Global Biobanking Market Size, Share, Trends, Growth and Forecast 2032
Biobanking Market - By Type Of Biobank (Disease-Oriented Biobanks And Population-Based Biobanks,), By Specimen Type (Solid Tissue, Blood Products, And Cell Lines), By Application (Research And Therapeutic), By Ownership (Non-Profit Organization, National/Regional Agencies, Private, And University), And By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024-2032
| Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
|---|---|---|---|
| USD 2.92 Billion | USD 4.92 Billion | 6.08% | 2023 |
How big is the biobanking market?
According to Zion Market Research, the global Biobanking Market was worth USD 2.92 Billion in 2023. The market is forecast to reach USD 4.92 Billion by 2032, growing at a compound annual growth rate (CAGR) of 6.08% during the forecast period 2024-2032.
The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Biobanking industry over the next decade.
Biobanking Market: Overview
Biobanking is a method for gathering as well as preserving bio materials that are utilized for diagnosing, bio-diversity studies, and research activities. Rise in the occurrence of chronic ailments is projected to drive the market trends. With the COVID-19 pandemic, the Biobanking industry has gained massive significance globally. Moreover, the samples taken from bio banks are utilized for myriad purposes including research, drug development, clinical experiments, and therapeutics. This, in turn, has resulted in allocation of funds for government units as well as non-profit organizations to set up more such bio banks.
Biobanking Market: Growth Drivers
Rise in the genomic research is anticipated to make notable contributions towards overall market earnings in the ensuing years. In addition to this, government is launching new initiatives for aiding regenerative medical research activities, thereby steering the market trends. Apparently, escalating popularity of cost-effective medicine delivery is predicted to drive the industry expansion over the forecast timeline. Breakthroughs in the regenerative medicine are set to embellish the industry size in the years ahead. Surge in the research collaboration & alterations in the Biobanking functions are anticipated to foster the expansion of Biobanking industry in the foreseeable future.
Furthermore, massive focus on research activities pertaining to stem cell treatments along with large-scale setting up of Biobanking units across emerging economies will proliferate the expansion of the Biobanking industry over the forecast timespan. Nonetheless, growing automation costs as well as issues concerning bio-specimen sample procuring will adversely impact the expansion of Biobanking industry over the forecasting years.
Biobanking Market: Report Scope
| Report Attributes | Report Details |
|---|---|
| Report Name | Biobanking Market |
| Market Size in 2023 | USD 2.92 Billion |
| Market Forecast in 2032 | USD 4.92 Billion |
| Growth Rate | CAGR of 6.08% |
| Number of Pages | 110 |
| Key Companies Covered | Firalis S.A., CTI BIOTECH, ProMedDx LLC, ASKION GmbH, Excilone SARL, LabVantage Solutions Inc., LGC Limited, Cureline Inc., Hamilton Company, PrecisionMed Inc |
| Segments Covered | By Specimen Type, By Application, By Type Of Biobank, By Ownership And By Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2023 |
| Historical Year | 2018 - 2022 |
| Forecast Year | 2024 - 2032 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Biobanking Market: Regional Insights
North America To Make Large Contributions Towards Overall Industry Size By 2032
The expansion of the industry in the sub-continent over the forecast timeframe is due to humungous presence of hospital–based Biobanking units in the countries like the U.S. and Canada. Moreover, entry of new players in the business will further expedite the growth of the industry in the sub-continent over the estimated timespan. Apart from this, rise in the number of genome- related research activities and increase in the healthcare funding along with surge in the patient population base affected due to chronic disorders will prompt the market proceeds in the region over the assessment timeline. Escalating awareness about the bio banks in the sub-continent along with rise in the need for cost-efficient medicines like generic medicines will promulgate the business growth in North America over the anticipated timeline.
Biobanking Market: Competitive Space
Biobanking Market Key Participants
- Firalis S.A.
- CTI BIOTECH
- ProMedDx LLC
- ASKION GmbH
- Excilone SARL
- LabVantage Solutions Inc.
- LGC Limited
- Cureline Inc.
- Hamilton Company
- PrecisionMed Inc.
The global biobanking market is segmented as follows:
By Specimen Type
- Blood products
- Solid tissue
- Cell lines
- Others
By Application
- Therapeutic
- Research
By Type of Biobank
- Population-based biobanks
- Disease-oriented biobanks
By Ownership
- National/regional agencies
- Nonprofit organization
- University
- Private
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Table Of Content
Methodology
FrequentlyAsked Questions
Biobanking stores biological samples for research. It supports medical and genetic studies
The global Global Biobanking market is expected to be driven by the precision medicine, genomics research, and clinical trials. Demand for biological sample storage supports expansion.
According to study, the global Global Biobanking market size was worth around USD 2.92 Billion in 2023 and is predicted to grow to around USD 4.92 Billion By 2032.
The global Global Biobanking market is expected to grow at a Compound Annual Growth Rate (CAGR) of around CAGR 6.08% during the forecast period from 2024-2032.
The global Global Biobanking industry is projected to be challenged by Challenges include high storage costs, ethical concerns, and regulatory compliance.
Which application areas will offer significant growth opportunities in the Global Biobanking market?
The Opportunities include precision medicine, genomics research, clinical trials support, and long-term sample preservation demand will offer significant growth opportunities in the Global Biobanking market.
Standardized sample collection and storage; digital biobank management platforms; demand from precision medicine and genomics research are the emerging trends and innovations impacting the Global Biobanking market.
The global Global Biobanking market is expected to be led by North America during the forecast period.
Some of the prominent players operating in the global Global Biobanking market are; Firalis S.A., CTI BIOTECH, ProMedDx LLC, ASKION GmbH, Excilone SARL, LabVantage Solutions Inc., LGC Limited, Cureline Inc., Hamilton Company, PrecisionMed Inc and others.
The report explores crucial aspects of the Global Biobanking market, including a detailed discussion of existing growth factors and restraints, while also browsing future growth opportunities and challenges that impact the market.
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