Biobanking Market Accounted 39.6 million USD in 2020 and is expected to reach 61.6 million USD by 2030 with a CAGR of 4.5% approximately during the forecast period. Biobanking is a process involving collection and preservation of biological materials which can be further used for diagnosis, biodiversity studies, and other research purposes. A biobank is a type of bio repository which is specially designed to store biological samples so that it can be further used for various other research purposes. These samples are mainly human cells, blood, biological fluids, plasma, saliva, purified DNA, bio-specimens and human waste products. The biological samples are stored in the biobanks in an appropriate environment. It helps in the detection of various human diseases and its causes by the diagnostic tests that are conducted on the stored biological samples. Biobanks also help in improving the health of people by reducing drug reactions and facilitating personalised medications.

Market Segmentation:

On the basis of sample type, the biobanking market is classified into blood products, human tissues, cell lines, nucleic acids, biological fluids, human waste products, and others. Based on biobank type, the market is bifurcated into real biobanks and virtual biobanks. Real biobanks are further classified into tissue biobanks, population based biobanks, genetic biobanks, disease based biobanks, and others. According to product type, the biobanking market is segmented into biobanking equipment, biobanking consumables, and laboratory information management systems. Biobanking equipment can be further segmented into temperature controlling systems, incubators & centrifuges, alarms & monitoring systems, and accessories & other equipment. Based on service type, the market is segregated into biobanking & repository, lab processing, validation, cold chain logistics, and others. By application type, the market can be categorised into therapeutics, drug discovery & clinical research, clinical diagnostics, and others. Geographically, the global biobanking market can be broadly divided into five regions mainly North America, Europe, Asia Pacific, and ROW.

Market Dynamics and Factors:

The growing demand for research activities in genomics for studying various diseases, increasing applications in life sciences and R&D activities are the major factors driving the biobanks market across the globe. Additionally, factors like government funding to aid the regenerative medicine research is likely to fuel the market growth of biobanks. However, factors like high automation cost, reimbursement concerns, and lack of standardisation are restraining the market growth.

Geographic Analysis:

North America is expected to dominate the global biobanking market during the forecast period in terms of market share. Availability of advanced medical facilities; presence of key market players; growing geriatric population; investments in healthcare; and rising research activities in genomics are the major factors attributing to the market dominance of the region. For instance, the National Institute of Health funded more than 200 clinical trials on biological samples in the U.S in October 2017. According to the Hastings Centre, a non-profit organisation, around 300 million bio-specimens have been stored in various public and private biobanks in the U.S. Europe is expected to be the second most dominating market for biobanks during the forecast period. Increasing emphasis on R&D activities and government investments in the healthcare sector are the major factors attributing to the market dominance of the region. For instance, in March 2017, the UK biobank made a collaboration with GlaxoSmithKline and Regeneron Genetics Centre. According to this partnership, Regeneron sequenced all the 500,000 samples stored with the UK biobank, which were further used for clinical research. Following the exclusivity period for these pharmaceutical companies, the sequenced data will be incorporated with UK biobank to make it openly available. The Asia Pacific region is anticipated to be the fastest growing market for biobanks during the forecast period. Increasing healthcare expenditure due to rising chronic ailments; lifestyle changes; and growing healthcare sector in emerging economies like India and China are the key factors attributing towards the biobanking market growth in the APAC region.

Competitive Scenario:

The key players operating in the global biobanking market are –

Thermo Fisher Scientific, Hamilton Company, BioLife Solutions Inc., LabVantage Solutions Inc., GmbH, PrecisionMed, Tecan Trading AG, Cell&Co Bioservices, BioCision, Taylor-Wharton, Promega Corporation, Beckton Dickinson & Company.  

Biobanking Market Report Scope