Biobank Market (By Product: LIMS, Biobanking Equipment; By Biospecimen Type: Organs, Stem Cells; By Biobank Type: Real, Virtual; By Service; By Application) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2032

The global biobank market size was estimated at around USD 83.55 billion in 2023 and it is projected to hit around USD 194.56 billion by 2033, growing at a CAGR of 8.82% from 2024 to 2033. The biobank market is driven by an increasing emphasis on personalized medicine, advancements in biobanking technologies, increasing prevalence of chronic diseases, and growing awareness of biological specimen preservation.

Key Pointers

• Europe region led the market with the largest market share of 39% in 2023.
• Asia Pacific region is poised to witness the fastest CAGR during the forecast period.
• By Product, the biobanking equipment segment held the largest revenue share of 78% in 2023.
• By Product, the Laboratory Information Management Systems (LIMS) segment is projected to experience the highest CAGR of 10.55% between 2024 to 2033.
• By Application, the therapeutics application segment had the largest market share in 2023.

Biobank Market Overview

The biobank market plays a pivotal role in the advancement of medical research, offering a comprehensive repository of biological specimens for scientific investigation. As an integral component of the healthcare landscape, biobanks facilitate the storage, collection, and management of various biological materials, ranging from blood and tissue samples to DNA and serum.

Biobank Market Growth

The growth of the biobank market is propelled by several key factors. Firstly, the increasing demand for personalized medicine and the rising prevalence of chronic diseases drive the need for well-characterized biological specimens, positioning biobanks as essential resources for researchers and clinicians. Additionally, advancements in biobanking technologies, such as automated sample handling and storage systems, enhance efficiency and accuracy, contributing to market expansion. The growing collaborations between biobanks, research institutions, and pharmaceutical companies foster a collaborative ecosystem, accelerating scientific discoveries and drug development. Moreover, the rising awareness of the significance of preserving biological materials for future research purposes further boosts the market's growth trajectory. As regulatory frameworks evolve to address ethical considerations and data privacy concerns, a conducive environment for sustained market growth is established. In essence, the convergence of technological innovation, increased disease prevalence, collaborative initiatives, and evolving regulations collectively propel the growth of the biobank market.

Report Scope of the Biobank Market

Biobank Market Dynamics

Drivers

• Rising Demand for Personalized Medicine: The increasing emphasis on personalized medicine, tailoring treatments based on individual characteristics, fuels the demand for well-characterized biological specimens stored in biobanks. This trend aligns with the growing importance of precision healthcare.
• Advancements in Biobanking Technologies: Ongoing technological innovations, including automated sample handling systems and sophisticated storage solutions, enhance the efficiency and reliability of biobanks. These advancements contribute to the seamless preservation and retrieval of biological samples, driving market growth.

Restraints

• Ethical and Legal Challenges: The biobank market faces significant challenges related to ethical considerations and legal frameworks governing the collection, storage, and use of biological samples. Balancing the need for scientific advancement with individual rights and privacy concerns poses a complex ethical landscape that requires careful navigation.
• Standardization Issues: Lack of standardized procedures for sample collection, processing, and storage across different biobanks can hinder interoperability and comparability of data. This lack of standardization may impede collaborative efforts and limit the broader applicability of research findings, affecting the overall effectiveness of biobanking initiatives.

Opportunities

• Expanding Applications in Research and Development: The biobank market presents significant opportunities for expanding applications in research and development. The diverse range of well-preserved biological specimens housed in biobanks can serve as valuable resources for studying various diseases, identifying biomarkers, and accelerating the development of novel therapies and drugs.
• Integration with Precision Medicine Initiatives: With the growing focus on personalized medicine, biobanks have the opportunity to integrate seamlessly with precision medicine initiatives. The availability of comprehensive genetic and biological data in biobanks allows for more targeted and individualized treatment approaches, contributing to advancements in personalized healthcare.

Product Insights

The global market is categorized into biobanking equipment, biobanking consumables, and Laboratory Information Management Systems (LIMS) based on products. The biobanking equipment segment held the largest revenue share of 78% in 2023. This was attributed to the rapid establishment of new biobanks and the substantial initial investment required for equipment installation.

The Laboratory Information Management Systems (LIMS) segment is projected to experience the highest CAGR of 10.55% during the forecast period. Biobanks are required to adhere to well-designed and documented procedures to ensure the provision of high-quality samples. Access to biobank services is determined by the quantity of valuable samples and the chain of custody, involving non-identifiable subjects.

Service Insights

The global market is segmented based on services, including biobanking & repository, lab processing, qualification/validation, cold chain logistics, and other services. In 2023, the biobanking and repository services segment emerged as the market leader, securing the largest share of global revenue. This dominance is attributed to the widespread adoption of these services and the growing necessity for preserving biosamples in the context of developing precision medicine and disease-specific research. The expansion of biobanking services beyond academic research to encompass clinical enterprises and government initiatives, along with the emergence of highly networked and open-ended ventures, has further fueled the growth of this segment.

