Biobanking Market to Grow at a CAGR of 6.3% from 2024 to 2032
The global biobanking market is projected to grow significantly, reaching an estimated value of USD 88.7 billion by 2032 from USD 48.9 billion in 2022, exhibiting a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period from 2022 to 2032. This growth can be attributed to several factors. The increasing prevalence of chronic diseases and the rising demand for personalized medicine are major drivers. Advances in precision medicine and the integration of digital and virtual biobanks are also contributing to the market’s expansion.
Furthermore, significant investments in biobanking infrastructure, such as the establishment of new biobanks in the Middle East and partnerships in Europe, are propelling growth. For example, the collaboration between UK Biobank and philanthropists provided substantial funding of USD 34.5 million, enhancing the scope of biobanking research.
However, the market faces challenges such as ethical issues, particularly in developing countries, where obtaining informed consent and adhering to regulatory standards can be problematic. Additionally, the high costs associated with setting up and maintaining biobanking facilities pose a barrier to entry for new players.
Recent developments in the field include the launch of a central biobank system in South Africa, aimed at coordinating biological samples for research, and the acquisition of biospecimen providers by companies like Precision for Medicine to enhance their biobanking capabilities. These advancements highlight the ongoing efforts to improve the infrastructure and accessibility of biobanks, thereby supporting the growth of the biobanking market.
Key Takeaways
- The biobanking market is projected to reach USD 88.7 billion by 2032, growing at a CAGR of 6.3% from 2022.
- The rise in untreated diseases increases biobank sample collection for future research and potential treatments.
- Enhanced healthcare investments and research activities significantly boost the biobanking market’s growth.
- Biobanking equipment remains dominant due to the high demand for effective sample storage solutions.
- Blood samples are preferred for their rich DNA and RNA content, especially in non-cancer research studies.
- Life sciences applications drive the biobanking market, being the primary source of demand.
- Sustainability initiatives in biobanks ensure long-term funding and sustained market growth.
- Europe leads the global biobanking market with well-established biobanks and robust research infrastructure.
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Biobanking Market Key Segments
By Product and Services
- Equipment
- Consumables
- Software & Services
By Sample Type
- Blood Products
- Human Tissues
- Cell Lines
- Nucleic Acids
- Other Sample Types
By Application
- Regenerative
- Life Sciences
- Other Applications
Key Regions
- North America (The US, Canada, Mexico)
- Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
- Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
- APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
- Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
- Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)
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Key Players Analysis
- UK Biobank is a pioneering biomedical database containing genetic, lifestyle, and health information from 500,000 UK participants. This large-scale resource supports extensive health-related research, facilitating breakthroughs in understanding diseases like cancer, heart disease, and stroke. Researchers globally can access this comprehensive dataset, which has been enriched with genomic data to advance precision medicine and targeted drug discovery. UK Biobank’s efforts are significantly funded by public and private sectors, highlighting its critical role in global health research.
- The Integrated BioBank of Luxembourg (IBBL) provides high-quality biological samples and data to support biomedical research. IBBL focuses on enhancing personalized medicine and biomarker discovery through its extensive biorepository and advanced analytical services. The biobank collaborates with various stakeholders, including academic, clinical, and industrial partners, to drive innovation in health research. IBBL’s robust infrastructure and adherence to stringent quality standards make it a key player in the biobanking industry.
- Shanghai Zhangjiang Biobank is a leading biobanking facility in China, specializing in the collection, storage, and management of human biological samples. It supports extensive research in genomics, personalized medicine, and disease prevention. The biobank collaborates with numerous research institutions and healthcare organizations, providing critical resources for studies aimed at understanding complex diseases. Its strategic location in the Zhangjiang Hi-Tech Park facilitates close cooperation with biotechnology companies and research institutes.
- Thermo Fisher Scientific Inc. is a global leader in scientific services, offering comprehensive biobanking solutions that include sample collection, storage, and management. The company’s advanced technologies and expertise support a wide range of research applications, from drug discovery to clinical diagnostics. Thermo Fisher’s biobanking services are characterized by their high quality and reliability, enabling researchers to preserve and access valuable biological specimens critical for advancing scientific knowledge and healthcare innovation.
- Isenet Biobanking specializes in providing automated solutions for the biobanking industry, focusing on the preservation and management of biological samples. The company offers innovative systems for sample processing, storage, and retrieval, ensuring the integrity and longevity of biospecimens. Isenet’s technologies are designed to streamline biobanking operations, enhance sample security, and support the scalability of biobanking facilities. Their solutions are widely adopted by research institutions, hospitals, and pharmaceutical companies to facilitate efficient and reliable biobanking practices.
Biobanking Market Key Players:
- UK Biobank
- IBBL
- Shanghai Zhangjiang Biobank
- Thermo Fisher Scientific Inc.
- Isenet Biobanking
- Brooks Life Sciences
- Hamilton Company
- ASKION
- Other Key Players
Biobanking Market Report Scope >> Market Value (2022): USD 48.9 Billion || Forecast Revenue (2032): USD 88.7 Billion || CAGR (2023-2032): 6.3% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.
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