The biobanking market is evaluated at US$60.735 billion for the year 2022 growing at a CAGR of 5.68% reaching the market size of US$89.411 billion by the year 2029.
The process of biobanking involves gathering and preserving biological samples that can later be utilised for research, studies of biodiversity, and diagnostics. To support biomedical research investigations, provide personalised treatment, and keep age demographic records current, biobanks are essential.
The field is being driven by significant investments in the research and development of cutting-edge therapeutics, including personalised medicine, regenerative medicine, and cancer genomic investigations. Additionally, the emergence of the pandemic has positioned biobanks at the forefront of pandemic control efforts, propelling the bio-banking market's organic revenue growth. For the diagnosis and creation of medications for a range of illnesses, biobanking is crucial. There has been an urgent need for international initiatives to generate vaccinations and other medications to stop the spread of the virus.
Chronic diseases have grown exponentially in recent years owing to the changing lifestyle and eating habits of patients. For instance, according to the World Health Organization report, cardiovascular disease is considered the leading cause of death globally. In addition to this, the rising geriatric population and the increase in the number of people suffering from obesity and diabetes are the key drivers for the bio-banking industry. An increase in the prevalence of cardiovascular and neurological disorders is also anticipated to fuel the bio-banking market. The rise in mortality risk with such disorders is also increasing the utilization of medical diagnosis.
Increased applications for biobanked samples, increased financing for biobanking from commercial & public organisations, increased genomic research efforts, and increased investment in R&D activities by various healthcare firms are the main drivers of the bio-banking market growth for biobanking globally. For instance, in January 2021, the Federal Ministry of Education and Research committed €3.5 million in financing for three years to support the German Biobank Node activity. Additionally, the Victorian government gave the COVID-19 biobank at the Doherty Institute $5 million in May 2021.
One of the key reasons fueling the expansion of the global bio-banking market is the rise in genomic research initiatives for the study of illnesses. The growing trend of preserving babies' cord blood stem cells for different health benefits, as well as public and private financing for regenerative medicine research, is driving the bio-banking market growth. The market is further influenced by the rise in the prevalence of major illnesses worldwide and the demand for cost-effective medication development. Additionally, the bio-banking market is favourably impacted by the growth of the biotechnology industry, improvements in the healthcare industry, population growth, an increase in healthcare spending, and breakthroughs in biobanking.
Blood products are expected to rise during the forecast period. This is explained by an increase in the occurrence of accidents and haematological illnesses. As the most frequently collected specimens and the primary sources of DNA and RNA, blood and blood products now account for the lion's share of the bio-banking market. The need for blood-related goods and the rising prevalence of blood-related illnesses are driving the expansion of blood products. Additionally, the growing elderly population is a major factor fueling the bio-banking market growth for blood products.
Data that has been collected and characterised from samples kept in conventional biobanks is made available in a virtual repository. The database of the virtual biobank provides high-resolution photographs of the samples and other identifying information. Virtual biobanks, which are frequently used in bioinformatics, include records for 2D and 3D microscopy on priceless clinical biopsy samples. This approach has become a viable choice for enhancing sample visibility and accessibility. Researchers may find the goods and services they require to manage and streamline key steps in the biobanking process by using virtual biobanks. Future growth of the bio-banking market is probably due to virtual system integration.
Regenerative treatments aid in the induction of cell, tissue, and organ regeneration to assist them in regaining their functionality. Every year, several requests for human clinical studies in regenerative medicine are submitted to the Food and Drug Administration (FDA). The rapid expansion of the global bio-banking market might be attributed to the regenerative medicine industry's ability to develop efficient treatments for chronic illnesses. The biobank has been a valuable resource for the development of regenerative therapies since it offers samples for study, development, and treatment. Investing in biobanking can result in significant cost recovery to support programmes for tissue engineering and regenerative medicine.
Europe is anticipated to hold the largest share of the bio-banking industry. Well-established biobanks are present in European nations, including Denmark, Norway, and Sweden, which have made a substantial contribution to the bio-banking market growth. Consequently, the biobanking sector has expanded as a result of the increasing sample supply in Europe. The bio-banking market expansion over the past few years has been aided by growing pharmaceutical company spending in R&D and greater usage of virtual biobanking technology in Europe.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$60.735 billion |
| Market Size Value in 2029 | US$89.411 billion |
| Growth Rate | CAGR of 5.68% from 2022 to 2029 |
| Base Year | 2022 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered |
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| Companies Covered |
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| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |