The biobanking market size was valued USD 69.5 billion in 2022 and is expected to reach USD 93.3 billion by 2032 at 4.2% CAGR during the forecast period 2023-2032.
The biobanking market has witnessed substantial growth in recent years, fueled by the increasing emphasis on personalized medicine and advancements in genomic research. Biobanking involves the collection, processing, storage, and distribution of biological specimens, such as blood, tissues, and cells, for research and clinical purposes. Specimen banking and tissue biobanking play pivotal roles in this dynamic industry.
Specimen banking is a critical component of biobanking, encompassing the systematic storage of diverse biological materials. These specimens serve as valuable resources for researchers, clinicians, and pharmaceutical companies, facilitating a deeper understanding of diseases and the development of targeted therapies.
Tissue biobanks, a subset of biobanking, focus specifically on the collection and storage of various tissue samples. These can include normal and diseased tissues, providing researchers with essential tools for investigating the molecular and cellular mechanisms underlying diseases. Tissue biobanks contribute significantly to translational research, bridging the gap between basic laboratory discoveries and clinical applications.
The global biobanking market has expanded in response to the rising demand for high-quality biological samples. Key factors driving this growth include the increasing prevalence of chronic diseases, advancements in biopreservation techniques, and the growing awareness of the potential applications of biobanked specimens in medical research.
As the biobanking landscape evolves, industry participants are investing in innovative technologies to enhance specimen collection, storage, and retrieval processes. Automation, barcoding systems, and sophisticated tracking mechanisms are becoming integral to the efficient management of large-scale biobanks.
COVID-19 Analysis:
The new coronavirus, also known as Covid 19, has had a severe effect on the biobanking business because of the hazards connected with the storage, collecting, and processing of human biospecimens and all biological materials during a pandemic. The samples for cancer treatment gathered were found to be infected by SARS CoV-2, becoming a carrier of the fatal virus, which has become a hazard for most of the biobanking companies that were still carrying on the gathering of samples of human cells and tissues. On the other hand, efforts have been made to build low-level organizations in order to gather SARS Cov-2 samples from a broad population in order to control the pandemic via vaccine development and to give a research base for all genomic researches and the advancement of healthcare delivery systems.
Major Key Players:
Some of Biobanking Companies are Hamilton Company, Greiner Holding AG, Promega Corporation, Becton Dickinson and Company, Merck KGaA, VWR Corporation, Tecan Trading AG, Thermo Fisher Scientific Inc., Panasonic Healthcare Holdings Co., Ltd, Qiagen N.V., Brooks Automation, Inc., Chart Industries, Inc., and others.
Segment Analysis
The global biobanking market is segmented on the basis of products and services, sample type, storage type, application, end-user, and region. Considering products and services, the market is segmented into equipment, consumables, services, and software. Equipment is further sub-segmented into storage equipment, sample analysis equipment, sample processing equipment, sample transport equipment, and others. Consumables are further sub-segmented into storage consumables, analysis consumables, processing consumables, collection consumables, and others. Services are sub-segmented into storage services, processing services, transport services, and supply services.
By sample type, the market is segmented into blood products, human tissues, cell lines, nucleic acids, biological fluids, and others. Based on storage type the market is segmented into manual storage and automated storage.
On the basis of application, the market is segmented into regenerative medicine, life science research, and clinical research.
By end-user, the market is segmented into hospitals, diagnostic laboratory, research centers, and others. Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. The American region is segmented into North America and South America.
Regional Analysis
The Americas dominates the global biobanking market owing to the increasing prevalence of chronic diseases and presence of a well-developed healthcare sector within the region. Moreover, the increasing healthcare expenditure and presence of key players within the regional boundaries provide a favorable background for the market growth.
Europe is the second largest in the global biobanking market. Factors such as the increasing availability of funds for research and a huge patient population followed by a well-developed healthcare sector drive the market within the region.
Asia Pacific is estimated to be the fastest growing market for biobanking. This can be attributed to the presence of developing economies such as India and China. Moreover, the increasing healthcare expenditure and a rapidly developing healthcare sector boost the market growth within the region.
On the other hand, the Middle East and Africa has the least share in the global biobanking market due to low per capita healthcare expenditure and stringent government policies, especially within the Africa region. It is estimated that the Middle East holds a majority of the market within the Middle Eastern and African region.
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