Biobanking Market

Biobanking Industry Outlook (2022-2032)

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	Thermo Fisher Scientific Inc. Tecan Group Ltd. Qiagen N.V. Hamilton Company Brooks Automation TTP Labtech Ltd VWR Corporation Promega Worthington Industries Chart Industries Becton Dickinson and Company Merck KGaA

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.

2015 to 2021 Biobanking Market Revenue Analysis vs. Market Outlook 2022-2032

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.

Key Drivers Stimulating Biobanking Industry Expansion

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.

Reformative Medicine Applications for the Biobanking Market will push the Demand

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.

Key Challenges to Biobanking Industry Expansion

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.

Country-wise Analysis

How Opportunistic are Growth Prospects across the U.S Market?

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.

Why are Biobanking Providers Venturing into China?

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.

Country-wise Value CAGRs for Biobanking (2022-2032)

U.S	8.5%
U.K	8.2%
China	7.5%
Japan	7.6%
South Korea	7.3%

Category-wise Insights

Which Biospecimen Category is Most Preferred in the Biobanking Market?

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.

By Application, which Biobanking is expected to Dominate?

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.

Competitive Landscape

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.

• In Nov 2021, Merck successfully completed the acquisition of Acceleron Pharma Inc. Acceleron is focused on harnessing the power of the transforming growth factor (TGF)-beta superfamily of proteins that are known to play a central role in the regulation of cell growth, differentiation, and repair. 
• In Dec 2021, Thermo Fisher Scientific Inc., the world leader in serving science, completed its acquisition of PPD, Inc., a leading global provider of clinical research services to the biopharma and biotech industry, for $17.4 billion.

Key Segments Covered in the Biobanking Industry Survey

• Biobanking by Storage

  • Manual Biobanking
  • Automatic Biobanking

• Biobanking by Application

  • Biobanking for Therapeutics
  • Biobanking for Clinical Diagnostics
  • Biobanking for Drug Discovery & Development
  • others

• Biobanking by Biospecimen

  • Biobanking for Blood Products
  • Biobanking for Human Tissues
  • Biobanking for Cell Lines
  • Biobanking for Nucleic Acids
  • Biobanking for Others

• Biobanking by Product

  • Biobanking Equipment
    • Temperature Control Systems
    • Freezers & Refrigerators
    • Cryogenic Storage Systems
    • Thawing Equipment
  • Biobanking Incubators & Centrifuges
  • Biobanking Alarms & Monitoring Systems
  • Biobanking Accessories & Other Equipment
  • Biobanking Consumables
    • Cryovialsand Cryomolds
    • Tubes
    • Others

• Biobanking by Region

  • North America Biobanking Market
  • Latin America Biobanking Market
  • Europe Biobanking Market
  • Asia Pacific Biobanking Market
  • Middle East & Africa Biobanking Market