Global Biobanking Market Size, Share, Trends, Growth and Forecast 2032

Biobanking Market Insights

According to Zion Market Research, the global Biobanking Market was worth USD 2.92 Billion in 2023. The market is forecast to reach USD 4.92 Billion by 2032, growing at a compound annual growth rate (CAGR) of 6.08% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Biobanking industry over the next decade.

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Biobanking Market: Overview

Biobanking is a method for gathering as well as preserving bio materials that are utilized for diagnosing, bio-diversity studies, and research activities. Rise in the occurrence of chronic ailments is projected to drive the market trends. With the COVID-19 pandemic, the Biobanking industry has gained massive significance globally. Moreover, the samples taken from bio banks are utilized for myriad purposes including research, drug development, clinical experiments, and therapeutics. This, in turn, has resulted in allocation of funds for government units as well as non-profit organizations to set up more such bio banks.

Biobanking Market: Growth Drivers

Rise in the genomic research is anticipated to make notable contributions towards overall market earnings in the ensuing years. In addition to this, government is launching new initiatives for aiding regenerative medical research activities, thereby steering the market trends. Apparently, escalating popularity of cost-effective medicine delivery is predicted to drive the industry expansion over the forecast timeline. Breakthroughs in the regenerative medicine are set to embellish the industry size in the years ahead.  Surge in the research collaboration & alterations in the Biobanking functions are anticipated to foster the expansion of Biobanking industry in the foreseeable future.

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Furthermore, massive focus on research activities pertaining to stem cell treatments along with large-scale setting up of Biobanking units across emerging economies will proliferate the expansion of the Biobanking industry over the forecast timespan. Nonetheless, growing automation costs as well as issues concerning bio-specimen sample procuring will adversely impact the expansion of Biobanking industry over the forecasting years.

Biobanking Market: Report Scope

Biobanking Market: Regional Insights

North America To Make Large Contributions Towards Overall Industry Size By 2032

The expansion of the industry in the sub-continent over the forecast timeframe is due to humungous presence of hospital–based Biobanking units in the countries like the U.S. and Canada. Moreover, entry of new players in the business will further expedite the growth of the industry in the sub-continent over the estimated timespan. Apart from this, rise in the number of genome- related research activities and increase in the healthcare funding along with surge in the patient population base affected due to chronic disorders will prompt the market proceeds in the region over the assessment timeline. Escalating awareness about the bio banks in the sub-continent along with rise in the need for cost-efficient medicines like generic medicines will promulgate the business growth in North America over the anticipated timeline.

Biobanking Market: Competitive Space

Biobanking Market Key Participants

• Firalis S.A.
• CTI BIOTECH
• ProMedDx LLC
• ASKION GmbH
• Excilone SARL
• LabVantage Solutions Inc.
• LGC Limited
• Cureline Inc.
• Hamilton Company
• PrecisionMed Inc.

The global biobanking market is segmented as follows:

By Specimen Type

• Blood products
• Solid tissue
• Cell lines
• Others

By Application

• Therapeutic
• Research

By Type of Biobank

• Population-based biobanks
• Disease-oriented biobanks

By Ownership

• National/regional agencies
• Nonprofit organization
• University
• Private

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa