Biobanks Market Size Projected to Reach USD 106.9 Billion by 2028 With CAGR of 6.2% | Grand View Research, Inc.

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According to a new report published by Grand View Research, high investments for R&D of advanced therapies such as regenerative medicine, personalized medicine, and cancer genomic studies are driving the space. Moreover, the onset of COVID-19 has put biobanks at the forefront of pandemic control measures, resulting in the organic revenue growth of the market.

The global biobanks market size is expected to reach USD 106.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2021 to 2028. Biobanks continue to evolve with the introduction of new technologies such as NGS and increased focus on genomic medicine. The availability of several types of biospecimens to cater to multiple domains including drug discovery, diagnostics, and others has accelerated the diversification of biorepositories, thereby driving the market.

The quality of biospecimens can significantly influence the disease testing as well as preclinical and clinical research. Regulatory agencies have played a vital role in spurring the adoption of biobanking services by establishing guidelines for the effective management of samples. For instance, the U.S. Centers for Disease Control and Prevention (CDC) released guidelines to minimize human hazards while handling COVID-19 samples.

This serves as a model for other biorepositories. Furthermore, as the number of research studies and clinical trials related to COVID-19 is increasing, the demand for high-quality biospecimens is expected to significantly increase in the near future, leading to market growth. In addition, population-based cohort studies are facilitated by biorepositories to estimate the actual seroprevalence. Health Catalyst, Inc., through its Touchstone platform, provides national data related to COVID-19 insights. Such factors are anticipated to contribute to the revenue flow in this space.

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Biobanks Market Report Highlights

The biobanking equipment segment accounted for the maximum revenue share in 2020 owing to the high cost of instruments coupled with an increase in the number of biorepositories
The biobanking and repository services segment accounted for the largest revenue share of 36.0% in the market
This is because of the higher penetration of these services and the increased need for the preservation of biosamples for developing precision medicine and disease-specific research
Human tissues are the most stored sample for clinical research, resulting in the dominance of this sample type in the market
The virtual biobanks segment is anticipated to witness the fastest growth rate over the forecast period owing to the growing demand for 3D biospecimens coupled with the need for rare disease data for biomedical research
The therapeutics application segment accounted for the largest revenue share in 2020 owing to the growing popularity of cell therapies for cancer treatment
Several pharma/biotech companies have established their private banks to support clinical trials and the development of cell therapies, resulting in revenue growth in this segment
North America dominated the market with its wide network of centers for biosample storage in the U.S.
Moreover, a high number of COVID-19 cases in the U.S. and increased R&D programs have resulted in the establishment of new biorepositories, thereby driving the revenue in North America
In Asia Pacific, the market is anticipated to register the fastest growth owing to the ever-expanding pharmaceuticals and clinical research domain across the Asian countries
The key players are engaged in expanding their global reach by partnering with global distributors, merger, and acquisition of other players, and entering a strategic alliance with research communities

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Biobanks Market Segmentation

Grand View Research has segmented the global biobanks market on the basis of product, service, biospecimen type, biobanks type, application, and region:

Biobanks Product Outlook (Revenue, USD Million, 2017 – 2028)

Biobanking Equipment
Temperature Control Systems
Freezers & Refrigerators
Cryogenic Storage Systems
Thawing Equipment
Incubators & Centrifuges
Alarms & Monitoring Systems
Accessories & Other Equipment
Biobanking Consumables
Laboratory Information Management Systems

Biobanks Service Outlook (Revenue, USD Million, 2017 – 2028)

Biobanking & Repository
Lab processing
Qualification/ Validation
Cold Chain Logistics
Other Services

Biobanks Biospecimen Type Outlook (Revenue, USD Million, 2017 – 2028)

Human Tissues
Organs
Stem Cells
Adult Stem Cells
Embryonic Stem Cells
IPS Cells
Other Stem Cells
Other Biospecimens

Biobanks Type Outlook (Revenue, USD Million, 2017 – 2028)

Physical/Real Biobanks
Tissue Biobanks
Population Based Biobanks
Genetic (DNA/RNA)
Disease Based Biobanks
Virtual Biobanks

Biobanks Application Outlook (Revenue, USD Million, 2017 – 2028)

Therapeutics
Drug Discovery & Clinical Research
Clinical Diagnostics
Other Applications

Biobanks Regional Outlook (Revenue, USD Million, 2017 – 2028)

North America
U.S.
Canada
Europe
Germany
U.K.
France
Spain
Italy
Asia Pacific
Japan
China
India
Australia
Singapore
Latin America
Brazil
Middle East & Africa
South Africa

List of Key Players of Biobanks Market

Thermo Fisher Scientific, Inc.
Merck KGaA
QIAGEN
Hamilton Company
Avantor
Tecan Trading AG.
Danaher Corporation
Becton, Dickinson and Company (BD)
BioCision
Taylor-Wharton
Charles River Laboratories
Lonza
STEMCELL Technologies Inc.
Biovault Family
PromoCell GmbH
Precision Cellular Storage Ltd. (Virgin Health Bank)

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About Grand View Research

 

Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.

Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.

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