Biobanking Market

Market Overview

The global biobanking market size was worth USD 42.10 billion in 2021. It is estimated to reach USD 69.51 billion by 2030, growing at a CAGR of 6.20% during the forecast period (2022–2030). 

A biobank is a biorepository designed to gather and protect biological resources for research, biodiversity studies, and diagnostic purposes. Additionally, it is used to maintain and update the database of aging-related diseases and to promote research into the most prevalent genetic disorders to provide individualized medications. Different body fluid or tissue samples are collected and stored for later use in research by pharmaceutical and biotechnology businesses.

The main reasons driving the growth of the global biobanking market are the rise in financing from commercial and governmental organizations for biobanking and the expansion of application areas for bio-banked samples. Furthermore, since biobanked specimens are employed in treating many chronic diseases, the rise in the incidence of diseases like cancer considerably contributes to the market's growth. The growing interest in genomic research is a significant factor propelling the global market. In addition, the government supports regenerative medicine research through several initiatives, which are anticipated to accelerate market expansion.

Market Dynamics

Drivers: Increase in Research and Development Activities for Application of Biobank Specimens

Private and government organizations are undertaking many clinical trials to widen the application of cord blood. For instance, around 113 available cord blood trials were carried out in June 2017 by the Parent's Guide to Cord Blood Foundation. The clinical trials were conducted to treat neurological, heart, genetics, and autoimmune disorders. Moreover, August 2020 saw the discovery of one of the biggest virtual biobanks in the world by Medicines Discovery Catapult (MDC). The number and variety of clinical samples available for drug discovery and diagnostic operations have increased due to the rapid expansion of the virtual network, which now includes 330 clinical sites and about 1.5 million biosamples.

Biobanking is gaining momentum owing to the developments in metagenomics, personalized medicine, genomics, proteomics, bioenergy, environmental remediation, disease biology, and allied fields. Moreover, biobanking is essential in supporting many types of contemporary research, such as genomics and personalized medicine, as it allows researchers to access data and biological samples, increasing the demand for biobanking products and services. For instance, in 2020, the National Marrow Donor Program (NMDP) launched a cryopreservation service called Be the Match Biobank cryopreservation service. It offers hematopoietic cell transplant patients, allogeneic blood stem cell donors, and physicians in the process of organ transplantation.

Various institutes are conducting numerous researches on the application of cord blood in different fields of science, which could benefit human health. For instance, in April 2017, researchers at the Stanford University School of Medicine conducted a study for the same purpose. It found that human umbilical cord blood could boost brain function and cognitive performance in older mice. Moreover, in 2020, Lund University in Sweden launched the world's largest biobank to understand and research the most common diseases such as Alzheimer's disease, Parkinson's disease, cardiovascular, and diabetes. Therefore, an increase in research activities in such applications of cord blood has been witnessed in recent years, which is expected to boost the demand for cord blood, thereby fueling the market growth.

Drivers: The Surge in the Prevalence of Fatal Chronic Diseases

Treatment for several chronic diseases, including cancer, cardiovascular disease, neurological disorders, immunological disorders, and other unusual metabolic diseases, uses biobank materials. Since they cause adverse side effects, standard therapies cannot be used to treat certain conditions. Stem cell therapy, which functions as a healing agent to lessen the damage produced by treatment dosages, could be combined with these therapies to lower the risk of these side effects.

Given the surge in the prevalence of deadly diseases like cancer, these combination therapies benefit oncology treatment. For example, as per the statistics by the National Cancer Institute, around 1.8 million people have cancer each year in the US, and this number is likely to increase to 19 million in 2024. Asthma is among the most common chronic diseases in adults and children. According to the World Health Organization (WHO), in 2021, approximately 262 million people worldwide were diagnosed with asthma, causing 461,000 deaths. This is expected to increase the need for biobanks for therapeutic purposes, fueling the market growth.

