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I AgreeAnalysis of Biobanking market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global Biobanking market is likely to be valued at US$ 43.9 Billion in FY 2022, up from US$ 41 Billion in 2021. During the past year, the industry registered a Y-o-Y increase worth 7.2%. From 2022 to 2032, Biobanking sales are poised to flourish at a CAGR of 7.25% to reach a value of US$ 88 Billion by the end of 2032.
Report Attributes |
Details |
Anticipated Base Year Value (2021) |
US$ 41 Billion |
Expected Market Value (2022) |
US$ 43.9 Billion |
Projected Forecast Value (2032) |
US$ 88 Billion |
Global Growth Rate (2022-2032) |
7.2% CAGR |
Growth Rate of the U.S Market (2022-2032) |
8.5% CAGR |
Expected Market Value of China (2032) |
US$ 88 Million |
U.K Market Expansion Rate (2022-2032) |
~8% CAGR |
Key Companies Profiled |
|
The global market for biobanking is poised to yield absolute dollar growth worth US$ 88 Billion until 2032. Demand for Incubators & Centrifuges will continue to thrive, with a documented CAGR of 8% during the 2015-2021 historical period of assessment, while demand for biobanking for therapeutics burgeoned at a rate of 8.1% during the same time period. The U.S will dominate the global market, registering a growth opportunity worth US$ 1,530 Million from 2022 to 2032.
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Historically, the demand for biobanking flourished at a CAGR of 7% during the 2015-2021 historical period, as per research conducted by market research and competitive intelligence provider Fact.MR.
As the prevalence of rare and deadly diseases like cancer increases across the globe, there has been an upsurged demand for storing and preserving the biospecimen and the development of new drugs. Thus, the global demand for biobanking equipment has also increased for conducting research and innovation in the pharmaceutical sector.
With the growing need for genetic testing and customized medicine, prominent manufacturers have been investing in the development of biobank equipment like Temperature Control Systems, alarms, and monitoring systems biobanking, which has impelled the sales revenue of the biobanking market worldwide.
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Demand for Temperature Control Systems to Gain Strength in Biobanking Market
The growing trend of personalized medicines to reduce mortality rates caused by chronic diseases is fuelling demand for biobanks for the effective storage of numerous biospecimen, ranging from blood to tissues, cells, and nucleic acids.
Since major manufacturers are focusing on the launch of freezers & refrigerators, cryogenic storage systems, and other equipment for the storage of biobank samples, this segment is likely to witness increased emphasis on temperature control systems, this, in turn, stimulates the demand for biobanks globally. An upsurge in the number of biobanks in several countries and demand for advanced biobanking equipment in biobanks are the key drivers of the equipment segment.
Biobanking plays a pivotal role in enhancing biomedical and translational research, by the stocking and preservation of biological samples, such as blood, tissues, and nucleic acids, which are then made available for usage in research to determine disease-relevant biomarkers; this is later used for diagnosis, prognosis, and foreseeing drug responses. An advance in the number of research activities in this section outlines a prominent driver for the market.
The availability of government subsidies for reformative medicine, stem cell therapeutics, and cell & gene therapy is backing research activities in this sector. Despite this, the upward trend of cord blood banking will also support the growth of this market segment.
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High Operational Cost Concerns Portend Limited Adoption of Biobank Products
According to the study, technological advancements present a crucial challenge associated with cost. Integration of advanced technology means a high cost of equipment and consumables, which, in turn, increases the operational costs of biobanks.
For instance, in France and the Netherlands, the annual operational cost of a biobank ranges from US$ 220,000 to US$ 880,000. Besides this, the cost associated with infrastructure, equipment, human resources, and supplies further make it an expensive working model. The high operational cost of biobanks reflects the increasing price of storage for end-users, which is leading to a low adoption rate of biobanks.
Swelling Investment in Biobanking for Drug Discovery & Development Likely to Boost Sales revenue in the U.S Market
Fact.MR anticipates the Biobanking industry across the U.S to experience maximum growth, at a CAGR of 8.5% from 2022 to 2032. The market is anticipated to yield a dollar opportunity worth US$ 575 Million to reach a value of US$ 1,530 Million through 2032. Growth is attributed to the advancements in regenerative medicine through stem cell technology.
