The global biobanks market size was estimated at around USD $71.40 billion in 2022 and it is projected to hit around USD $164.43 billion by 2032, growing at a CAGR of 8.70% from 2023 to 2032.
Report Scope of The Biobanks Market:
|Market Size In 2022||USD $71.40 Billion|
|Revenue Forecast By 2032||USD $164.43 Billion|
|Growth Rate From 2023 to 2032||8.70%|
|Segments Covered||Product, service, biospecimen type, biobanks type, application|
|Market Analysis (Terms Used)||Revenue In USD Million/Billion And CAGR From 2023 To 2032|
|Regional Scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa|
|Key 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)|
High investments in the R&D of advanced therapies, such as regenerative medicine, personalized medicine, and cancer genomic studies, are driving the space. Moreover, the onset of COVID-19 has put biobanks at the forefront of the pandemic control measures, resulting in the organic revenue growth of the market. The COVID-19 outbreak had a major influence on the biobanking industry. Biobanking is important for the diagnosis & production of medicines for a variety of disorders. International initiatives to produce vaccines and other medicines to prevent the spread of the virus have been urgently needed.
The collection, processing, and analysis of patient samples are at the frontline of this crisis. For example, the Health Minister announced EUR 2 million in financing for the National Irish COVID-19 Biobank (NICB) in a July 2021 update from the Government of Ireland. The NICB has become a critical part of Ireland’s COVID-19 pandemic response. According to a February 2021 release, the Sample Collection Database was designed by the SciLifeLab Data Centre in partnership with Biobank Sweden and the research area ‘Biobanks for COVID-19’ of the SciLifeLab & KAW National COVID-19 research program.
Furthermore, Tulane University announced a new COVID-19 biobank containing blood & cell samples from survivors in July 2021 to aid researchers in determining why some people heal rapidly while others have long-term effects. As a result, such activities show that the outbreak of the pandemic boosted the demand for biobank services, benefiting the global economy. The increasing popularity of precision/personalized medicine and genetic testing has been a key driver of the market. Biobanks have been playing a significant role in biomedical research. Over the past few decades, there have been several advances in platforms and tools used in genetic studies.
This has led to an increase in demand for biospecimens from clinical labs to develop assays for genetic testing. Collaborations between private and public institutions in biobanking have played a crucial role in market progression. Digitalization, precision medicine, and virtualization are rapidly changing the biobanking industry through the development of novel methods and concepts of synergies initiated by public and private organizations. Companies across all fields are partnering with biobanks, which accelerates market revenue. For instance, Illumina partnered with four institutions - the University of Colorado at Denver, Vanderbilt University, Montreal Heart Institute University, and Partners HealthCare - to genotype their bio-samples for R&D activities.
Moreover, despite the supply chain hindrance by the global pandemic, the market witnessed lucrative growth in 2020. Biobanking has emerged as a key focal point for public health agencies and healthcare providers engaged in curbing the COVID-19 pandemic. BioIVT, a provider of research strategies and services for pharmacological and diagnostic development, purchased Tissue Solutions Ltd., a virtual biobank in the United Kingdom, in July 2021. Tissue Solutions provides medical researchers with high-quality tissue and also other biological resources for drug development, identification & validation, assay creation & validation, biomarker & companion diagnostic research, and more.
This acquisition could make human tissue biobanking services more accessible across the country, allowing the segment to develop in the future. An exponential increase in the number of global cases has rendered the significance of biobanks in containing the spread of the virus. High-quality COVID-19 specimens are required and helpful for both research and diagnostic purposes, and biobanks are considered vital repositories for these samples. Thus, biobanks are gaining ground to support clinical research and drug discovery processes to combat this global disaster.
Global Biobanks Market Segmentation: