The Global Biobanking Market in terms of revenue was estimated to be worth $2.9 billion in 2023 and is poised to reach $5.0 billion by 2028, growing at a CAGR of 11.4% from 2023 to 2028.
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Market Dynamics
Drivers
- Growing investments and funding for biobanks
- Focus on genetic testing and precision medicine
- increasing trend in preservation of cord blood stem cells from newborns
- Favorable funding scenario for research related to regenerative medicine
Restraints
- High cost of automated equipment
- Issues related to biospecimen sample management
Opportunities
- Emerging economies to provide lucrative opportunities
Challenges
- High operational cost of biobanks
- Storage of samples
Key players in the biobanking market include Thermo Fisher Scientific, Inc. (US), PHC Holdings Corporation (Japan), Becton, Dickinson and Company (US), QIAGEN N.V. (Germany), Merck KGaA (Germany), Avantor, Inc. (US), Cryoport, Inc. (US), Tecan Trading AG (Switzerland), Azenta, Inc. (US), Greiner Holding AG (Austria), Hamilton Company (US), Micronic (Netherlands), AMSBIO (UK), Bay Biosciences LLC (US), BioKryo (Germany), SPT Labtech (UK), ASKION GmbH (Germany), Cell&Co BioServices (France), Ziath Ltd. (UK), CTIBiotech (France), Cureline (US), Firalis Group (France), Sopachem (Netherlands), ProteoGenex (US), and US Biolab Corporation, Inc. (US).
Asia Pacific region of the global biobanking market, is estimated to register the highest CAGR during the forecast period.
The market in the Asia Pacific region has experienced significant growth over the past few years. This growth can be attributed to several factors, such as the increasing prevalence of chronic diseases, rising investments in research and development activities, and the expanding healthcare infrastructure. For instance, countries like China, Japan, and South Korea have witnessed a surge in biobanks and research initiatives aimed at understanding the genetic basis of diseases and developing personalized medicine. These countries have made substantial investments in biobanking infrastructure, including the establishment of state-of-the-art biorepositories and the implementation of stringent quality control measures.
Recent Developments
- In February 2023, PHC Corporation of North America launched the PHCbi Brand VIP ECO SMART Ultra-low Temperature Freezer with industry-leading energy efficiency.
- In September 2022, Cryoport entered into a strategic partnership with BioLife Plasma Services to offer supply chain solutions and service offerings, such as bioservices and cryo-processing, for BioLife Plasma Services.