Restraint: Lack of Awareness of Biobanking

An increasingly crucial tool for biological research and innovation is biobanks. They do, however, present several ethical, social, and legal difficulties that must be openly discussed and handled by everyone. According to survey findings and previous Eurobarometer data for several nations, including Germany, Italy, India, and China, there is still a low level of public knowledge about biobanks. Similarly, up to 67% of Americans are unaware of biobanks, and many are ignorant of the fundamentals. Furthermore, the majority of Mexican-Americans are unaware of what a biobank is. Many respondents equate joining a biobank with receiving medical care, such as a diagnosis or treatment. Only 25% of Jordanians and 27% of Saudi students, respectively, were aware of biobanks, which is predicted to limit market expansion.

What Are Future Growth Opportunities ?

• High Growth Potential in Developing Countries

Biobanking is the fastest-growing sector of the healthcare industry. Individuals seek cutting-edge alternatives to conventional therapy to treat chronic ailments. Additionally, the biobanking market growth is driven by rising demand. Applications for stem cell therapy are constantly being created due to new research and discoveries. Complex and untreatable diseases with existing medical techniques may be treated effectively using stem cell therapy. For instance, the launch of Stempeucel in India was made possible by a partnership between Stempeutics and Cipla Limited, a significant pharmaceutical business. The first cell therapy for the treatment of critical limb ischemia is called Stempeucel.

According to the World Health Organization (WHO), it was reported that more than 50,000 transplants are performed each year globally. Furthermore, developing countries such as India and China are expected to experience significant growth, owing to a surge in health care infrastructure, increase in affordability, and rise in awareness related to biobanking. Additionally, in June 2018, the German biobank Alliance, an organization of biobanks in Germany, launched a campaign to raise awareness about donating biomaterials such as blood, tissues, and other body fluids.

The developing regions such as Asia-Pacific and LAMEA are expected to witness notable growth, owing to a surge in healthcare infrastructure, increase in affordability, and rise in awareness related to chronic diseases and disorders. Besides, the surge in personal disposable income of the population and the rise in health care spending in developing regions are expected to offer potential growth opportunities for the biobanking market trends.

Segmental Analysis

The global biobanking market share is segmented by specimen type, type of biobank, ownership, application, end-user, and region.

• On the Basis of Specimen Type

Based on specimen type, the biobanking market forecast is categorized into Blood Products, Solid Tissue, Cell Lines, Nucleic Acid, and Others.

The Blood Products segment dominates the biobanking market and is estimated to grow at a CAGR of 6.5% during the forecast period. This is attributed to a surge in the prevalence of hematological diseases, an increase in demand for blood products for collecting specimens, and a rise in accidents.

The Solid Tissue segment is the fastest growing. With the surge in the need for storage of organs for transplant and research of regenerative & personalized medicines in the research center, initiatives by healthcare organizations to improvise health care facilities are expected to fuel the growth of the global market.

• On the Basis of Type of Biobank

Based on the type of biobank, the biobanking market analysis is bifurcated into Population-Based and Disease-Oriented Biobanks.

The Disease-Oriented Biobanks segment dominates the market and is estimated to grow at a CAGR of 5.9% during the forecast period. This is attributed to an increase in the incidence of chronic diseases and advancements in regenerative medicine.

Population-based biobanks are established to support precision medicine research initiatives. Furthermore, a rapid increase has been witnessed in the number of biobanks over the recent past. This can be attributed to perpetual developments in cell-based therapies, such as the advent of stem cells and regenerative medicines.

• On the Basis of Ownership

Based on ownership, the global biobanking market is differentiated Into National/Regional Agencies, Non-Profit Organizations, Universities, and Private Organizations.

National/Regional Agency is the highest contributor to the market and is estimated to grow at a CAGR of 5.5% during the forecast period. An increase in research activities concentrating on the unmet needs for various chronic diseases, such as diabetes, cancer, ischemic heart disease, and respiratory disorders, rise in government and national institutes/bodies funding for biobanks to preserve, analyze, transport, and collection samples are the key factors that boost the growth of the market. For instance, in May 2021, around 11 German biobanks node provided €3.5 million for three years to the German biobanks. Therefore, the biobanking market is expected to flourish during the forecast period, with increased funds being provided to biobanks.

Presently, Universities have established their presence in the biobank market. For instance, Biobank Cardiff University Biobank is a centralized biobanking facility at the University Hospital of Wales. The facility provides storage space for up to 900,000 biological samples, including blood, urine, tissue, and saliva. The biobank aims to find improved ways to diagnose, prevent, treat, and find a cure for a wide range of medical conditions. Furthermore, research-based studies have gained prominence over the past decade. This factor has led to the development of biobanks in universities, which, in turn, propels the market growth.

• On the Basis of Application

Based on application, the global biobanking market is segmented into Therapeutic and Research.

The research segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.9% during the forecast period. This is attributed to increased incidences of chronic diseases and advancements in regenerative medicine. Additionally, the trend of cord blood banking is projected to augment the market's growth. Prospects including advances in orthopedic procedures with stem cells are also expected to supplement the market growth for biobanking products and services.

• On the Basis of End-User

Based on end-user, the global biobanking market is bifurcated into Academic Institutions and Pharma & Biotech Companies.

Academic Institutions are the highest contributor to the market and are estimated to grow at a CAGR of 6.2% during the forecast period. An increase in genetic and genomic research, a rise in biomarker identification, the surge in emphasis on personalized medicine, and development in the academic biobank are the key factors that boost the market's growth.

Pharma & Biotech Companies are the fastest-growing segments. The increase in the prevalence of genetic disease, advancement in R&D in the healthcare sector, and rise in the number of clinical and preclinical trials are the key factors that boost the market's growth. For instance, in 2019, Sapian Bioscience was launched as India's first commercial biobank to develop novel diagnostic tests. It aims to build a high-quality bio-repository with ethical consent from human samples and develop diagnostic applications for medical innovation.

Regional Analysis

Based on regions, the global biobanking market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Is Europe Likely to Dominate the Global Biobanking Market?

The European biobanking market accounts for the highest market share and is expected to grow at a CAGR of 5.6% during the forecast period. This is attributed to the early adoption of advanced technologies and increased awareness of biobanking among healthcare professionals and individuals in the R&D industry.

North America is the second-largest revenue contributor, with the US leading this market. The North American biobanking market is projected to reach USD 28,008 million by 2030, growing at a CAGR of 6.3%. This is attributed to the high acceptance of storing specimens such as cord blood in the US. Moreover, a rise in awareness among the population about the benefits of biobanking and increased investments for R&D in stem cell research boost the growth of companies providing cord blood preservation facilities, which, in turn, augments the development of the overall market. However, the high storage cost and availability of alternative treatments such as cancer immunotherapy hinder the market growth. 

Asia-Pacific is anticipated to grow at the fastest pace, owing to a large geriatric population base, which is highly susceptible to diseases, and an increase in medical tourism in high populace countries such as India and China.

Recent Developments

• June 2022 - Cureline, Inc. and its satellite companies expanded, offering their clients a wide range of preclinical project services from HBS validation studies to animal toxicology and drug R&D to novel commercial research methods development.
• December 2021 - AMSBIO opened a new office in Alkmaar, the Netherlands. The new AMSBIO Europe BV office provides EU customers rapid access to the company's extensive range of top-quality products and consumables.

Biobanking Market Segmentation

By Specimen Type

• Blood Products
• Solid Tissue
• Cell Lines
• Nucleic Acid
• Others

By Type of Biobank

• Population-Based Biobanks
• Disease-Oriented Biobanks

By Ownership

• National/Regional Agency
• Non-Profit Organization
• Universities
• Private Organization

By Application

• Therapeutic
• Research

By End-User

• Academic Institutions
• Pharma & Biotech Companies

By Regions

• North America
• Europe 
• Asia-Pacific
• LAMEA