Biobanking Market Size to Worth Around US$ 115.4 Bn by 2030

According to Precedence Research, the global biobanking market size is expected to worth around US$ 115.4 billion by 2030 from valued at US$ 69 billion in 2021, growing at a CAGR of 5.9% from 2022 to 2030.

Ottawa, April 22, 2022 (GLOBE NEWSWIRE) -- The rising investments on the drug discovery and drug development owing to the surging prevalence of chronic diseases such as Alzheimer’s and cancer among the global population are driving the growth of the biobanking market. The rising popularity of the precision medicine, rising research studies related to genomics, growing trend of conservation of newborns’ cord blood stem cells, and rising needs of drug discovery are some of the prominent factors that are driving the global biobanking market.

The rise in the government and corporate investments towards the research and development on the regenerative medicines is expected to augment the demand for the biobanking products and services in the forthcoming years. Furthermore, the rising number of biobanks across the globe along with the rising number of biosamples is contributing positively to the market growth.

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Regional Snapshot

Europe was the leading biobanking market in 2020. The Nordic countries in Europe are characterized with the presence of several well-established biobanks. Furthermore, approximately 40% of the population of Iceland had contributed their DNA, which is privately stored in the biobanks, as per the data published by Global Engage. This increasing volume of human biosamples are positively impacting the growth of the Europe biobanking market. The presence of several top pharmaceutical companies in drug discovery and clinical trials and the increased adoption of the virtual biobanks led to the dominance of Europe in the global biobanking market.

Asia Pacific is expected to witness a significant growth during the forecast period, owing to the presence of several top research and medical institutions in countries like China and India. The surging government investments in the drug development and the rising demand for the precision medicine in Asia Pacific are expected to spur the growth of the Asia Pacific biobanking market.

Scope of the Biobanking Market

Report AttributesDetails
Market Size in 2021USD 69 Billion
CAGR5.9% from 2022 to 2030
Human Tissues Segment Market Share in 202138% 
Drug Discovery & Clinical Research Share in 202138% 
Base Year2021 
Forecast Data2022 to 2030
Companies CoveredThermo Fisher Scientific Inc., BD, Tecan Trading AG, QIAGEN, Brooks Life Sciences, TTP Labtech, VWR International, LLC., Promega Corporation, Worthington Industries, Hamilton Company, Merck KGaA, Biokryo GmbH, Cell&Co BioServices, RUCDR Infinite Biologics, Modul-Bio

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Report Highlights

  • Based on the product, the equipment segment accounted for a revenue share of over 75% and dominated the global biobanking market in 2021. The high costs associated with the acquisition of the biobanking equipment have resulted in the higher revenue generation. Furthermore, the rise in the number of biobanks across the globe in the recent times has fostered the growth of this segment.

  • On the basis of service, lab processing is anticipated to be the most opportunistic segment. This is mainly due to the increased investments in the clinical research and clinical trials on COVID-19 infection and the higher engagement of various pharma companies in the development of drugs and vaccines against the COVID-19 disease.

  • Based on the specimen, the human tissues were the leading segment and are expected to be the fastest-growing segment as well. The higher availability of the human tissues owing to the higher demand for it has fueled the growth of this segment.

  • Depending on the biobank type, the virtual biobank segment is projected to witness the highest growth rate during the forecast period. The rising adoption of the software, digital technology, and automation technologies in the biobanking industry has led to the rapid emergence of the virtual biobank segment.

  • By application, the drug discovery & clinical research segment dominated the global biobanking market in 2021 with revenue share of 38%. This is attributed to the increased demand for the biosamples in the clinical studies and drug discovery activities. The recent outbreak of the COIVID-19 has fueled the number of clinical studies and research in 2020.

Market Dynamics


Rising trend of conserving cord blood stem cells of newborns

Cord blood is derived from the umbilical cord after the delivery of the baby and it is an abundant source of cord blood stem cells, which is highly used for clinical research. The demand for this cord blood stem cell is high in the field of biobanking. In 2020, Lund University launched the globe’s largest stem cell biobanking in Sweden with an intention to help the researchers to conduct studies on the diseases like Parkinson’s and Alzheimer’s. Therefore, the rising demand for the cord blood stem cell for the clinical research is expected to drive the market growth during the forecast period.


High costs associated with automation

With the rise in the digital technologies, the virtual biobanks and the other digital technologies paved its way in the biobanking industry. The biospecimen storage tools are well-equipped with the advanced functionalities and hence the costs of acquiring it is higher. The high costs associated with the automation technologies in the biobanking industry presents a challenge for the market players to achieve sustainability.


Integration of software led to the rise of virtual biobanking

The introduction of software in the biobanking industry has given rise to the virtual biobanking. The virtual technologies are facilitating the researchers to smoothly conduct their studies and reduce the time limitations. The rising investments in the development of software technologies are expected to offer lucrative growth opportunities to the market players in the virtual biobanking market in the foreseeable future.

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Sustainability in long term

Achieving sustainability in the long term is a major challenge for the market players. There is an insecurity related to the long term funding in the biobanking. To achieve sustainability a balance between the social, financial, and operational dimension is required. Therefore, sustainability is a need for remaining operative and effective in the long term in the global biobanking market.

Recent Developments

  • In April 2020, Fonds de recherche du Quebecand Genome Quebec together started Quebec COVID-19 biobank in Canada.
  • In March 2021, UK Biobank added new data sets to their databaseabout measuring of the range of circulation metabolomics biomarkers.

Market Segmentation

By Product

  • Equipment
  • Consumables
  • Laboratory Information Systems

By Service

  • Biobanking and Repository
  • Validation/Qualification
  • Lab Processing
  • Cold Chain Logistic
  • Others

By Biospecimen Type

  • Human Tissues
  • Stem Cells
  • Organs
  • Others

By Biobank

  • Physical Biobanks
  • Virtual Biobanks

By Application

  • Drug Discovery and Clinical Research
  • Therapeutics
  • Clinical Diagnostics
  • Others

By Type of Biobank

  • Population-based Biobanks
  • Disease-oriented Biobanks

By Ownership

  • National/regional agency
  • Non-Profit Organization
  • Universities
  • Private Organization

By Storage

  • Manual Storage
  • Automated Storage

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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