Technical advancements in drug discovery and increased investment in personalized and regenerative medicine in the United States have opened a plethora of growth opportunities for manufacturers in the biobanking industry. The mounting occurrence of cancer, cardiovascular, and infectious diseases is enhancing the growth of the market in the province.
A large number of clinical trials associated with COVID-19 and snowballing usage of stem cell therapies for the treatment of various chronic diseases are also pushing the demand for biobanking products.
Increasing necessity to stash and preserve biological samples such as nucleic acids, tissues, and blood which are in demand for research activities for developments in biomedical research and to recognize disease-relevant biomarkers. The rise in the number of research activities is considered the principal driver for the forecast period.
Asia Pacific Biobanking Market Surge Driven by China
As the demands for scientific research and application for specimens increase rapidly, biobanks in China have been springing up over recent years. As per the white paper published by Cambridge University, Presently, hospitals and research organizations in China establish and operate most biobanks, gathering human specimens to support clinical and scientific research by using Biobanking software and services.
With the swelling support from the Chinese government, biobanks are flourishing across the country. The APAC market evaluated nearly US$ 510 Mn in 2021 and is expected to expand to reach approx. US$ 1,130 Mn, flourishing at a CAGR of 7.5% throughout the forecast period.
A significant thrust to the Asia Pacific biobanking market is offered by China, on account of ongoing advancements in the pharmaceutical industry, which is likely to increase demand for biospecimen for producing therapeutics.
U.S |
8.5% |
U.K |
8.2% |
China |
7.5% |
Japan |
7.6% |
South Korea |
7.3% |
Biobanking Incubators & Centrifuges to Offer Superior Facility for Storing Human Tissue
According to Fact.MR’s recent analysis, the human tissue biobanks segment is projected to witness robust growth, projecting annual growth of nearly 8% throughout the assessment period. Human tissue biobanks are different from other institutes that allow and store tissue and blood for direct patient care, such as organ or blood transplantation. These biobanking incubators and centrifuges are explicitly used for research purposes.
An expansion in disease research, particularly rare diseases in humans, developments in regenerative medicines, and increasing adoption of automated storage systems in Biobanking are driving the growth of the human tissue biobanking services sector. On account of market contribution, the augmented trend of storing human tissue in biobanks for research purposes is anticipated to hold nearly 32% through 2032.
Therapeutics to Grow as Leading Application in Biobanking Market
There has been a shift in the healthcare sector from chemicals towards biospecimen for the development of therapeutics to treat chronic and rare disorders. This is gradually boosting demand for blood products, tissues, and human cells for the development of precision and regenerative medicines.
On account of this shift, therapeutics are expected to account for a 38% share of the biobanking market by 2032. This segment is estimated to expand at a Y-o-Y growth rate of nearly 8% in the projected period.
However, as healthcare professionals are looking at a preventive rather than a curative approach, the use of biospecimen for Clinical Diagnostics is likely to increase at a CAGR of around 7% during the forecast period. Several research institutes help clinics by studying cell structures to determine the root of chronic diseases, which is projected to strengthen sales from the clinical diagnosis of biospecimen.
Prominent Biobanking providers are reliant on partnerships, collaborations, acquisitions, and new software launches so as to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.
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As of 2021, Fact.MR estimated the Biobanking market to have reached US$ 41 Billion
By 2022, Fact.MR expected demand for Biobanking to reach US$ 43.9 Billion
From 2015-2021, the Biobanking market grew at a 7% value CAGR
From 2022-2032, Biobanking demand is likely to surge at a 7.2% CAGR
By 2032, the market for Biobanking is likely to be valued at US$ 88 Billion
By 2032, Fact.MR expects the U.S market for Biobanking to reach US$ 1,530 Million
China is expected to register a 7.5% CAGR with regard to the Biobanking industry
South Korea and Japan are expected to document CAGRs worth 7.3% and 7.6% respectively in the Biobanking market
Human tissue biobanking will be maximum, expanding at a 9.4% CAGR
Therapeutics will remain most preferred, expanding at CAGR of 8% until 2032