Biobanking Market
Number of pages: 100 | Report Format: PDF | Published date: March 18, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 63.24 billion |
|
Revenue Forecast in 2031 |
US$ 101.52 billion |
|
CAGR |
5.4% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product & Services, Sample Type, Application, Storage Type, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global biobanking market was valued at US$ 63.24 billion in 2022 and is expected to register a revenue CAGR of 5.4% to reach US$ 101.52 billion in 2031.
Biobanking Market Fundamentals
The procedure of accumulating, conserving, and preserving biological samples, such as tissues, blood, DNA, and other physiological fluids, for research purposes is known as biobanking. These samples, usually taken from humans or animals, can be used to research a range of aspects of health and disease. The main function of biobanking is in medical research, where specialists use the samples kept in biobanks to find disease-related biomarkers, create novel medications and treatments, and comprehend disease-related underlying mechanisms. Additionally, personalized medicine uses biobanks to customize medicines for certain patients based on their genetic makeup. In keeping with the growing use of human biomaterials in research as an alternative to animal models, the number of organizations engaged in collecting and storing human biomaterials has dramatically expanded during the past decade. Additionally, the efficiency of biobanking has grown due to the adoption of automated technologies for sample handling and processing, which has decreased human error.
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Biobanking Market Dynamics
The biobanking market growth is primarily driven by the growing trend toward personalized medicine, which entails adapting medical care to a patient's genetic framework. Biobanks play a critical role in personalized medicine by providing the biological samples required for genetic analysis and drug development. Biobanks are significant sources of biological samples as customized medicine gets accepted and becomes the preferred technique for treating many ailments. Scientists can pinpoint genetic changes linked to particular diseases through biobanking and provide specialized treatments for those disorders.
Additionally, the increasing frequency of chronic diseases supports the biobanking market trends in revenue generation. The demand for efficient treatments and cures is growing increasingly urgent as chronic diseases, including cancer, diabetes, and cardiovascular diseases, rank among the top causes of death and disability worldwide. For instance, according to the CDC, six in ten Americans have at least one chronic condition, such as diabetes, cancer, heart disease, and stroke. These chronic diseases are the main contributors to healthcare costs and the major causes of death and disability in the United States. Biobanks can give researchers access to sizable, thoroughly described collections of biological samples, such as blood, tissue, and DNA, which can be used to find illness biomarkers, track the development of diseases, and create specialized treatments. In September 2021, University Hospital, Toulouse started a clinical trial to establish a biobank of patients treated for chronic inflammatory rheumatism, such as rheumatoid arthritis (RA), spondyloarthritis (SpA), and psoriatic arthritis (PsA), or chronic bone diseases, such as osteoporosis, at the Rheumatology center of Toulouse University Hospital to find biomarkers linked to therapeutic response.
Government initiatives are pushing the biobanking business by providing money and support for the creation of biobanks and biobanking infrastructure. The value of biobanks in advancing medical research, enhancing healthcare outcomes, and fostering the creation of novel medications and treatments is acknowledged by governments worldwide. As a result, numerous governments have started programs to aid in creating biobanks and promote the donation of biological samples for scientific research. For instance, the U.S. National Institutes of Health (NIH) encourages creating national biobanking networks and funds biobanking research. A pan-European platform for biobanking and financial support for biobank projects is provided through the Biobanking and Biomolecular Resources Research Infrastructure (BBMRI) in Europe.
Furthermore, recent improvements in sample quality control have made it possible for biobanking to guarantee that the samples they collect are high quality and suitable for use in research. The quantity and quality of DNA and proteins in the samples can be evaluated using proteomics and next-generation sequencing methods. Additionally, the sharing and accessibility of biobank data have enhanced with the advent of digital technologies, such as cloud-based storage. Similarly, with digital technologies, researchers can more effectively track and manage the samples, which is especially helpful in enriching the biobanking market share. Therefore, technological advancements and improved research and development are considered the most important biobanking market opportunity to shape the biobanking market dynamics.
However, granted permission and patient privacy are two ethical and legal issues brought up by acquiring and storing biological samples. Inadequate resolution of these problems may negatively affect the reputation and legal repercussions, a major biobanking market restrain inhibiting growth. Also, a large database is created through biobanking, and it can be difficult to manage it properly. The integrity and quality of the research may be compromised if data are not managed properly.
Biobanking Market Ecosystem
This report provides the global biobanking market analysis in terms of revenue, market growth, market dynamics, regional landscape, and overall competitive positioning of the major market players. The global biobanking market overview is analyzed from the following perspectives: product & services, sample type, application, storage type, and region.
