The global biobanking market size was US$ 44,104.3 million in 2021. The global biobanking market is forecast to grow to US$ 70405.0 million by 2030 by growing at a compound annual growth rate (CAGR) of 6.9% during the forecast period from 2022 to 2030.
The process of collecting and preserving biological materials is called biobanking. Biobanking help in performing diagnosis and biodiversity studies and plays an essential role in supporting biomedical research studies. It also helps in developing personalized medicine and maintaining and updating age demographic databases.
Factors Influencing the Market
The vast application areas of bio-banked samples and growing funding from private & government organizations will drive the growth of the global biobanking market. For instance, the Federal Ministry of Education and Research invested nearly €3.5 million in January 2021 in German biobank node work for three years.
A growing focus on genomic research activities, together with the growing expansion of biobanks, will contribute to the growth of the market. For instance, Medicines Discovery Catapult (MDC) located one of the largest virtual biobanks all across the globe in May 2021. Thus, such advancements will drive the market forward.
The rapidly growing cases of chronic diseases will further boost the demand for biobanking. Biobank specimens play a significant role in treating chronic diseases, such as cancer, neurological disorders, cardiovascular diseases, etc. Moreover, nearly 50 million Americans suffered from autoimmune diseases in 2018, according to the estimations by American Autoimmune Related Diseases Association (AARDA). This number is expected to grow in the coming years, which will offer lucrative growth opportunities for the biobanking market.
Regional Analysis
The Asia-Pacific biobanking market is forecast to emerge as the largest market. It is owing to a large geriatric population base and increasing medical tourism, mainly in India and China. Furthermore, growing healthcare expenditure will also contribute to the growth of the global biobanking market. Furthermore, the easy availability of blood storage services at low cost will drive the market forward. Apart from that, encouraging donor policies combined with the growing prevalence of chronic diseases will fuel the growth of the global biobanking market.
COVID-19 Impact Analysis
The wake of the pandemic upsurged the demand for improving healthcare infrastructure across various affected countries. As a result, the pandemic created an opportunistic situation for the biobanking service providers. The demand for biobanking upsurged during the pandemic in order to support diagnosis and research activities. Governments also invested highly in order to cater to the growing demands of the population. For instance, the Victorian government invested nearly $5 million in the new COVID-19 biobank at Doherty Institute in 2021. Thus, the COVID-19 pandemic positively influenced the global biobanking industry.
Competitors in the Market
Market Segmentation
The global biobanking market segmentation focuses on Specimen, Biobank Type, Ownership, Application, End-User, and Region.
By Specimen Type
By Type of Biobank
By Ownership
By Application
By Regional Outlook
