The global biobanks market size was estimated to be USD 78.02 billion in 2023 and is expected to reach at USD 206.25 billion by 2034 with a CAGR of 9.24% during the forecast period 2024-2034. Increasing investments in research & development activities for advanced therapies, such as regenerative medicine, personalized medicine, & cancer genomic studies, rising diagnosis & production of medicines for a variety of disorders, growing initiatives to produce vaccines & other medicines, surge in popularity of precision/personalized medicine & genetic testing, increasing biomedical research, increasing need for clinical labs to supply biospecimens in order to create assays for genetic testing, growing technological advancements, surge in launch of advanced products & services, and rising collaborations between leading market players for the development of advanced biobanking services are some of the key factors boosting the market growth.
Rising collaborations between leading market players for the development of advanced biobanking services is predicted to boost the market growth during the forecast period. For instance, in May 2023, Genomics England, in partnership with the Medicines and Healthcare Products Regulatory Agency (MHRA), has unveiled its initiative to establish a Yellow Card biobank. This biobank aims to collect patient information to connect the side effects of drugs with the genetic profiles of patients. The biobank is designed to complement the MHRA's Yellow Card website, which is utilized for reporting adverse effects associated with drugs and medical devices.
By product, biobanking equipment was the highest revenue-grossing segment in the global biobanks market in 2023 owing to the surge in the number of new biobanks & initial equipment installation's expensive cost, rising demand of equipment includes cell separators, freezers, thawing equipment, barcode readers, alarm & monitoring systems for biobanking processes such as sample preparation, collection, processing, storage, & shipment. Additionally, laboratory information management systems (LIMS) is predicted to grow at fastest CAGR during the forecast period owing to the surge in research & development activities conducted by laboratories and increasing introduction of advanced platforms by market players. For instance, in December 2022, Version 8.8 of LabVantage Solutions' main LIMS platform has been released, and it includes a number of enhancements to all of its many parts.
By service, biobanking and repository services was the highest revenue-grossing segment in the global biobanks market in 2023 owing to the growing need for the preservation of bio-samples for developing precision medicine & disease-specific research, rising initiatives by government & private bodies for the expansion of biobanking services, and increasing partnerships within market players. For instance, in September 2022, Cryoport has formed a strategic alliance with BioLife Plasma Services to provide a range of supply chain solutions and services, including bioservices and cryo-processing, specifically tailored for BioLife Plasma Services. Additionally, lab processing is predicted to grow at fastest CAGR during the forecast period owing to the surge in demand for clinical trials & research-related workflows and increasing focus on development of advanced vaccines, rising need for lab processing services such as DNA extraction & plasma/serum isolation.
By biospecimen, human tissues was the highest revenue-grossing segment in the global biobanks market in 2023 owing to the rise in number of biobanks with facilities to store tissues, easy availability of tissue samples, increasing adoption of advanced technology for storage & retrieval of banked tissues, surge in investment in research & development activities, and growing partnerships & collaborations within key market players. For instance, in June 2022, STEMCELL Technologies Inc. has joined forces with PBS Biotech to enhance the reliable expansion of 3D cultures of human pluripotent stem cells, commonly employed in research labs and biobanks. Additionally, organs is predicted to grow at fastest CAGR during the forecast period owing to the growing applications of stem cells in regenerative medicine, cell therapy, toxicology, & drug development, increasing technological advancements, growing usage of 3D printing for tissue samples/3D-printed mini-organs creation, and surge in number of established stem cell biobanks.
By type, physical/real biobanks was the highest revenue-grossing segment in the global biobanks market in 2023 owing to the rising advancement in the field of precision medicine & bioinformatic analysis and increasing vast collection of tissue samples from pathology laboratories, clinical studies, & research programs. Additionally, virtual biobanks is predicted to grow at fastest CAGR during the forecast period owing to the easy accessibility associated with virtual biobanks, growing demand for biospecimens, rising ability to track out & obtain uncommon samples and increasing initiatives by key market players. For instance, in May 2022, Phenomix Sciences (Phenomix) has initiated a biobanking registry and outcomes investigation. This registry aims to assess the diversity in how patients respond to obesity treatment by gathering DNA, metabolomics, hormone, and behavioral assessment data concerning treatment results. This data will add to the existing Phenomix Sciences Obesity Platform, which comprises 20 billion distinct data points.
