The Global Biobanking Market in terms of revenue was estimated to be worth $2.9 billion in 2023 and is poised to reach $5.0 billion by 2028, growing at a CAGR of 11.4% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The growth of this market is majorly driven by the growing investments and funding for biobanks, focus on genetic testing and precision medicine, increasing trend in the preservation of cord blood stem cells from newborns, and favorable funding scenario for research related to regenerative medicine. On the other hand, the high cost of automated equipment and issues related to biospecimen sample management are restraining the growth of this market.

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Biobanking Market Dynamics

DRIVER: Growing investments and funding for biobanks

Biobanks have gained significant recognition from governments, research organizations, and funding agencies worldwide, resulting in a rise in investments in biobanks. For example, the Biorepository and Precision Medicine Initiative (PMI) Cohort Program, funded by the US National Institutes of Health (NIH), aims to collect biological samples from one million or more individuals to create a national research resource. Similarly, the European Commission has invested in the Biobanking and Biomolecular Resources Research Infrastructure (BBMRI), a pan-European infrastructure for biobanking and biomolecular resources.

RESTRAINT: High cost of automated equipment

The high cost of automated equipment is expected to restrain the growth of the market. Automated equipment, such as advanced sample handling systems, can significantly improve the efficiency and quality of biobanking operations. However, the high cost of this equipment can be a significant barrier to the entry of smaller biobanking companies or those with limited financial resources. For instance, the cost of an automated storage system can vary depending on the size and complexity of the system. The initial investment in an automated storage system can be significant, with costs ranging from tens of thousands to hundreds of thousands of dollars. In addition to the initial investment, there are ongoing maintenance and operational costs that must be considered, such as software updates, repairs, and training.

OPPORTUNITY: Emerging countries to provide lucrative opportunities

Developing countries are expected to offer significant growth opportunities for players operating in the global market due to the low-cost manufacturing advantage offered by these countries, coupled with the availability of skilled resources at lower costs. Moreover, as compared to developed markets, such as the US, Germany, and Japan, the demand for medical products in emerging Asian markets, such as China and India, is growing at a robust rate. This has prompted medical product companies to focus on these countries for future growth.

CHALLENGE: High operational cost of biobanks

Due to the increasing utilization of biospecimens for research and the emergence of new technologies, there is a growing focus on the availability and quality of biospecimens and their effective collection. However, the long-term economic situation of biobanks is still mostly unclear, which raises questions regarding their overall sustainability. Several costs add up in the complete functioning of a biobank, including in-case collection, tissue processing, storage management, sample distribution, and infrastructure and administration costs. Additionally, high investments are required to set up the required infrastructure in biobanks. For instance, the cost of installing laboratory facility infrastructure, liquid nitrogen supplies, mechanical freezers, and software systems add to the overall operating costs. Since biobanks have to store samples over a period of time, there is a significant need to optimize operations and costs for their long-term sustainability

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The equipment segment dominated biobanking market by product & service:

The equipment segment held the largest share of the global market in 2022. This is primarily attributed to the increasing number of biobanks and biosamples, due to which the demand for equipment remains high. The biobanking equipment segment encompasses a range of specialized products essential for the processing, analysis, storage, and transport of biological samples. These specimens may include human tissues, cells, blood, DNA, and other biospecimens collected from patients, donors, or research participants. The segment covers a broad spectrum of solutions and technologies catering to the diverse needs of biobanks, research institutes, and medical facilities.

Asia Pacific region of the global biobanking market, is estimated to register the highest CAGR during the forecast period.

The market in the Asia Pacific region has experienced significant growth over the past few years. This growth can be attributed to several factors, such as the increasing prevalence of chronic diseases, rising investments in research and development activities, and the expanding healthcare infrastructure. For instance, countries like China, Japan, and South Korea have witnessed a surge in biobanks and research initiatives aimed at understanding the genetic basis of diseases and developing personalized medicine. These countries have made substantial investments in biobanking infrastructure, including the establishment of state-of-the-art biorepositories and the implementation of stringent quality control measures.

Key players in the biobanking market include Thermo Fisher Scientific, Inc. (US), PHC Holdings Corporation (Japan), Becton, Dickinson and Company (US), QIAGEN N.V. (Germany), Merck KGaA (Germany), Avantor, Inc. (US), Cryoport, Inc. (US), Tecan Trading AG (Switzerland), Azenta, Inc. (US), Greiner Holding AG (Austria), Hamilton Company (US), Micronic (Netherlands), AMSBIO (UK), Bay Biosciences LLC (US), BioKryo (Germany), SPT Labtech (UK), ASKION GmbH (Germany), Cell&Co BioServices (France), Ziath Ltd. (UK), CTIBiotech (France), Cureline (US), Firalis Group (France), Sopachem (Netherlands), ProteoGenex (US), and US Biolab Corporation, Inc. (US).

Recent Developments

  • In February 2023, PHC Corporation of North America launched the PHCbi Brand VIP ECO SMART Ultra-low Temperature Freezer with industry-leading energy efficiency.
  • In September 2022, Cryoport entered into a strategic partnership with BioLife Plasma Services to offer supply chain solutions and service offerings, such as bioservices and cryo-processing, for BioLife Plasma Services.

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