Global Biobanking Market

Global Biobanking Market Overview:

Biobanking is how samples of bodily fluid or tissue are collected for research use to improve our understanding of health and disease. Biobanks have become a crucial resource in medical research, supporting many types of contemporary research like genomics and personalized medicine. Biobanks can provide researchers access to data representing a large number of people. Multiple researchers can often use biobanks samples and the data derived from those samples for cross-purpose research studies.

Global Biobanking Market Insights

The global biobanking is projected to reach USD 6,9518.60 million by 2027, growing at a CAGR of 6.19% during the forecast period, 2020-2027. The major factors are the growing number of biobanks and increase in funds of biobanks & rising number of samples. Additionally, the increase in genomic research activities and the rising prevalence of dreadful diseases such as Alzheimer’s diseases, respiratory diseases, and cancer will spur the global biobanking industry in the future periods. Furthermore, the growing public-private funding to support regenerative medicine research and growing focus on R&D of cell therapies is expected to witness remarkable growth of biobanking. The increasing investments for R&D of advanced therapies such as personalized medicine, regenerative medicine, stem cell therapeutics, cell & gene therapy, and genomic cancer studies are expected to propel the demand for biobanking over the coming years. Moreover, the upsurge in demand for cost-effective drug delivery &development and increasing support for clinical Research & drug discovery process positively impacts the market for the biobanking industry. Furthermore, the rapid expansion in customer base, rise in the extensive R&D activities at the academic and industrial level, and increasing awareness of biomedical applications are fueling the demand for the biobanking market. The growing technological advances in platforms & tools used in genetic studies and increasing demand for bio specimens from clinical labs to develop assays for genetic testing will bolster the growth of the global biobanking market share. Additionally, the growing geriatric population and increasing healthcare demands in the developing world propelling the growth of the biobanking market across the globe.

Growth Driver

Rising trends for Conserving Cord Blood Stem Cells of Newborns

Cord blood remains in the placenta and the attached umbilical cord post-delivery of a baby. Cord blood is collected because it is the generous source of stem cells. Cord blood is highly conserved and preserved for therapeutic purposes and clinical research. Thus, increasing conservation of cord blood is in high demand in the field of biobanking. Cord blood is also used to treat hematopoietic and genetic disorders such as cancer, which is likely to increase the potential of the biobanking market in the coming years. Therefore, the rise in the number of biobanks used to discover disease-relevant, predicting drug responses for diagnosis and prognosis drives the market growth.

Growing demand for software for virtual biobanking

The advancement and evolution of biobanking from a simple collection of frozen specimens to virtual biobanks brings power to change the healthcare system. Virtual biobank is a large electronic database of biological specimens and other related information that exists virtually and can provide high-resolution images of samples and other characteristic data. It allows researchers to lead the research smoothly with less time-consuming. Also, multiple software companies are into developing software for the ease of the biobanking system and increasing the adoption of a virtual biobanking system. Thus virtual biobanking has the potential to generate higher revenue and can propel the biobanking market growth. However, restrictions are often challenging to achieve. Also, the high cost of automation, issues related to bio specimen sample procurement, and ethical concerns related to biobanking can be a restraint to the growth of the biobanking market.

Product & Service Segmental Analysis

The global biobanking market is segregated into equipment, consumables, services, and software based on the product and service. The equipment segment is estimated to the highest growth over the analysis timeframe due to the rapid increase in biobanks, technological advancements related to biobanking systems, and growth in the number of bio samples to be stored demand for biobanking devices. The consumables will grow significantly due to the rising biobanking systems adoption, rise in the utilization of biobanks technology, and increasing prevalence of chronic diseases.

Sample Type Segmental Analysis

Based on the sample type, the global biobanking market is categorized into blood products, human tissues, nucleic acids, cell lines, biological fluids, and human waste products. The blood products segment is held for a significant market share in 2019 and will gain maximum market revenue by 2027. It is attributable to the easy availability of blood samples as blood & blood products are the most accumulated specimens and are used as a source of DNA and RNA. In addition, the increasing number of infectious diseases and rising adaptation by the pharmaceutical industry for research activities drive the market growth. The human tissue segment is poised to witness significant growth over the forecast period due to the availability of advanced technology for storage & retrieval of banked tissues and growing adaptation of diseased tissue samples (such as lymphoma, myeloma, ovarian leukemia, brain, prostate, and colorectal carcinoma breast) for disease-specific R&D.

Application Segmental Analysis

Based on the application, the global biobanking market is classified into regenerative medicine, life science research, and clinical research. Regenerative medicine is expected to be the highest revenue share for biobanking during the forecast period. The segment’s patient is attributed to the growing prevalence of diseases, rising stem cell research, and increasing demand for well-characterized and quality bio samples for research. Furthermore, research and pharmaceutical companies are working together to conduct clinical trials of regenerative medicines for various applications. Life science research will witness a lucrative growth rate in the estimated period due to rising human genetics research, increasing prevalence of complex diseases, and government focus on broader healthcare policies.

Region Segmental Analysis

The global biobanking market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa by geography. North America is estimated to project considerable growth over 2020-2026. Due to the advent of technology, have set up virtual biobanks, leading players & well-established well-established banks offering innovative products and increasing healthcare expenditure. The Asia Pacific will get a prominent share of the biobanking market by 2027. Due to the growing investments in setting up well-structured biobanks, continually improving healthcare infrastructure in the region, and mounting health care expenditures in developing countries such as India and China.

Competitor Analysis

Companies such as Thermo Fisher Scientific Inc, Brooks Automation, Hamilton Company, Panasonic Healthcare Holdings Co. Ltd, Tecan Group Ltd, Qiagen N.V., TTP Labtech Ltd, VWR Corporation, Promega Corporation, Becton Dickinson and Company, Merck KGaA, Biobank AS, Biokryo GmbH and LVL Technologies GmbH & Co. KG are the key players in the global biobanking market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global biobanking healthcare manufacturing firm
• Research organizations and consulting companies
• Organizations, associations, and alliances related to biobanking
• Regulatory bodies
• Suppliers
• Retailers

The objective of the research

• Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
• Product analysis involves examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
• Market Trend and Economic Factors Analysis helps assess potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
• Market Segmental Analysis defines an in-depth scenario of the target market by grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics.
• The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs, wants, and cultural characteristics that can specifically target.

Market Modelling

By Product & Services

• Equipment
• Consumables
• Services
• Software

By Sample Type

• Blood Products
• Human Tissues
• Nucleic Acids
• Cell Lines
• Biological Fluids
• Human Waste Products

By Application

• Regenerative Medicine
• Life Science Research
• Clinical Research

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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