By application, therapeutics was the highest revenue-grossing segment in the global biobanks market in 2023 owing to the growing demand for advanced therapies for the treatment of chronic diseases, rising need for the development of novel viral therapeutics, and surge in research & development activities for advanced treatments. Additionally, clinical diagnostics is predicted to grow at fastest CAGR during the forecast period owing to the rising advancements by comparing biospecimens taken from healthy & sick people, particularly for cancer, growing adoption of automated platforms, increasing prevalence of infectious diseases, and surge in initiatives by major market players. For instance, in May 2022, BC Platforms (BCP) has won a multi-year contract, awarded after a competitive bidding process, to collaborate with three Biobanks owned by Finnish Hospital Districts, known as Clinical Biobanks. Their collaboration is focused on enhancing the accessibility and automated handling of phenotypic, genomic, and clinical data. This initiative aligns with Finland's goal of becoming a frontrunner in Real-World Data (RWD) research, with the aim of bolstering the worldwide advancement of innovative therapies and strengthening healthcare system sustainability.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising investment in research by major market players, increasing healthcare expenditures, surge in prevalence of chronic diseases, and rising launch of advanced products. For instance, in February 2023, PHC Corporation of North America has introduced the PHCbi Brand VIP ECO SMART Ultra-low Temperature Freezer, which boasts remarkable energy efficiency, setting a new standard in the industry. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in collaborations within market players, growing technological advancements, increasing focus on research & development activities, and rising launch of advanced platforms. For instance, in February 2023, The Tata Medical Center in Kolkata and the Indian Institute of Technology (IIT) in Kharagpur have jointly unveiled CHAVI, India's inaugural cancer image repository, which is fully annotated, relational, and de-identified.
Rising collaborations between leading market players for the development of advanced biobanking services is predicted to boost the market growth during the forecast period. For instance, in May 2023, Genomics England, in partnership with the Medicines and Healthcare Products Regulatory Agency (MHRA), has unveiled its initiative to establish a Yellow Card biobank. This biobank aims to collect patient information to connect the side effects of drugs with the genetic profiles of patients. The biobank is designed to complement the MHRA's Yellow Card website, which is utilized for reporting adverse effects associated with drugs and medical devices.
By product, biobanking equipment was the highest revenue-grossing segment in the global biobanks market in 2023 owing to the surge in the number of new biobanks & initial equipment installation's expensive cost, rising demand of equipment includes cell separators, freezers, thawing equipment, barcode readers, alarm & monitoring systems for biobanking processes such as sample preparation, collection, processing, storage, & shipment. Additionally, laboratory information management systems (LIMS) is predicted to grow at fastest CAGR during the forecast period owing to the surge in research & development activities conducted by laboratories and increasing introduction of advanced platforms by market players. For instance, in December 2022, Version 8.8 of LabVantage Solutions' main LIMS platform has been released, and it includes a number of enhancements to all of its many parts.
By service, biobanking and repository services was the highest revenue-grossing segment in the global biobanks market in 2023 owing to the growing need for the preservation of bio-samples for developing precision medicine & disease-specific research, rising initiatives by government & private bodies for the expansion of biobanking services, and increasing partnerships within market players. For instance, in September 2022, Cryoport has formed a strategic alliance with BioLife Plasma Services to provide a range of supply chain solutions and services, including bioservices and cryo-processing, specifically tailored for BioLife Plasma Services. Additionally, lab processing is predicted to grow at fastest CAGR during the forecast period owing to the surge in demand for clinical trials & research-related workflows and increasing focus on development of advanced vaccines, rising need for lab processing services such as DNA extraction & plasma/serum isolation.
By biospecimen, human tissues was the highest revenue-grossing segment in the global biobanks market in 2023 owing to the rise in number of biobanks with facilities to store tissues, easy availability of tissue samples, increasing adoption of advanced technology for storage & retrieval of banked tissues, surge in investment in research & development activities, and growing partnerships & collaborations within key market players. For instance, in June 2022, STEMCELL Technologies Inc. has joined forces with PBS Biotech to enhance the reliable expansion of 3D cultures of human pluripotent stem cells, commonly employed in research labs and biobanks. Additionally, organs is predicted to grow at fastest CAGR during the forecast period owing to the growing applications of stem cells in regenerative medicine, cell therapy, toxicology, & drug development, increasing technological advancements, growing usage of 3D printing for tissue samples/3D-printed mini-organs creation, and surge in number of established stem cell biobanks.
