??Biobanking Market Size, Share & Growth | By 2024-2032??
According to the report published by Zion Market Research, the global Biobanks Market size was valued at USD 76.37 Billion in 2023 and is predicted to reach USD 164.50 Billion by the end of 2032. The market is expected to grow with a CAGR of 8.90% during the forecast period.
Europe held the largest market share for biobanking in 2023, accounting for roughly 35.16% of the total. One major factor driving market expansion is the existence of well-established biobanks in European nations such as Denmark, Norway, and Sweden. According to a Global Engage article, almost 40% of Icelanders have given DNA, which is kept in biobanks.
Thus, the biobanking sector has expanded as a result of Europe's increasing sample supply. In recent years, the market has grown due to the increasing investments made by pharmaceutical companies in research and development as well as the growing use of virtual biobanking technologies in Europe.
Over the course of the projection period, Asia Pacific is anticipated to increase at the fastest rate. This can be linked to the increasing need for blood and cell samples in academic research institutes for various studies. The Asia Pacific biobanking market is expanding as a result of growing expenditures made in the construction of organized biobanking facilities in the area.
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Factors of Growth
Digital biobanks have emerged quickly as a result of the advent of advanced technologies, automation technology, and data analytics, which have all contributed to the evolution of the biobanking business throughout time. The primary factors that are greatly influencing the growth of the global biobanking market are the rising prevalence of many chronic diseases, including cancer, Alzheimer's, cardiovascular diseases, and respiratory diseases, as well as the growing investments made by pharmaceutical companies in drug development.
Rising investments in genomic research studies, a growing trend of preserving newborn cord blood stem cells, the growing need for drug development and drug discovery, and a notable increase in corporate and government spending on regenerative medicine research activities are the main factors propelling the biobanking market. An important factor driving the rise in demand for biobanking equipment is the number of biobanks and human biosamples that are both growing.
Operator:
Joint Research Project
In a cooperative biobanking research effort, multiple stakeholders pool their resources, expertise, samples, and data to address specific research questions or goals. This collaborative approach enables researchers to access a larger and more varied range of samples, potentially leading to more dependable and broadly applicable conclusions. Participants grant access to their biobank collections—including samples and data—to other initiative participants.
Because of this, scientists have access to a greater number of samples than they could collect alone. In collaborative projects, governance frameworks are frequently used to monitor data exchange, ensure compliance with moral standards and legal requirements, and manage issues related to data ownership, privacy, and authorization.
Moderation:
Public View and Trust
Transparency in operations and governance is essential to establishing and maintaining public trust in biobanks. The objectives of biobanking, the processes for collecting, storing, and utilizing samples and data, as well as the security precautions in place to protect privacy and confidentiality, must all be communicated in plain terms. Biological samples and the data they are associated with are sensitive, thus strong security measures must be in place to prevent unauthorized access, breaches, and misuse.
Developing connections with the communities from which samples are collected fosters trust and ensures that the biobanking process conforms to local customs and beliefs. Adherence to relevant regulatory frameworks and standards is necessary to ensure ethical conduct in biobanking activities and demonstrate accountability.
Chance:
Commercialization and Monetization of Data
Biobanks can profit from their data by licensing access to researchers, pharmaceutical companies, and other stakeholders who require high-quality biological samples and related data for their research and development activities. Biobanks often work in conjunction with academic institutions, pharmaceutical corporations, and other organizations to pool their data for joint research and commercial applications.
Biobanks can offer value-added services including data analysis, bioinformatics, sample processing, and quality control to its clients for an additional fee. These services improve the use of the data and open up new revenue streams for the biobank. Significant data-related intellectual property rights, such as patents on novel biomarkers or therapeutic targets found through data analysis, may be held by biobanks.
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Product Overview
With a market share of more than 75% in 2023, the equipment segment dominated the global biobanking market based on product. This market is expanding as a result of the sharp rise in the number of biobanks around the world, which has raised demand for biobank equipment. This division is now generating more revenue due to the significant capital investment required to acquire the equipment. A greater variety of equipment is available for different procedures, including the collection, processing, shipping, and storage of samples.
The COVID-19 epidemic and increased use of the laboratory information management system (LIMS) in COVID biobanking, research, and testing are anticipated to cause the LIMS to grow at the fastest rate over the projected time. In addition, the launch of the cloud laboratory information management system is anticipated to be a major factor in this market's expansion.
Service Understanding
With a market share of more than 35% in 2023, the biobanking & repository service is predicted to be the largest category based on the services offered. This increase can be attributed to the growing necessity for disease-specific research as well as the preservation of biosamples in order to further precision medicine.
However, throughout the course of the forecast period, the lab processing segment is anticipated to increase at the fastest rate. It is anticipated that the growing need for COVID-19 clinical trials and research studies will support the segment's expansion. This segment is expected to rise in the upcoming years due to increased investments and involvement from different companies in the COVID-19 vaccine development.
Biospecimen Perspectives
The largest segment, with a revenue share of about 38% in 2023, according to the biospecimen, was human tissues. The primary elements contributing to this segment's domination are the abundance of biobanks offering a greater variety of human tissue samples, facilities for storing human tissues, and the integration of cutting-edge technology for the storage and retrieval of the stored specimens.
Because more money is being spent on COVID-19 research and development to improve illness detection and therapy, the human tissues segment is predicted to grow at the quickest rate.
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Type of Biobank Insights
In2023, the physical biobanks sector was dominating, depending on the type of biobank. In 2023, this particular segment held the highest revenue share, surpassing 80%. This classic form of biobank has a well-established network, and its greater global penetration has contributed to the segment's supremacy. The growing advancements in bioinformatics and precision medicine are also anticipated to fuel the segment's expansion.
Over the course of the projection period, the virtual biobanks are expected to be the most advantageous market. Access to biospecimens has increased with the rise of virtual biobanks. The swift development of digital technologies and their incorporation into biobanks has resulted in the expansion of virtual biobanks within the worldwide biobanking industry.
Global Biobanks Market: Competitive Players
Some of the most important market players in the biobanks market include:
The Global Biobanks Market is segmented as follows:
By Product and service?
By Sample type?
By Application?
Global Biobanks Market: Regional Segment Analysis
Use Cases
With a market share of over 38% in 2023, the drug discovery and clinical research segment led the market based on application. This section of the global market has grown as a result of the rising demand for biosamples for use in clinical research studies and medication tests.
The COVID-19 pandemic of 2020 has spread quickly, which has raised the need for biosamples in the study and development of COVID-19 treatment medications. As a result, it is anticipated that increased funding for COVID-19-related research projects will stimulate market expansion, with this category expected to develop at the fastest rate throughout the course of the projection period.
Current Progress
The Medicines and Healthcare Products Regulatory Agency (MHRA) announced in February 2024 that The Yellow Card Biobank will begin investigating a novel class of drugs meant to prevent strokes. In June 2023, the Yellow Card Biobank was initially made available in association with Genomics England. Its goal is to advance the field of personalized medicine by advancing our understanding of how genetic makeup may impact drug safety.
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Important Market Advancements
Precision For Medicine, a division of Precision Medicine Group, successfully acquired GLAS and ProMedDx, two leading biospecimen suppliers, in August 2019. The goal of this acquisition was to expand Precision for Medicine's offering.
In order to construct the COVID-19 biobank, Biogen worked with Partners HealthCare and the Broad Institute of MIT in April 2020.
In Canada, the Quebec COVID-19 biobank was established in April 2020 by the Genome Quebec Fonds de recherche du Quebec.
UK Biobank reported in March 2021 that they had added additional data to their database pertaining to the assessment of various circulation metabolomics indicators.
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