Rapid Expansion of Biobanking Market Driven by Increasing Investments in Precision Medicine and Genetic Research

The biobanking market refers to the storage and management of biological samples, such as blood, tissue, cells, and DNA, for research purposes. Biobanks collect, process, and store these samples along with relevant data, creating a valuable resource for scientists and researchers studying various diseases, genetics, and drug development.

The biobanking industry has experienced significant growth in recent years, driven by advancements in genomics and personalized medicine. The global market size of biobanking was valued at around $35 billion in 2020 and is expected to reach over $60 billion by 2026, with a compound annual growth rate (CAGR) of approximately 8% during the forecast period.

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Factors contributing to the growth of the biobanking market include:

1. Increasing demand for personalized medicine: Biobanks play a crucial role in personalized medicine by providing researchers with access to large, well-characterized sample collections linked to clinical and genetic data.
2. Advancements in genomics and molecular biology: Technological advancements, such as next-generation sequencing and high-throughput genotyping, have increased the demand for high-quality biological samples and associated data.
3. Rising prevalence of chronic diseases: The growing incidence of chronic diseases, such as cancer, cardiovascular diseases, and diabetes, has created a need for large-scale sample collections for research purposes.
4. Government initiatives and funding: Governments and research institutions worldwide are investing in biobanking infrastructure to support medical research and facilitate collaborations between academia and industry.
5. Increasing collaborations and partnerships: Biobanks are collaborating with pharmaceutical companies, research organizations, and academic institutions to facilitate the discovery and development of new drugs and therapies.
6. Ethical and regulatory considerations: The establishment of ethical guidelines and regulations for sample collection, storage, and data management has improved the quality and integrity of biobanks, thereby boosting their adoption.

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

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 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

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 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, cost associated with infrastructure, equipment, human resources, and supplies further make it an expensive working model