, by End user
- Pharmaceutical & Biotechnology Companies and CROs
- Academic & Research Institutes
- Hospitals
Biobanking Market, by region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia Pacific (APAC)
- China
- Japan
- India
- Rest of Asia Pacific (RoAPAC)
- Latin America (LATAM)
- Brazil
- RoLATAM
- Middle East and Africa (MEA)
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The key stakeholders in the Biobanking market include:
- Manufacturers, Vendors, and Distributors
- Academic and Government Research Institutes
- Pharmaceutical and Biotechnology Companies
- Life Science Companies
- Venture Capitalists and Investors
- Government Organizations
- Private Research Firms
- Research & Development (R&D) Companies
- Contract Research Organizations (CROs)
- Market Research and Consulting Firms
Recent Developments:
- In February 2023, PHC Corporation of North America launched the PHCbi Brand VIP ECO SMART Ultra-low Temperature Freezer with industry-leading energy efficiency.
- In September 2022, Cryoport entered into a strategic partnership with BioLife Plasma Services to offer supply chain solutions and service offerings, such as bioservices and cryo-processing, for BioLife Plasma Services.
Frequently Asked Questions (FAQs) of Biobanking Market:
Question 1. Who are the key players in the biobanking market?
Answer: Key players in the biobanking market include Thermo Fisher Scientific, Inc. (US), PHC Holdings Corporation (Japan), Becton, Dickinson and Company (US), QIAGEN N.V. (Germany), Merck KGaA (Germany), Avantor, Inc. (US), Cryoport, Inc. (US), Tecan Trading AG (Switzerland), Azenta, Inc. (US), Greiner Holding AG (Austria), Hamilton Company (US), Micronic (Netherlands), AMSBIO (UK), Bay Biosciences LLC (US), BioKryo (Germany), SPT Labtech (UK), ASKION GmbH (Germany), Cell&Co BioServices (France), Ziath Ltd. (UK), CTIBiotech (France), Cureline (US), Firalis Group (France), Sopachem (Netherlands), ProteoGenex (US), and US Biolab Corporation, Inc. (US).
Question 2: Which product and service segment dominates the biobanking market?
Answer: The equipment segment held the largest share of the global biobanking market in 2022. This is primarily attributed to the increasing number of biobanks and biosamples, due to which the demand for equipment remains high.
Question 3: Which application segment of the biobanking market is expected to witness the highest growth?
Answer: The regenerative medicine segment held the largest market share in 2022. Growth in the number of research activities on regenerative medicine and the increasing demand for well-annotated, quality biosamples in research are driving the growth of this market.
Question 4: Which end user segment of the biobanking market is expected to dominate the market?
Answer The pharmaceutical & biotechnology companies and CROs segment held the largest share of the global biobanking market in 2022. Active incorporation of biobanking practices in pharma-biotech companies to enhance research and other applications is driving the growth of this segment.
Question 5: What is the market size for the biobanking market?
Answer: The global biobanking market is projected to reach USD 5.0 billion by 2028 from USD 2.9 billion in 2023, at a CAGR of 11.4% during the forecast period of 2023 to 2028.
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Report Objectives:
- To define, describe, and forecast the global biobanking market based on product & service, storage type, sample type, ownership, application, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of the market segments with respect to five main regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players and comprehensively analyze their product & service portfolios, market positions, and core competencies
- To track and analyze competitive developments such as acquisitions, product/ service launches, expansions, agreements, partnerships, and collaborations in the market
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