The global biobanking market size was valued at US$ 71.4 billion in 2022 and it is expected to hit over US$ 157.75 billion by 2032 with a registered CAGR of 8.3% from 2023 to 2032.
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Growth Factors
The biobanking industry has evolved over the 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 on the drug development by the 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 includes rising investments in the genomic research studies, increase in the trend of conservation of the cord blood stem cells of newborns, surging needs for drug development and drug discovery, and 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 Scope of the Biobanking Market
| Report Coverage | Details |
| Market Size by 2032 | USD 157.75 Billion |
| Growth Rate from 2023 to 2032 |
CAGR of 8.3% |
| Europe Market Share in 2022 | 35% |
| Physical Biobanks Market Share in 2022 | 80% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Service, Biospecimen Type, Biobank, Application, Type of Biobank, Ownership, Storage, Region |
| Companies Mentioned | Thermo Fisher Scientific Inc., Tecan Trading AG, QIAGEN, Hamilton Company, Brooks Life Sciences, TTP Labtech, VWR International, LLC., Promega Corporation, Worthington Industries, BD, Merck KGaA, Biokryo GmbH, Cell&Co BioServices, RUCDR Infinite Biologics, Modul-Bio |
Product Insights
On the basis of product, the equipment segment led the global biobanking market with a market share of over 75% in 2022. 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.
Service Insights
Based on the services, the biobanking & repository service is estimated to be the largest segment that garnered a market share of over 35% in 2022. 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.
Biospecimen Insights
Based on the biospecimen, the human tissues was the largest segment that accounted for a revenue share of around 38% in 2022. 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.
Biobank Type Insights
Depending on the biobank type, the Physical biobanks was the dominant segment in 2022. This segment accounted for the largest revenue share of over 80% in 2022. 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.
Application Insights
On the basis of application, the drug discovery & clinical research was the leading segment, accounting for a market share of around 38% in 2022. 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.
Regional Insights
Europe was the leading biobanking market, constituting a market share of around 35% in 2022. The presence of well-established biobanks in the European countries like Denmark, Norway, and Sweden has significant contributions towards the 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 the 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.
Key Market Developments
Some of the prominent players in the global biobanking market include:
Segments Covered in the Report
(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)
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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