From the period of 2022 to 2028, the Global Biobanking Market is expected to reach USD 44.9 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 8.50%.
A Biobank is a collection, storage, and distribution facility for human samples such as blood, plasma, serum, urine, tissues, cells, and other biological materials. Biobanking has grown greatly over the years and is currently seeing substantial expansion. Traditional Biobanks have been transformed into virtual Biobanks because of the combination of modern technologies, data analytics, and automation, resulting in a revolutionary commercial potential. Biobanks of various forms, such as disease-oriented Biobanks, population-based Biobanks, tissue banks, and blood banks, are all contributing to market expansion globally. Growing investments in drug discovery, as well as the rising prevalence of devastating diseases like cancer, respiratory disorders, Alzheimer's disease, and others, are driving this industry forward.
Key Highlights from the Report
- Based on sample type, the market is segmented into Blood Products, Human Tissues, Nucleic Acids, Cell Lines, Biological Fluids, and Human Waste Products. The blood sector topped the global market in terms of market value and market share in 2021. Due to an increase in the number of infectious diseases and need for treatment, blood sample collection, storage, and distribution have grown more common in developed countries.
- Based on applications, the market is segmented into three categories: regenerative medicine, life science research, and clinical research. Regenerative medicine is expected to have the largest market share in 2021, based on applications. The demand for well-characterized and high-quality bio samples for research is propelling this market sector forward. The dominance is related to the expansion of sample distribution to academic institutions and pharmaceutical Research and Development (R&D) for therapeutic applications. The increased prevalence of complex diseases and the demand for solutions are putting pressure on scientists.
- Asia Pacific is the fastest regional segment in terms of growth. The rising focus on early diagnosis of various diseases, as well as the rise in the use of disease-oriented Biobanks for research activities in the region, are the primary factors for the rapid expansion of the Biobanking Market in Asia Pacific. Growing investments in the establishment of well-structured Biobanks are also driving the Biobank market in the Asia Pacific region to rise during the forecast period.
Conservatory for Cord Blood Stem Cells to Expand Market Potential
The blood that stays in the umbilical cord after a baby is delivered is known as cord blood. It is the most abundant source of stem cells for clinical research that is conserved and processed. Cord blood preservation is in great demand in the field of Biobanking, therefore the market's potential is projected to grow in the coming years. Furthermore, the introduction of cord blood stem cell Biobanking is propelling the industry forward. For example, Lund University in Sweden inaugurated the world's largest stem cell Biobanking in February 2020. The Biobank will aid researchers in better understanding the causes of common diseases like Alzheimer's and Parkinson's. Additionally, the rising prevalence of chronic diseases around the world has aided in the establishment of stem cell Biobanks. As a result, the Biobanking Market will develop in the forecast period as the number of Biobanks increases.
Launch of Virtual Biobanking Software to Boost Market Growth
This market has witnessed considerable change in 2021. The most important market driver currently is the integration of modern technologies with the Biobanking system. Virtual Biobanking is transforming the Biobanking system by reducing time limitations and allowing researchers to conduct research more efficiently. Virtual Biobanking has assisted Biobanks in generating increased revenue, hence raising market value and propelling market growth. In addition, some software companies are working on tools to make the Biobanking system easier to use and to adopt a virtual Biobanking system.