Market Overview

Global Biobanks Market size was valued at around 76.74 dillion in 2023 and is expected to reach a value of USD 159.92 billion by 2032, at a CAGR of 8.5% over the forecast period (2024–2032).

The global biobanks market, in the health and life sciences industry, is one of the fastest-growing segments due to rising need for personalized medication, breakthroughs in genomics, and the increasing prevalence of chronic diseases. Biobanks, on the whole, store biological specimens such as blood, tissue, DNA, and many other types of biomaterials. Such biological specimens have helped researchers analyse the genetic, environmental, and lifestyle determinants of human health and illness. These are very important for the acceleration of drug development, biomedical research, and target-based therapy.

One of the strongest drivers in the biobanks market is rising investment in projects on precision medicine. Increasingly, governments, research institutions, and private institutions around the world are pumping more money to collect and research biological samples with the aim of developing medicines sensitive to the genetic makeup of every individual. Biobanks are the foundation needed to collect and manage large-scale high-quality biospecimens that will soon be available for a variety of research studies. In addition, recent technological advances in biobanking, such as automated storage systems, advanced sample tracking software, and cryopreservation techniques, increase the efficiency and reliability of the facilities.

The importance of biobanks has further increased with the emphasis on rare and complex diseases. The access to broad and diverse biological data provided by biobanks has enabled researchers to discover new biomarkers, understand the disease course, and assess the efficacy of treatment. It has inspired academic institutions, pharmaceutical companies, and biobanking organizations to collaborate with each other, which has resulted in a healthy translational research ecosystem. Further, artificial intelligence and big data analytics have merged to transform the use of biobank samples and provide further insights into genetic and phenotypic correlations.

In fact, there are various issues of ethical or regulatory considerations and data privacy issues, consent management, and harmonization of practices and standardization in biobanking. Other big issues may cause a concern for long-term sustainability funding and operational costs with respect to biobanks. Still, the digital health technologies and public-private partnerships will more likely offset some of these concerns and boost the growth of the market.

Biobanks have emerged as a necessity in dealing with public health emergencies, as clearly demonstrated by the COVID-19 pandemic. Worldwide, biobanks have played a central role in collecting and sharing samples of COVID-19, thereby forming a basis for developing diagnostics, treatments, and vaccines. This role has underlined their strategic importance and expanded their applications beyond the traditional research domain.

Key Findings:

• In January 2023, Quibim and the European Commission launched the European Federation for Cancer Images (EUCAIM) biobank. The development of cancer medicines and early detection techniques will be the main goals of this biobank
• In December 2023, CELLphenomics and Charles River Laboratories International, Inc. announced that they were expanding their 3D in vitro services for cancer therapy drug screening. The CELLphenomics biobank holds more than 500 in vitro models from about 20 different types of tumors. It offers one of the most intricate in vitro models of uncommon and exceedingly uncommon tumors, like thymomas or sarcomas.

Market Drivers

Growing investments and funding for biobanks

• Governments, academic institutions, and funding agencies worldwide have realized the existence of biobanks, and therefore, more investments in biobanks are being made. For example, to create a national research resource, the NIH-funded Biorepository and Precision Medicine Initiative (PMI) Cohort Program aims to collect biological samples from one million or more people. The Biobanking and Biomolecular Resources Research Infrastructure (BBMRI), a pan-European biobanking and biomolecular resources infrastructure, has been funded by the European Commission as well.

Key Findings:

• In July 2023, Tecan announced the introduction of Phase Separator. It should help proteomics, genomics, and various disease areas: metabolic disorders, neurological illnesses, and cancer, among others. It has potential applications in biobanking and liquid biopsy.
• Momentum Labs, the planned biotech cluster in Alachua, Florida, said that Thermo Fisher Scientific, Inc. joined as a founding sponsor in January 2023. This alliance is aimed to drive industry growth and support the growth of innovative biotech companies. Thermo Fisher is well-positioned to make significant contributions to the growth of Momentum Labs and the businesses it will help, given its experience in life sciences and commitment to innovation. It will be expected to boost the local economy and help strengthen Florida's position as a center for biotech innovation when this hub comes into existence.

Market Opportunities

Emerging countries to provide lucrative opportunities

• Due to this low-cost production advantage these nations offer and at a lower rate of trained resources, developing countries are expected to offer significant growth opportunities for foreign market players. In addition, compared to advanced countries such as the US, Germany, and Japan, there is a rising demand for medicinal products in Asian emerging markets of China and India. As such, medical device companies are focused on these nations to expand for the future ahead.

Key Findings:

• In February 2022, the company expanded its range of VersoQ series of storage systems at a debut at SLAS 2022 conference. This would increase the company's product offerings in biobanking.

Market Restraining Factors

High cost of automated equipment

• Market expansion is likely to be limited by the high cost of automated equipment. Highly technological sample handling systems and other automated equipment can significantly enhance the efficiency and quality of biobanking operations. However, because of the expensive nature of this technology, it will be difficult for small biobanking ventures or financially weaker players in biobanking to enter the market. For example, an automated storage system may possibly be far more costly in terms of the costs of the amount and complexity of the system. The initial investment into an automated storage system may cost anywhere from tens of thousands to hundreds of thousands of dollars depending on your specifications. These include software upgradations, repairs, and training, among others, which form the part of the continuing maintenance and operating costs apart from the original expenditure.

Segmentation Analysis

The market scope is segmented because of by Product, by Service, By Biobanks Type, By Application, By Ownership, By End-use.

