Biobanking Market

Global Biobanking Market

Biobanking Market- By Product and Service, Sample Type, Application, and Region.

Market Synopsis:

The Global Biobanking Market is valued at USD 29.30 Billion in the year 2022 and is projected to reach a value of USD 56.26 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 8.50% over the forecast period.

Due to a growing number of diseases and health issues for which no medicinal treatment or vaccination process has been developed, biobanks are being used to collect samples and preserve biological materials for future reference, the Global Biobanking Market is one of the fastest-growing markets in the health and medical sector. Biobanking Market is a technologically advanced market structures that collect and preserve biological data, materials, and samples for future use, as well as gather information about various ailments and study the effects of various diseases, as well as find a treatment. The expansion of the Biobanking Market is attributed to an increase in the number of biobank samples used, which has increased demand for Biobanking equipment.

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The amount of research activities and investments made by health-care organizations in research and development activities have further driven demand for the Global Biobanking Market. Not only is Biobanking expanding, but it is also allowing its adjacent markets to expand rapidly. The cryogenic Biobanking industry, for example, is primarily responsible for supplying storage facilities to these market companies so that cells, tissues, blood, and other biological material can be preserved. Furthermore, modern biobanks around the world enable large-scale study of biological and clinical data that has been well-annotated. Growing funding from government organizations, an increase in the application areas of Biobanking samples, and increased investment in research and development activities by healthcare corporations throughout the world are all major growth factors for the Biobanking Market.

Market Segmentation:

The Biobanking Market is segmented on the basis of Product and Service, Application and Sample Type. On the basis of Product and Service, the market is segmented into Equipment, Consumables, Services, Software. On the basis of Sample Type, the market is segmented into Blood Products, Human Tissues, Nucleic Acids, Cell Lines, Biological Fluids and Human Waste Products. On the basis of Application, the market is segmented Regenerative Medicine, Life Science Research, and Clinical Research.

Based on Sample Type:

In terms of market value and market share, the blood sector led the global market in 2021. Blood sample collection, storage, and dissemination have become more common in developed countries due to an increase in the number of infectious diseases and demand for treatment. Blood samples are important bio specimens since they contain DNA and RNA, which are employed in the conduct of research.

As a result, pharmaceutical companies and academic medical institutes frequently request blood samples from the biobank. In comparison to other sample types, the industry requires 85 percent of blood samples for non-cancerous tests, according to the trans-hit bio database.

Furthermore, the fastest-growing segment in the global market is expected to be cells and tissues. The increased need for cells and tissue samples for research into complicated illnesses including Alzheimer's disease, cancer, and others is driving the rapid expansion. Other samples, such as urine, hair, and many more, are expected to expand more slowly over the predicted period due to reduced demand and distribution.

Based on Application:

The market is divided into three categories based on applications: regenerative medicine, life science research, and clinical research. On the basis of applications, regenerative medicine is predicted to hold the highest share of the market in 2021. Growing regenerative medicine research and the requirement for well-characterized and high-quality bio samples for research are driving this market segment forward. The expansion in sample distribution to academic institutions and pharmaceutical Research and Development (R&D) for clinical applications is attributed with the dominance. Scientists are under pressure from the rising prevalence of complicated diseases and the need for cures.

Furthermore, researchers and pharmaceutical companies from around the world have joined to undertake clinical trials of regenerative therapies for a variety of purposes. Personalized medicine is predicted to play an increasingly important role in human health. As a result, the demand for high-quality samples from biobanks is projected to drive regenerative segment growth in the future years.

Europe Region Dominates the Biobanking Market with the Largest Share

In 2021, Europe dominated the market, with a market share of 36.10%. The presence of well-established biobanks in Nordic countries such as Sweden, Norway, Denmark, and others is credited with this dominance.

According to an article published by Global Engage, a conference and summit organizer for the Life Science and Pharmaceutical industries, almost 40% of Iceland's population has contributed DNA, which is safely and privately preserved in biobanks. As a result of these contributions and the expanding availability of samples, the European biobank market is growing in size.

Furthermore, European pharmaceutical companies' ongoing Research and Development (R&D) activities are one of the factors contributing to the region's larger market share.