The Global Biobanking Market Size, Share, and Trends are estimated to reach $60,596 million by 2026, growing at a CAGR of 6.3% over the forecast period of 2021-2026.
Biobanking denotes the collection and preservation of biomedical samples such as tissues, bloods and nucleic acids. These samples find use in research studies to spot pro-disease biomarkers which does not end here. These biomarkers are used in the diagnosis to ascertain drug responses in the human body.
Market growth of the biobanking market hence increases with number of government spending in related fields such as regenerative medicine, stem-cell treatment and cell and gene therapy. They act as catalysts to the biobanking industry.
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A bright spot in cord blood banking will also aid growth of this market segment. Future-ready prospects including advancements in orthopedic procedures and utilization of stem cells are projected to further support market growth for regenerative medicine.
Key Drivers
Drivers towards growth of biobanking market are genomic research related to studying diseases. Additionally the progress in biobanking with more than a passing trend in conservation of cord blood stems of toddlers is a prime factor in the potential growth of biobanking market.
Furthermore, Government support and a push by private research entities in supporting regenerative medicine favor growth of biobanking market. An additional driver to the biobanking market includes a cheap and alternative way for drug development and discovery.
Restraints
Restraints to the market include high cost of automation and procedural trouble in locating the biospecimen. In addition, a growing trend in emerging countries to focus on R&D of cell therapies seizes opportunities in a growing market. Challenges in the market include a short tenure for biobanks.
By Specimen type
The industry by specimen type saw an increase in the blood products segment which remains at the top and with it remaining so in the forecast period. Hematological diseases, a growing concern and collection of blood samples due to growing number of accidents will accelerate growth in biobanking specimen market segment.
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Regional Insight
Europe dominated with a major share in the biobanking market in 2020, and will in all probability maintain its dominance during the forecast period. This will be due to rise in adoption of advanced technologies and increase in awareness of biobanking among healthcare professionals and individuals working in the R&D industry.
Moreover, a surge in R&D activities in healthcare sector to develop unique biobanking and presence of key players operating in the region propel growth of the biobanking market. However, Asia-Pacific is expected to register highest CAGR of 7.8% in the forecast period, due to easy access to cost-effective blood storage and increase in awareness toward the benefits of cord blood.
Key Players
The key players in the biobanking market include Thermo Fisher Scientific Inc. (U.S.), Tecan Group Ltd. (Switzerland), Qiagen N.V. (Germany), Hamilton Company (U.S.), Brooks Automation (U.S.), TTP Labtech Ltd (U.K.), VWR Corporation (U.S.), Promega Corporation (U.S.), Worthington Industries [(Taylor Wharton, U.S.)], Chart Industries (U.S.), Becton, Dickinson and Company (U.S.), Merck KGaA (Germany), Micronic (Netherlands), LVL Technologies GmbH & Co. KG (Germany), Panasonic Healthcare Holdings Co. Ltd (Japan), Greiner Bio One [Greiner Holding AG, Austria)], Biokryo GmbH (Germany), Biobank AS (Norway), Biorep Technologies Inc. (U.S.), Cell & Co Bioservices (France), RUCDR infinite biologics (U.S.), Modul-Bio (France), CSols Ltd (U.K.), Ziath (U.K.), and LabVantage Solutions Inc. (U.S.).
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Key Developments
· In Dec 2022, Saudi Arabia Launches National Biobank to develop Public Health System. The bank will enable the authority to prepare programs and plans in the field of prevention of communicable and non-communicable diseases.
· In November 2022, NexGen Biobanking comes alive in Gwinnett County, Bringing Crucial Biospecimen Storage Infrastructure to Georgia’s Life Science Industry. This industry is fast-tracking growth in the life-science community.
· In Sept 2022, Tata Medical Center, Kolkata, and the Indian Institute of Technology (IIT), Kharagpur unveiled India’s first fully underscored, relational and totally secure cancer image bank – CHAVI. This first-of-its-kind research partnership between the two premiere institutions in India.

Segmentation
By Application
· Therapeutic
· Research

By End User
· Academic Institutions
· Pharma & Biotech Companies

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