By type, physical/real biobanks was the highest revenue-grossing segment in the global biobanks market in 2023 owing to the rising advancement in the field of precision medicine & bioinformatic analysis and increasing vast collection of tissue samples from pathology laboratories, clinical studies, & research programs. Additionally, virtual biobanks is predicted to grow at fastest CAGR during the forecast period owing to the easy accessibility associated with virtual biobanks, growing demand for biospecimens, rising ability to track out & obtain uncommon samples and increasing initiatives by key market players. For instance, in May 2022, Phenomix Sciences (Phenomix) has initiated a biobanking registry and outcomes investigation. This registry aims to assess the diversity in how patients respond to obesity treatment by gathering DNA, metabolomics, hormone, and behavioral assessment data concerning treatment results. This data will add to the existing Phenomix Sciences Obesity Platform, which comprises 20 billion distinct data points.
By application, therapeutics was the highest revenue-grossing segment in the global biobanks market in 2023 owing to the growing demand for advanced therapies for the treatment of chronic diseases, rising need for the development of novel viral therapeutics, and surge in research & development activities for advanced treatments. Additionally, clinical diagnostics is predicted to grow at fastest CAGR during the forecast period owing to the rising advancements by comparing biospecimens taken from healthy & sick people, particularly for cancer, growing adoption of automated platforms, increasing prevalence of infectious diseases, and surge in initiatives by major market players. For instance, in May 2022, BC Platforms (BCP) has won a multi-year contract, awarded after a competitive bidding process, to collaborate with three Biobanks owned by Finnish Hospital Districts, known as Clinical Biobanks. Their collaboration is focused on enhancing the accessibility and automated handling of phenotypic, genomic, and clinical data. This initiative aligns with Finland's goal of becoming a frontrunner in Real-World Data (RWD) research, with the aim of bolstering the worldwide advancement of innovative therapies and strengthening healthcare system sustainability.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising investment in research by major market players, increasing healthcare expenditures, surge in prevalence of chronic diseases, and rising launch of advanced products. For instance, in February 2023, PHC Corporation of North America has introduced the PHCbi Brand VIP ECO SMART Ultra-low Temperature Freezer, which boasts remarkable energy efficiency, setting a new standard in the industry. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in collaborations within market players, growing technological advancements, increasing focus on research & development activities, and rising launch of advanced platforms. For instance, in February 2023, The Tata Medical Center in Kolkata and the Indian Institute of Technology (IIT) in Kharagpur have jointly unveiled CHAVI, India's inaugural cancer image repository, which is fully annotated, relational, and de-identified.
Segmentation: Biobanks Market Report 2022 - 2033
Biobanks Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Biobanking Consumables
- Laboratory Information Management Systems (LIMS)
- Biobanking Equipment
- Alarms & Monitoring Systems
- Incubators & Centrifuges
- Accessories & Other Equipment
- Temperature Control Systems
- Cryogenic Storage Systems
- Freezers & Refrigerators
- Thawing Equipment
Biobanks Market Analysis & Forecast by Service 2023 - 2034 (Revenue USD Bn)
- Biobanking & Repository
- Cold Chain Logistics
- Lab Processing
- Qualification/Validation
- Others
Biobanks Market Analysis & Forecast by Biospecimen 2023 - 2034 (Revenue USD Bn)
- Stem Cells
- Organs
- Human Tissues
- Others
Biobanks Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- Virtual Biobanks
- Physical/Real Biobanks
- Genetic (DNA/RNA)
- Tissue Biobanks
- Disease Based Biobanks
- Population Based Biobanks
Biobanks Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Drug Discovery & Clinical Research
- Therapeutics
- Clinical Diagnostics
- Others
Biobanks Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Biobanks Market: Product Estimates & Trend Analysis
8. Biobanks Market: Service Estimates & Trend Analysis
9. Biobanks Market: Biospecimen Estimates & Trend Analysis
10. Biobanks Market: Type Estimates & Trend Analysis
11. Biobanks Market: Application Estimates & Trend Analysis
12. Regional Market Analysis
13. North America Biobanks Market
14. Europe Global Biobanks Market
15. Asia Pacific Global Biobanks Market
16. Latin America Global Biobanks Market
17. MEA Global Biobanks Market
18. Competitor Analysis
19. Company Profiles
Companies Mentioned
- Becton Dickinson and Company (BD)
- Thermo Fisher Scientific Inc.
- Avantor
- Taylor-Wharton
- QIAGEN
- Charles River Laboratories
- Hamilton Company
- PromoCell GmbH
- Tecan Trading AG
- Merck KGaA
- Danaher Corporation
- STEMCELL Technologies Inc.
- Lonza
- BioCision
- Biovault Family
- Precision Cellular Storage Ltd. (Virgin Health Bank)
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | October 2023 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 78.02 Billion |
| Forecasted Market Value ( USD | $ 206.25 Billion |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 16 |