• By Product

Based on the Product of the market is segmented into Biobanking Equipment, Biobanking Consumables, Laboratory Information Management Systems.

The global market is divided into three product-based categories: Laboratory Information Management Systems (LIMS), Biobanking Equipment, and Biobanking Consumables. With the development of new biobanks across the globe, high upfront expenses of installing biobanking equipment led to dominance of the latter, holding a 77.2% market share in the year 2023. An array of various types of equipment are available, ranging from the ones required to prepare, collect, process, store, and ship samples.

Over the projection period, the Laboratory Information Management Systems segment is likely to grow at the fastest CAGR of 10.9%. For biobanks to provide high-quality samples, they need to follow carefully designed and documented protocols. Access to biobank services is based on the number of valuable samples and the chain of custody of these samples, which include subjects who cannot be identified. Samples in study prove to be useless without accurate and trustworthy data. Therefore, sample information management is of very much importance in the case of biobanking. The UK Biobank released a dataset of 45,000 MRI scans for public use in February 2023.

• By Service

Based on the Service of the market is segmented into Biobanking & Repository, Lab Processing, Qualification/ Validation, Cold Chain Logistics, Other Services.

The global market has been further divided, based on services, into the following categories: cold chain logistics, lab processing, qualification/validation, biobanking & repository, and other services. The biobanking and repository services sector has dominated the market and also fetched the highest percent of revenue for the year 2023 all over the world. This can be attributed to greater market penetration by these services and increasing demands for biosample preservation for advancements in precision medicine and disease-specific research. This has benefited the segment with growth of biobanking services from being merely associated with university research into government programs, clinical businesses, and highly networked, open-ended companies.

The qualification/validation segment is also likely to have a good future growth prospect in the coming years and is expected to account for the second-largest revenue share by 2032. Validation services are necessary for cold chain logistics, sample storage and extraction, new equipment installations, unit relocations, and before the start of a large project. The two governing bodies, that is to say, FDA and that of the two governing bodies should to establish and undertake validation services according to quality standards, and there exists an approach to legality in offering services for samples collection, preparation, storage, and transportation of biobanks. Validation services may qualify a shipper, assist process validation, provide evaluation of testing equipment to ensure that the integrity of biological samples is maintained throughout the chain of activities, or in the efficient management of biological samples.

• Regional Snapshots

By region, Insights into the markets in North America, Europe, Asia-Pacific, Latin America and MEA are provided by the study. Europe is likely to dominate the revenue share in 2023 at 39.1% because of continued investment in gathering, creation, and processing large amounts of data. Moreover, nations investing in biobank solutions, such as the UK, Germany, and France, are further adding to the growth of the industry in the region. For example, Genomics England and the Medicines and Healthcare Products Regulatory Agency (MHRA) launched their genetic biobank in June 2023.

However, the Asia Pacific region is expected to lead the race by posting the highest CAGR during the forecast period. The growth has been contributed by the developing economies of China, Japan, and India. These nations are actively working to enhance their position in the market by launching a number of commercial projects to expand the biobanking industry. For example, AIG Hospital opened its first biobank in southern India in November 2023. The biobank will collect one lakh tissue and blood samples during the next ten years.

• Private biobanks in the country have contributed to the enhancement of India's biobank services. For instance, some of the advanced biobanks in the country include the National Liver Disease Biobank, JIPMER PBMC Puducherry, MCRI, and the International Institute of Innovation and Technology Bio-repository (i3tBR).
• Other biobanks in the country include the Australian Department of Health funding, the adoption of the research activities encourages funding, which are; Institute for Molecular Bioscience Human Studies Unit in Saint Lucia; South Australian Cancer Research Biobank; and the Victorian Cancer Biobank and the Australian Breast Cancer Tissue Bank. In addition, much of the infrastructure needed to enable the creation of large population-based biobanks has been constructed in the country.

List of Companies Profiled

• Thermo Fisher Scientific Inc.
• Merck KGaA
• Qiagen
• Hamilton Company
• Tecan Trading AG
• Danaher Corporation
• Becton, Dickinson, and Company (BD)
• Biocision, LLC.
• Taylor-Wharton
• Charles River Laboratories
• Lonza
• Stemcell Technologies
• Biovault Family
• Promocell Gmbh
• Precision Cellular Storage Ltd. (Virgin Health Bank)

Key Industry Developments

In October 2023, AstraZeneca research used data from more than 50,000 UK Biobank participants to uncover new associations between genes and rare changes in plasma proteins that may help advance drug discovery.

In January 2023, Hamad Medical Corporation and Qatar BioBank introduced a tissue biobank service in Qatar. Sample collection and developing new, potentially effective treatments for cancer and heart disease are the main objectives of this biobank.

Report Coverage

The report will cover the qualitative and quantitative data on the global Biobanks Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations

Global Biobanks Market Regional Analysis

North America accounted for the highest xx% market share in terms of revenue in the Biobanks market and is expected to expand at a CAGR of xx% during the forecast period. This growth can be attributed to the growing adoption of Biobanks. The market in APAC is expected to witness significant growth and is expected to register a CAGR of xx% over upcoming years, because of the presence of key Biobanks companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global Biobanks Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

Biobanks Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions

• How much the global Biobanks Market valued?
• Which region has the largest share in 2024 for the global Biobanks Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Biobanks Market

• Historic year: 2019- 2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Billion

Biobanks Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: