Biobanking market – Industry Trends and Forecast to 2028

The global Biobanking market size is estimated at 47.1 billion USD with a CAGR of 7.5% during the forecasted period from 2021-2028. A biorepository that is particularly designed to store biological samples that can be used later for research activities is referred to biobanking. This can enrich the data related to different diseases and health and can further assist for drug discovery. These samples can be blood, human cells, biological fluids, and other. One of the major factors encouraging the growth of this market is conservation of umbilical cord of a baby since it’s the richest source of stem cells. The key factor driving the growth of Biobanking market is attributed to increasing prevalence of chronic diseases such as cancer, blood disorders, etc. There is rising popularity of personalized medicine along with genetic testing influencing the biobanking market. In addition, increase in government funding along with rise in research & development activities is fueling the market size. Also, collaborations between bio-based companies and academic institutes will amplify the growth of this market. Besides, the current outburst of COVID-19 pandemic is projected to boost the growth of this market and have a positive impact. Biobanks are vital to preserve superior COVID-19 specimens with an intention to assist researchers as well as for diagnostic purpose. They are also beneficial during the process of drug discovery. On the other hand, factors such as legal and ethical issues may constrain the growth of Biobanking market. Also, high cost associated with biobanking processes is expected to hamper the market growth.

Biobanking Market Determinants

The key factors driving the growth of global biobanking market are the advances in drug discovery & regenerative medicine, and rising investments from the government & non-government organizations. NIH is the major source of funding and facilitator for many Biobanks across the U.S. Moreover, rising demand for personalized medicines and the growing trend of preserving cord blood stem cells of newborns are also driving the market growth. On the other hand,, the stringent regulations regarding biospecimen sample procurement and costly techniques involved act as the major hurdles in the growth of the market. However, increasing government initiatives and rising interest of pharmaceutical & biotechnology companies in biobanking sector are expected to create huge opportunities for the growth of market in the coming years.

Biobanking Market Segmentation

By Product and service • Consumables • Services • Equipment • Software By Sample Type • Human Tissues • Nucleic Acids • Cell Lines • Blood Products • Biological Fluids • Human Waste Products By Application • Regenerative Medicine • Life Science Research • Clinical Research By Geography • North America o U.S. o Canada • Europe o France o Germany o Italy o Netherlands o U.K. o Rest of Europe • Asia-Pacific o China o Japan o India o Australia o Rest of Asia-Pacific • Rest of the World o Latin America o Middle East o Africa