The global biobanking market is projected to reach USD 1,801.7 million by 2025, growing at a CAGR of 5.7%. Increase in population genetics studies, advances in biobanking with ongoing research on stem cells and public opting for its preservation, uptake of personalized medicine, government & private funding to provision regenerative medicine research, and the use of genetic information in food safety, forensics, and disease surveillance are the factors driving the growth of the biobanking market.
Adroit Market Research report on global biobanking market gives a holistic view of the market from 2015 to 2025, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2015 to 2017, with the base year of estimation as 2018 and forecast from 2019 to 2025. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global biobanking market have been studied in detail.
Biobanks consists of human tissues, DNA, body fluids, for research, therapeutic uses, and biological applications. The demand for biobanks and tissue suppliers have grown exponentially in both numbers and size, and are now established key partners for both academic and commercial groups. A recent study of 456 biobanks in the US showed that nearly two thirds of the biobanks were established within the last decade and 17% have been in existence for over 20 years, with 88% of these part of at least one or more larger organizations (67% academic, 23% hospitals, and 13% research institutes). To sustain this level of growth, biobanks have had to understand and satisfy the different interests of their customers in a sustainable method for long-term success. This move away from repository-like organizations and archive libraries is also evident in the level of donor information that is now collected with samples. Biobanks catalogue samples using donor demographics such as age, gender, and ethnicity and may also have information on medical history, genetic traits, environmental factors, and follow-up information. To researchers, this information has become as important as the sample itself and is often a key requirement when sourcing material.
The global biobanking market is categorized based on sample type, storage type and application. Based on storage type the market is segmented into manual storage and automated storage. Manual storage held the largest market share in 2018, while the automated storage segment is likely to grow at the highest CAGR during the forecast period. The benefits of automated storage over manual storage include, reduced labor requirements and costs, improved floor space utilization, increased picking accuracy (reduced picking errors), tighter inventory control, improved picking throughput (speed), and improved ergonomics.
In 2018, North America was the largest market for biobanking. Advances in biomedical, pharmaceutical, and biotechnology industries are some of the factors propelling market growth in this region. Key players of the biobanking market include Thermo Fisher Scientific Inc., Tecan Group Ltd., Qiagen N.V., Hamilton Company, Brooks Automation, TTP Labtech Ltd., VWR Corporation, Promega Corporation, Worthington Industries, Chart Industries, Becton, Dickinson and Company, Merck KGaA and Micronic among others.
Key segments of the global biobanking market
Specimen Type Overview, 2015-2025 (USD Million)
- Blood products
- Solid tissue
- Cell lines
Storage Type Overview, 2015-2025 (USD Million)
- Manual Storage
- Automated Storage
Application Overview, 2015-2025 (USD Million)
- Regenerative Medicine
- Life Science Research
- Clinical Research
Regional Overview, 2015-2025 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World