The qualification/validation segment is poised for significant growth in the coming years and is projected to account for the second-largest revenue share by 2032. Validation services become crucial during the installation of new equipment, relocations, commencement of major projects, cold chain logistics, and sample storage and extraction. It is imperative that these validation services adhere to U.S. FDA regulations and quality standards set by governing bodies. Biobanks align their services with regulatory requirements, offering standardized, high-quality services for the collection, processing, storage, and transportation of samples.

Biospecimen Type Insights

The global market is segmented based on biospecimen types, including human tissues, organs, stem cells, and other biospecimens. In 2023, the human tissues segment emerged as the market leader, capturing the largest revenue share. This dominance is attributed to the widespread presence of biobanks equipped to store tissues, the ready availability of tissue samples, and the accessibility of advanced technology for the storage and retrieval of banked tissues. The escalating investment in disease-specific Research and Development (R&D) is expected to drive the demand for diseased tissue samples, particularly those related to oncology studies, such as lymphoma, myeloma, ovarian leukemia, brain, prostate, colorectal carcinoma, breast, and lung tissues.

In response to the global efforts to advance research on COVID-19 and enhance its diagnosis and treatment, the stem cells segment is projected to experience the fastest Compound Annual Growth Rate (CAGR) during the forecast period. The proliferation of established stem cell biobanks worldwide is a contributing factor. Stem cells find promising applications in regenerative medicine, cell therapy, developmental biology, toxicology, and drug development, which has led to a rapid increase in the number of stem cell banks.

Biobanks Type Insights

The global market is classified into physical/real biobanks and virtual biobanks based on biobank types. In 2023, the physical/real biobanks segment asserted its dominance, securing the largest revenue share. These biobanks operate within well-established networks, contributing to their significant revenue presence. The shift in the operational strategy of biobanks towards rapid advancements in bioinformatics analysis and precision medicine is a key factor behind their success. The substantial collection of tissue samples sourced from pathological labs, clinical trials, and research projects over the years accounted for the largest share, particularly in tissue banks.

Conversely, the virtual biobanks segment is poised to experience the fastest CAGR during the forecast period. Virtual biobanks have emerged as a solution to address challenges related to biospecimen accessibility. Organizations like Tissue Solutions (Scotland) and Human Focused Testing (Littleport) exemplify this approach, focusing on the procurement and distribution of samples as needed. Virtual biobanking enhances the ability to fulfill biospecimen requirements, trace and obtain rare samples, and its easy accessibility contributes to the segment's lucrative growth.

Application Insights

The market is segmented based on applications, including therapeutics, drug discovery & clinical research, clinical diagnostics, and other applications. In 2022, the therapeutics application segment had the largest market share. This prominence is attributed to the escalating demand for advanced therapies to address chronic diseases. The global surge in COVID-19 cases has further heightened the need for the development of novel viral therapeutics, prompting extensive research in this domain.

For example, Mayo Clinic has initiated an observational study aimed at prospectively collecting research biospecimens and clinical data from COVID-19 patients, facilitating high-quality research and driving growth in the therapeutics application segment. Conversely, the clinical diagnostics segment is expected to witness significant growth in the forecast period. The comparative analysis of biospecimens from healthy and diseased individuals enhances the clinical diagnosis process, particularly in the context of cancer. This approach aids in investigating patient treatment responses and detecting new tumors in individuals with a history of cancer.

Regional Insights

In 2023, Europe region dominated the market with the largest market share of 39%, driven by continuous investments in the collection, establishment, and processing of large-scale datasets. Notably, countries such as the UK, Germany, and France played pivotal roles in contributing to the region's market growth through substantial investments in biobank solutions. An illustrative example is the collaboration between The Medicines and Healthcare products Regulatory Agency (MHRA) and Genomics England, resulting in the launch of a genetic biobank in June 2022.

Conversely, the Asia Pacific region is poised to witness the fastest CAGR during the forecast period. This growth is attributed to investments from developing economies, including India, China, and Japan. These nations actively participate in the development of the biobanks market, undertaking various business initiatives to fortify their market positions. For instance, in November 2022, AIG Hospital inaugurated its inaugural biobank in India's southern region, set to collect over one lakh tissue and blood samples over the next decade.

Key Companies

• Thermo Fisher Scientific Inc.
• Merck KGaA
• Qiagen
• Hamilton Company
• Tecan Trading AG
• Danaher Corporation
• Becton, Dickinson, and Company (BD)
• Biocision, LLC.
• Taylor-Wharton
• Charles River Laboratories
• Lonza
• Stemcell Technologies
• Biovault Family
• Promocell Gmbh
• Precision Cellular Storage Ltd. (Virgin Health Bank)

Biobank Market Segmentations:

By Product

• 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

By Service

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

By Biospecimen Type

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

By Biobanks Type

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

By Application

• Therapeutics
• Drug Discovery & Clinical Research
• Clinical Diagnostics
• Other Applications

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa (MEA)