Biobanking Market by Products & Services (Equipment’s, Consumables, Software’s and Services), Sample Type (Biological Fluids, Cell Lines, Human Tissues and Nucleic Acids) Application (Regenerative Medicine and Research) Storage Type (Manual Storage and Automated Storage) – Global Outlook & Forecast 2022-2030
According to the deep-dive market assessment study conducted by Growth+ Reports, the global biobanking market was pegged at ~US$ 66.6 billion in 2020. The market is expected to witness a CAGR of ~4.4% from 2022 to 2030.
Increasing adoption of artificial intelligence (AI) driven process automation, robotics, data analytics, and other technological advances are helping transform biobanks. Moreover, increasing research activities, rising funds for research activities, increasing awareness & trend regarding conserving cord stem cells have fueled the global biobanking market. However, the higher cost of equipment required for storing samples is one of the factors hindering the market growth to a certain extent.
Government and non-government organizations have funded several projects or launched solutions that help in managing the biospecimens. For instance, in Sept 2020, Diabetes Centre and Stem Cell Center at Lund University entered into a collaboration to launch the world’s largest stem cell biobank.
Rising number of researches in the field of regenerative medicine, gene therapy, stem cell research, among several other areas have also fueled the growth of the global biobanking market. According to clinicalstrial.gov, there are more than 5000 registered clinical trials related to stem cell research. Increasing research activities are likely to spur the demand for samples required in the study, which in turn is expected to drive the global biobanking market.
Biobanks and companies manufacturing equipment have taken several strategic initiatives such as collaborations, acquisitions, or partnerships with other companies and biobanks in the market to establish their foothold in the market. For instance, in Apr 2020, BC Platforms, a provider of data & technology platform announced that it added three new leading biobanks to its Global Data Partner Network, BCRQUEST.com, including Generation Scotland, UK, Bialystok Biobank, Poland, and Biobank Graz Austria. In Apr 2020, Partners HealthCare formed a consortium to build a COVID-19 biobank with blood samples from employees and their families of Biogen. This biobank will provide medical and biological data to researchers studying the virus as well as work on developmemt of vaccines and treatments.
However, stringent regulatory policies for setting biobanks and higher cost of equipment used for the storage of biospecimens are expected to hinder the market growth to a certain extent. Limited long term supporting financial funds is another factor restraining the growth of the global biobanking market.
Regionally, North America held the largest market share in 2019. The growth of the biobanking market in this region can be attributed to several factors such as increasing research activities in fields of personalized medicine, regenerative medicine, autoimmunity disorders, among others, and rising funding by the government for research activities. Launch of new and advanced equipment used in biobanks have also played a critical role in driving the biobanking market. For instance, in Jan 2021, Thermo Fisher Scientific, Inc., launched Controlled-Rate Freezers providing optimal sample protection. These CryoMed Freezers help in delivering consistent temperature performance, enhanced data traceability, and supports GMP and 21 CFR Part 11 requirements.
Some of the prominent players operating in the global biobanking market are Thermo Fisher Scientific Inc., BD, PHC Corporation., QIAGEN, VWR International, LLC., Hamilton Company, Tecan Trading AG, Brooks Life Sciences, Greiner Bio-One International GmbH, Promega Corporation, among others.