The global biobanking market size was valued at USD 76.97 billion in 2023 and it is expected to hit over USD 169.62 billion by 2033 with a registered CAGR of 8.26% from 2024 to 2033.
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The Europe biobanking market size reached USD 27.07 billion in 2023 and is anticipated to be worth around USD 62.42 billion by 2033, poised to grow at a CAGR of 8.75% from 2024 to 2033.
Europe was the leading biobanking market, constituting a market share of around 35.16% in 2023. The presence of well-established biobanks in European countries like Denmark, Norway, and Sweden has significant contributions towards market growth. As per an article of Global Engage, around 40% of the people in Iceland has donated DNA that has been stored in the biobanks. Therefore, the rising supply of samples in Europe has led to the growth of the biobanking industry. The rising investments by the pharmaceutical companies in the research and development and the increased adoption of the virtual biobanking technologies in Europe has favored the market growth in the past few years.
Asia Pacific is expected to witness the highest growth rate during the forecast period. This is attributable to the growing demand for cell samples and blood samples in the academic research institutes for studies. The rising investments in the establishment of well-structured biobanking facilities in the region are driving the growth of the Asia Pacific biobanking market.
The biobanking industry has evolved over time and is gaining rapid traction owing to the introduction of advanced technologies, automation technology, and data analytics, which has led to the rapid emergence of digital biobanks. The rising prevalence of numerous chronic diseases such as cancer, Alzheimer’s, cardiovascular diseases, and respiratory diseases and the surging investments in drug development by pharmaceutical companies are the major factors that are significantly influencing the growth of the global biobanking market.
The most prominent drivers of the biobanking market include rising investments in genomic research studies, an increase in the trend of conservation of the cord blood stem cells of newborns, surging needs for drug development and drug discovery, and the significant increase in the corporate and government investments in the regenerative medicine research activities. The growing number of biobanks and the increasing number of human bio-samples are significantly contributing to the growth in the demand for the biobanking equipment.
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 8.26% |
| Market Size in 2023 | USD 76.97 Billion |
| Market Size by 2033 | USD 169.62 Billion |
| Europe Market Share in 2023 | 35.16% |
| Physical Biobanks Market Share in 2023 | 80% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Product, By Service, By Biospecimen Type, By Biobank, By Application, By Type of Biobank,By Ownership,By Storage |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Driver:
Collaborative Research Initiative
Several stakeholders combine their resources, knowledge, samples, and data in a collaborative biobanking research project in order to answer certain research questions or objectives. Researchers may access a wider and more varied range of samples thanks to this collaborative method, which may produce more reliable and broadly applicable results. Participants give other initiative participants access to their biobank collections, including samples and data. As a result, researchers have access to more samples than they could gather on their own. Governance structures are commonly implemented in collaborative ventures to supervise data sharing, guarantee adherence to ethical principles and regulations, and handle matters concerning data ownership, privacy, and permission.
Restraint:
Public Trust and Perception
To establish and preserve public confidence in biobanks, operational and governance transparency is crucial. It is essential to communicate clearly about the goals of biobanking, the procedures used to gather, store, and use samples and data, as well as the security measures in place to maintain confidentiality and privacy. Strong security measures must be in place to guard against unauthorized access, breaches, and misuse due to the sensitive nature of biological samples and the data they are associated with. Building relationships with the communities where samples are gathered promotes trust and guarantees that the biobanking procedure complies with local norms and values. Ensuring ethical conduct in biobanking activities and proving accountability need adherence to pertinent regulatory frameworks and standards.
Opportunity:
Data Monetization and Commercialization
By providing licenses to researchers, pharmaceutical companies, and other stakeholders who need access to high-quality biological samples and related data for their research and development operations, biobanks can make money off of their data. In order to pool their data for joint research and business uses, biobanks frequently collaborate with universities, pharmaceutical companies, and other organizations. For an extra cost, biobanks can provide their customers with value-added services including quality control, sample processing, data analysis, and bioinformatics. These services increase the data's usefulness and give the biobank new sources of income. Biobanks may be the holders of significant data-related intellectual property rights, such as patents on new biomarkers or medicinal targets identified by data analysis.
On the basis of product, the equipment segment led the global biobanking market with a market share of over 75% in 2023. The rapid increase in the number of biobanks across the globe has led to the higher demand for the biobank equipment, therefore driving the growth of this segment. The high capital investment involved in the acquisition of the equipment has resulted in a higher revenue generation from this segment. There is a wider range of equipment available for various processes such as sample collection, storage, processing, and shipment.
The laboratory information management system (LIMS) is expected to exhibit the highest CAGR during the forecast period, owing to the outbreak of the COVID-19 and higher application of the LIMS in the COVID biobanking, research, and testing. Furthermore, the introduction of the cloud laboratory information management system is expected to play a crucial role in the growth of this segment.
Based on the services, the biobanking & repository service is estimated to be the largest segment that garnered a market share of over 35% in 2023. This growth is attributable to the higher demand for the disease specific studies and increased need for preserving biosample for the development of precision medicine.
On the other hand, the lab processing is estimated to be the fastest-growing segment during the forecast period. The rising demand for the clinical trials and research studies on COVID-19 disease is expected to foster the growth of this segment. The higher investments and higher engagement of various companies in the development of vaccines for the COVID-19 is projected to drive the growth of this segment in the forthcoming years.
Based on the biospecimen, the human tissues was the largest segment that accounted for a revenue share of around 38% in 2023. The availability of huge number of biobanks with increased availability of human tissue samples, facilities to store human tissues, and integration of advanced technology for the storage and retrieval of the stored specimens are the major factors that has led to the dominance of this segment.
The human tissues segment is expected to be the fastest-growing segment owing to the increased investments on the research and development on the COVID-19 to enhance the diagnosis and treatment of the disease.
Depending on the biobank type, the Physical biobanks was the dominant segment in 2023. This segment accounted for the largest revenue share of over 80% in 2023. This is the traditional type of biobanks with well-established network and its higher penetration across the globe has led to the dominance of this segment across the globe. The rising developments in the precision medicine and bioinformatics are further expected to drive the growth of the segment.
The virtual biobanks is anticipated to be the most opportunistic segment during the forecast period. The emergence of the virtual biobanks has improved the access to the biospecimens. The rapid emergence of the digital technologies and its integration in the biobanks has led to the growth of the virtual biobanks in the global biobanking market.
On the basis of application, the drug discovery & clinical research was the leading segment, accounting for a market share of around 38% in 2023. The increased demand for the biosamples for its application in the drug tests and clinical research studies has fostered the growth of this segment in the global market. The rapid spread of the COVID-19 disease in 2020 has led to the increased demand for the biosamples for the research and development of drugs for curing COVID-19. Therefore, the increased investments towards the research studies pertaining to the COVID-19 are expected to foster the market growth and this segment is projected to be the fastest-growing market during the forecast period.
Segments Covered in the Report
By Product
By Service
By Biospecimen Type
By Biobank
By Application
By Type of Biobank
By Ownership
By Storage
By Geography
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