Biobanking Market - Forecasts from 2024 to 2029

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.

Driving factors for the biobanking market

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.

Growing prevalence of chronic diseases

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.

Rising government initiatives

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 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.

Increase in genomic research activities

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.

Biobanking for blood products

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.

Virtual biobanks are gaining popularity

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.

Rising adoption of regenerative drugs

Regenerative treatments aid in the induction of cell, tissue, and organ regeneration to assist them to regain 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 predicted to hold the largest market share for the biobanking market

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 has 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.

Market Key Developments

• In May 2023, The UK's Medicines and Healthcare Products Regulatory Agency (MHRA) established a genetic "biobank" to learn how a patient's genetic makeup may affect the safety of their medications.
• In March 2023, Biodiversity Biobanks South Africa (BBSA) was established to manage and preserve biodiversity samples.
• In June 2022, Mars Petcare revealed an unprecedented research project intended to advance knowledge of pet health and illness and support the development of individualised pet healthcare by scientists and veterinarians.

Segmentation:

By Sample Type

• Blood Products
• Human Tissues
• Cell Lines
• Nucleic Acids
• Biological Fluids
• Human Waste Products

By Ownership

• Universities
• National/Regional Agencies
• Non-Profit Organizations
• Private Organizations

By Application

• Regenerative Medicine
• Life Science Research
• Clinical Research

By End-Use

• Pharmaceutical Companies
• Academic & Research Institutes
• Hospitals

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others