Biobanking Market by Product & Services
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Based on the product & services, the global market is segmented into equipment, consumables, software, and services in the biobanking market forecast. The equipment segment is further sub-segmented into sample processing equipment, sample analysis equipment, storage equipment, and sample transport equipment. The consumable segment is sub-segmented into consumables, collection consumables, processing consumables, analysis consumables, and storage consumables. Also, the services segment is sub-segmented into sample collection services, sample processing services, sample analysis services, sample storage services, and sample transport services.
The equipment segment accounted for the largest revenue share of the global biobanking market in 2022. There is a considerable need for various equipment used in the gathering, processing, and storing of biological samples since biobanking comprises several crucial procedures. Bar code scanners, liquid nitrogen tanks, freezers, refrigerators, and laboratory information management systems (LIMS) are a few examples of storage equipment used in biobanking. These tools are necessary to secure, efficient, and long-term preservation of biological samples' integrity and quality. The demand for equipment is anticipated to rise further as the number of biobanks and the size of sample collections rise, propelling the biobanking market growth. Further, the growing use of automation technologies in biobanking is also anticipated to contribute to the equipment segment's growth in the coming years.
Biobanking Market by Sample Type
Based on the sample types, the global biobanking market is segmented into biological fluids, blood products, cell lines, human tissues, nucleic acids, and others.
Blood products accounted for the highest revenue share of the global biobanking market in 2022. Blood samples are a significant source of biomarkers and genetic data frequently utilized in diagnosing and treating disorders. Access to well-characterized blood samples that can be used to find illness biomarkers, create targeted therapeutics, and customize medical treatments is made possible by biobanks, which are crucial in this regard. Blood samples are also a convenient source of biological material for biobanks because they are simple to collect and store. As a result, the global biobanking market's blood sample segment is likely to develop due to the high demand for blood samples that is anticipated to persist.
Biobanking Market by Application
Based on the applications, the global biobanking market is segmented into regenerative medicine and research.
Regenerative medicine accounted for the highest revenue share of the global biobanking market in 2022. In regenerative medicine, damaged tissues and organs are repaired or replaced using stem cells, tissues, and other biological components. Access to high-quality biological samples for the study of regenerative medicine and the development of new treatments is made possible through biobanking. The demand for biobanking services is anticipated to rise as regenerative medicine develops and grows, potentially fueling future growth in this area of the biobanking market.
Biobanking Market by Storage Type
Based on the storage type, the global biobanking market is segmented into manual and automated storage.
According to the global biobanking market analysis, automated storage is considered the fastest-growing segment with a rapid increase in revenue CAGR. Automated storage solutions have several benefits compared to conventional manual storage techniques, such as increased sample throughput, improved sample traceability, and improved sample security. To reduce the danger of human errors and maintain the integrity of the samples over time, these solutions often use robots and automated systems to store and retrieve samples.
Biobanking Market by Region
Based on the region, the global biobanking market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Europe accounted for the largest revenue share of the global biobanking market in 2022 due to numerous biobanks and substantial government support for advancing infrastructure and research in biobanking. With programs like the European Research Infrastructure for Translational Medicine (EATRIS) and the Biobanking and Biomolecular Resources Research Infrastructure (BBMRI), which support the growth of biobanks and their integration into medical research, the European Union has been at the forefront of biobanking research and policy development. According to the Nature Portfolio article, with samples from 500,000 people collected between 2006 and 2010 and connected to various electronic health data, the UK Biobank is one of the largest in the world. It was given funds in 2019 to sequence every sample with high coverage (X30), with the first 200,000 samples available in 2021.
Biobanking Market Competitive Landscape
Multiple companies across the globe are investing in research and development, which is expected to improve the biobanking market outlook. Notable market participants account for the largest revenue share of the global biobanking market, including,
Biobanking Market Strategic Development
Biobanking is collecting, storing, and managing biological samples and related data for research and clinical applications.
Equipment accounted for the largest revenue share of the global biobanking market.
The increased prevalence of chronic diseases and the high demand for developing regenerative medicines drive the growth of the global biobanking market.
Key companies operating the global biobanking market are Thermo Fisher Scientific, Inc., PHC Holdings Corporation (Panasonic Healthcare), Hamilton Company, Chart Industries, Inc., VWR International LLC (Avantor, Inc.), and QIAGEN N.V.
The global biobanking market is expected to grow at a revenue CAGR of 5.4% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain