Market Insights
The global biobanks market generated US$ 2,418.31 million in 2021 and is anticipated to account for US$ 3,758.64 million by 2028, expanding at a CAGR of 6.5% during 2021–2028.
The growing funding and genomic research activities for studying diseases, increasing pharmaceutical and biopharmaceutical R&D expenses, and the rising adoption of regenerative medicines are the potential aspects proliferating the biobanks market growth. On the contrary, the high cost of automation hinders the expansion of global biobanks market.
A biobank offers collection of biological samples (such as blood) as well as healthcare data. Biobanks might be vast, including thousands of samples, or small, containing only a few hundred. Different samples and information are collected by different biobanks to evaluate specific functions. Major market players have optimized their growth with several organic and inorganic growth strategies.
Regionally, North America held the largest share of the global biobanks market and is likely to retain its dominance over the forecast period. Asia Pacific is speculated to spur with the highest CAGR during the forecast period.
COVID-19 Impact
The Application in Sampling, Analysis, and Vaccine Creation Aid the Global Biobanks Market Growth
The global COVID-19 pandemic had far-reaching health-care, economic, and societal consequences around the world. The health-care system in North America faced an immediate issue in estimating the demographics of COVID-19 impact. In the early stage of pandemic, biobanking activities in Canada were considered as non-essential health care services, but with the emergence of research operations, the disease-related studies were permitted and published. The US leveraged virtual care and remote monitoring strategy to assure patients of having full clinical support. Biobanking became a necessary service during pandemic facilitating quicker critical research operations. Global biobanks had to purchase extra personal protective equipment (PPE) kits to safeguard medical personnel from infection. Also, they communicated globally for the material required to collect and store specimens.
In Europe, biobanks proved to be extremely helpful to mitigate COVID-19 as they provided researchers with necessary samples to assess the conditions and create vaccines and therapies. Biobanks played a vital role during pandemic in research, sampling, and vaccination. It would have been impossible to make the genome of the SARS-CoV-2 virus accessible to the entire scientific community and produce vaccination in record time without samples collected from infected patients. Asia pacific biobanks market, which was plagued by ethical difficulties and infrastructure challenges, is likely to grow rapidly in future. The Indian Council of Medical Research (ICMR) approved 16 bio-repositories to collect, store, and keep clinical samples from COVID infected patients.
Future Trends
Virtual Biobanks
A virtual repository provides data extracted and characterized from samples stored in traditional biobank.Virtual biobank’s database offers high-resolution images of samples and other characteristic data. These biobanks can be accessed via specialized software or a web portal. They allow access to recorded data formats negating the requirement of physical samples. Virtual biobanks, often used in bioinformatics, contains 2D and 3D microscopy datasets of valuable clinical biopsy specimens. This system has emerged as a practical option to improve sample visibility and access. Researchers can use virtual biobanks to identify products and services they need to simplify and manage critical phases of the biobanking process. Virtual system integration is likely to bolster the global biobanks market in future.
Drivers
Growing Funding and Genomic Research Activities for Studying Diseases
Genomic sequencing is rapidly transitioning into clinical practice and healthcare systems with an aid of substantial government investments. The national genomic-medicine initiatives are driving transformative changes in medical systems. The UK has announced world’s largest genome project as a part of 200 million public-private collaborations between charities and pharma. The project will fund researchers and industry to combine data and real-world evidence from UK health services. Boston, a Massachusetts-based company received a US$ 4.3 million in seed funding to partner with Veritas Genetics, a genome sequencing company. Biobank has been a significant resource for genomic research on infectious diseases and hosts. Data from biobanks help understand the etiology of multifactorial diseases caused by genetic mutations.
Rising Adoption of Regenerative Medicines
Regenerative therapies help induce the regeneration of cells, tissues, and organs to restore their functions. The Food and Drug Administration (FDA) receives a large number of regenerative medicine applications for human clinical trials every year. Rapid advancements in regenerative medicines to bring out effective solutions for chronic conditions potentially drive the global biobanks market growth. Cell therapy is one of the fastest-growing segments of the regenerative medicine domain. Novartis Kymriah was the first cell therapy solution to treat B-cell acute leukemia. Biobank has been a major asset for regenerative medicines as it provides material for research, development, and therapy. Investing in biobanking can yield considerable cost recoveries to support regenerative medicines and tissue engineering program.
Restraints
High Cost of Automation
Expensive automation has been a major impediment to the growth of global biobanks market. The advanced features and functions have made biospecimen storage instruments high-priced. Also, since the cost of biobanking operations is not limited to automation, companies assess various factors influencing their overall financial stability. The total expenditure of automation include cost of purchasing equipment, other infrastructures, and process improvements as per demand. Automated systems can cost five to ten times the expenses of manual operations in the beginning. For completely maintained automation, the ten-year operating cost is expected to range between US$ 0.57 to 5.66 million. Research companies are paying more for the automation incorporation. Such highly expensive automated systems are likely to curtail the growth of global biobanks market.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Global Biobanks Market: Strategic Insights
Market Size Value in US$ 2,418.31 Million in 2021 Market Size Value by US$ 3,758.64 Million by 2028 Growth rate CAGR of 6.5% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Global Biobanks Market: Strategic Insights
| Market Size Value in | US$ 2,418.31 Million in 2021 |
| Market Size Value by | US$ 3,758.64 Million by 2028 |
| Growth rate | CAGR of 6.5% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Market Segmentation
By Product and Service
Requirement for Storage and Handling Spurred the Segmental Growth
The global biobanks market, by product and service, is split into equipment, consumables, services, and software. The equipment segment occupied the largest market share in 2021 and will continue to dominate till 2028. Equipment plays a vital role in the manufacturing of biobank products. It is crucial at every stage of storage. Therefore, the biomaterial storage, handling, and research management requires different types of equipment. The segment is further categorized into storage, sample analysis, sample processing, and sample transport equipment.
Consumables, the second-largest market captivator is also anticipated to grow with the highest CAGR for the forecast period. Consumables such as petri dishes, test tubes, pipettes, and beakers are used at every step of sample collection, preparation, analysis, storage, and transportation. Besides, they are also required at the time of QC process to assure appropriate testing. The segmental growth is largely accustomed to the use of consumables in research and academic institutes and life science companies.
Biobanks Market, by Product and Service – 2021 and 2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
By Sample
Requirement in Sampling and Analysis Strengthened the Segment’s Dominance
Based on sample, the global biobanks market is segmented into blood products, human tissues, cell lines, and others. In 2021, the blood products segment dominated the market with the largest revenue share and is expected to soar at the highest CAGR during 2021–2028. Blood is one of the most common bio-samples collected in human biobanks for being the source of DNA and RNA. The buffy coat and whole blood samples are required for biobanks in human biospecimens.
Cell lines segment follows blood products to occupy second-largest market share. Patient-derived cell lines are essential for fundamental research, high-throughput drug screenings, and assessment of new pharmaceutical agents. The role of biobanks is crucial in maintaining human embryonic stem cell lines in stem cell research. Many cell lines are unique in nature, for example, induced pluripotent stem cells obtained from patients with Down Syndrome.
Regional Insights
Geographically, the global biobanks market is segmented into North America, Europe, Asia Pacific (APAC), South & Central America (SCAM), and Middle East & Africa (MEA).
North America encompassed the largest market share in 2021 and is projected to retain its dominance till 2028. A highly structured healthcare industry, early acceptance of breakthrough products, prevalence of chronic diseases, breakthroughs in drug discovery, rising investments by government and non-government organizations, and the presence of key players are the potential parameters driving the regional biobanks market. In the US, the regenerative medicine research is getting more focused and advanced making disease reversal feasible. It has been observed that stem cells have the potential to treat a wide range of diseases that were previously considered untreatable. Expanding research institutes, growing interest among students and researchers in various genetic investigations, investment by global firms, and government initiatives are the primary aspects elevating the Canada biobanks market growth.
Asia Pacific biobanks market is likely to expand with the highest CAGR over the forecast period. Biobanking is one of many initiatives aimed at preserving biological resources and data for future research and development in the region. China, particularly has been very active in biobanking activities as a part of government co-ordinated strategic programs. The country has also established a network of Asian biobanks ahead of time to ensure resource and expertise sharing. To develop stable operation systems, biobanks in the APAC standardize operational procedures and diversify financial sources. Indian government sponsored translational research institutes to treat variety of diseases, making country more innovative and sustainable.
Lucrative Regions for Biobanks Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Key Market Players:
- Thermo Fisher Scientific Inc (US)
- Tecan Trading AG (Switzerland)
- QIAGEN (Netherlands)
- Hamilton Company (US)
- Avantor, Inc (US)
- Micronics Japan Co., Ltd. (Japan)
- BD (US)
- Taylor-Wharton (US)
- Brooks Automation, Inc (US)
- Biovault Family (UK)
- Promega Corporation (US)
- SciSafe Inc. (US)
Key Developments:
December 2021:
Thermo Fisher Scientific Inc acquired PPD, Inc., a leading global provider of clinical research services, for US$ 17.4 billion.August 2021:
Tecan Group completed the acquisition of US-based Paramit Corporation and its affiliates for a total purchase consideration of US$ 1.0 billion.January 2022:
QIAGEN announced new additions to the growing number of applications for QI Acuity, its ultrasensitive digital PCR platform that uses nanoplates to process samples in just two hours.July 2021:
BD acquired Tepha Inc., a leading developer and manufacturer of a proprietary resorbable polymer technology.
Report Coverage
The global biobanks market research report provides detailed insights into the market in terms of size, share, trends, and forecasts. It delivers crisp and precise know-how of drivers, restraints, opportunities, segments, and industrial landscape. The COVID-19 impact analysis is discussed with the opportunities observed in global and regional markets. A list of key market players with their respective developments in recent years has been reserved as a special mention.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product and Service, Sample, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Biobanking became a necessary service as a result of this development, allowing for faster COVID-19 research and the continuation of critical research operations. During the epidemic, navigating the scarce and frequently competing healthcare supply chains was critical for continuous operational demands. Global biobanks have had to purchase extra personal protective equipment (PPE) to safeguard their personnel from COVID-19, and even employees have had to be regularly checked for suspected COVID-19 symptoms. Biobanks had to communicate and search globally for the materials they required to quickly collect and store specimens. Biobanks are critical in collecting and preserving bio samples such as plasma, serum, DNA and RNA, clinical data, and genomic data due to the large number of clinical trials related to COVID-19.
Global biobanks market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America. North America held the largest market share for biobanks in 2021. The United States held the largest market in North America for biobanks, and the market is expected to grow due to the increasing adoption of technological advancements and rising innovations in regenerative medicine are projected to accelerate the growth of the biobanks market.
Hamilton Company. and Avantor, Inc. are the top two companies that hold huge market shares in the Biobanks market.
The biobanks market majorly consists of players such Thermo Fisher Scientific Inc., Tecan Trading AG, QIAGEN, Hamilton Company, Avantor, Inc., Micronics Japan Co.,Ltd., BD, Taylor-Wharton, Brooks Automation, Inc., Biovault Family, Promega Corporation, and SciSafe Inc. amongst others.
The regenerative medicine segment dominated the global biobanks market and accounted for the largest market share of 48.92% in 2021.
The CAGR value of the biobanks market during the forecasted period of 2021-2028 is 6.5%.
The equipment segment held the largest share of the market in the global biobanks market and held the largest market share of 54.38% in 2021.
The blood products segment dominated the global biobanks market and accounted for the largest market share of 75.47% in 2021.
A biobank is a collection of biological samples (such as blood) as well as health data. Biobanks might be vast, including thousands of samples, or small, containing only a few hundred. Different sorts of samples and information are collected by different biobanks. The information and samples gathered are determined by the biobank's specific function. The term biobank covers collections of plants and animals, including human specimens.
Key factors that are driving the growth of this market are the growing funding and genomic research activities for studying diseases, increasing pharmaceutical and biopharmaceutical R&D expenditures, and rising adoption of regenerative medicines are expected to boost the market growth for the biobanks over the years.
The List of Companies - Biobanks Market
- THERMO FISHER SCIENTIFIC INC.
- Tecan Trading AG
- QIAGEN
- Hamilton Company
- Avantor, Inc.
- MICRONICS JAPAN CO., LTD.
- BD
- Taylor-Wharton
- Brooks Automation, Inc
- Biovault Family
- Promega Corporation
- SciSafe Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Global Biobanks Market
Jan 2022
Bioprocessing Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Instruments, and Consumables and Accessories), Scale of Operation (Commercial Operations and Clinical Operations), Process (Downstream Bioprocess and Upstream Bioprocess), Application (Monoclonal Antibodies, Vaccines, Recombinant Protein, Cell and Gene Therapy, and Others), End User (Biopharmaceutical Companies, Contract Manufacturing Organization, and Others), and Geography (North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa)
Jan 2022
Bioproduction Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Product (Biologics and Biosimilars, Vaccines, Cell and Gene Therapies, Nucleic Acid Therapeutics, and Others), Application (Rheumatoid Arthritis, Hematological Disorders, Cancer, Diabetes, Cardiovascular Diseases, and Others), Equipment (Upstream Equipment, Downstream Equipment, Bioreactors, and Consumables and Accessories), End User (Biopharmaceutical Companies, Contract Manufacturing Organizations, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
Jan 2022
ELISA Diagnostic Test Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Adoption (Human and Veterinary), Test Type (Sandwich ELISA, Indirect ELISA, Competitive ELISA, and Multiple & Portable ELISA), Application (Autoimmune Diseases, Infectious Diseases, Cancer Diagnosis, Protein Quantification, and Others), End User (Hospitals & Diagnostic Centers, Pharmaceutical & Biotechnology Companies, Veterinary Hospitals & Diagnostic Laboratories, and Others), and Geography (North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa)
Jan 2022
Swine Diagnostics Market
Size and Forecasts (2022 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Product Type [Immunoassays Kits, PCR Kits, Hemagglutination Inhibition (HI), and Others], Sample Type (Blood, Oral Fluids, Nasal Swabs, Tissue Samples, and Others), Disease [African Swine Fever (ASF)/Classical Swine Fever (CSF), Respiratory Diseases, Porcine Circovirus, Porcine Epidemic Diarrhea, Swine Dysentery, and Others], End User (Veterinary Hospitals, Veterinary Clinics, and Other End Users), and Geography
Jan 2022
Microbial Identification Methods Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Method (Genotypic, Phenotypic, and Proteotypic), Type (Bacterial Identification System, Microbial Enumeration System, Bacterial Resistance Identification Systems, Microbiology Analyzer, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America)
Jan 2022
Biopharmaceuticals Market
Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Monoclonal Antibodies, Recombinant Vaccines, Conventional Vaccines, Recombinant Growth Factors, Purified Proteins, Recombinant Proteins, Recombinant Hormones, Recombinant Enzymes, Cell & Gene Therapies, Cytokines/Interferon/Interleukins, and Others) and Application (Oncology, Inflammatory & Infectious Disease, Autoimmune Disorders, Metabolic Disorders, Hormonal Disorders & Growth Failure, Cardiovascular Diseases, Neurological Diseases, and Others)
Jan 2022
GMP Cell Therapy Consumables Market
Forecast to 2028 - COVID-19 Impact and Global Analysis by Product (Kits, Reagents/Molecular Biology Reagents, Growth Factors/Cytokines and Interleukins, and Others), Cell Therapy (NK Cell Therapy, Stem Cell Therapy, T-Cell Therapy, and Others), Process (Cell Collection and Characterization/Sorting and Separation, Cell Culture and Expansion/Preparation, Cryopreservation, Cell Processing and Formulation, Cell Isolation and Activation, Cell Distribution/Handling, Process Monitoring and Control/Readministration/Quality Assurance, and Others), and End Use (Clinical, Commercial, and Research)
Jan 2022