Biobanking market is projected to grow at a CAGR of 9.1% by 2034: Visiongain
Visiongain Reports Ltd
10 min read
Visiongain Reports Ltd
Visiongain has published a new report entitled Biobanking Market Report 2024-2034: Forecasts by Ownership (National/Regional Agencies, Universities, Non-profit, Private), by Product and Service (Equipment, Consumables, Services, Software), by Sample (Blood Products, Human Tissues, Nucleic Acids, Cell Lines, Biological Fluids, Others), by Application (Regenerative Medicine, Life Science Research, Clinical Research), by End-users (Pharmaceutical & Biotechnology Companies, CROs, Academic & Research Institutes, Hospitals) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The biobanking market is estimated at US$75.4 billion in 2024 and is projected to grow at a CAGR of 9.1% during the forecast period 2024-2034.
AI's Impact on Biobanking: Transforming Medical Practice and Addressing Challenges in Data Standardization and Governance
Artificial Intelligence (AI) is gradually revolutionizing the landscape of medical practices. Advancements in digitized data acquisition, coupled with robust machine learning capabilities and computing infrastructure, are extending the reach of AI applications into domains previously reserved for human experts. Biobanking, in particular, stands as a natural fit for AI integration, given its foundational role in supporting downstream precision medical research and its increasing adaptability to high-throughput operational models for sample, image, and data handling.
The rising demand for large volumes of data and images driven by AI underscores the necessity for cross-border collaboration among biobanks. This collaborative trend is poised to become a major force shaping international biobanking collaborations in the foreseeable future. However, amidst these opportunities, substantial challenges lie ahead. Primary among these challenges are practical considerations related to implementing AI seamlessly into existing research and clinical workflows. These include issues such as data standardization, sharing, and interoperability across diverse platforms. Additionally, governance concerns surrounding privacy, algorithm transparency, data interpretation, and their potential impact on patient safety must be effectively addressed to ensure the responsible and successful integration of AI in the biobanking sector.
How has COVID-19 had a Significant Impact on the Biobanking Market? The COVID-19 pandemic has had a profound impact on the biobanking market, presenting both challenges and opportunities. Initially, disruptions hindered global biobank operations due to lockdowns, travel restrictions, and safety concerns. Funding and attention were diverted to manage the pandemic, causing delays in other research areas. Ethical and regulatory concerns emerged, emphasizing the need for careful navigation of consent, privacy, and data sharing issues.
Despite challenges, the pandemic prompted an agile response from the biobanking community. Dedicated COVID-19 biobanks swiftly emerged, focusing on collecting samples for coronavirus research. This response highlighted biobanks' adaptability and importance in addressing health threats. The need for remote and automated processes accelerated technology adoption, ensuring operational continuity with social distancing measures.
Global collaboration became a hallmark, with biobanks worldwide sharing samples and data to foster unity in addressing the crisis. Looking ahead, the pandemic accelerated the digital transformation of biobanking processes, making cloud-based storage, virtual tracking, and electronic consent integral to resilient infrastructure.
The pandemic emphasized biobanks' role in infectious disease research, preparing for future pandemics and strengthening ethical frameworks. As the world transitions to recovery, funding priorities are expected to shift, though financial strain may challenge sustained growth. Backlogs in sample collection and data analysis require concerted efforts to catch up while maintaining quality.
While the pandemic showcased vulnerabilities, it also spurred innovations, collaborations, and a renewed focus on biobanking's importance in global health. As the biobanking community navigates the post-pandemic era, lessons learned will shape the future, emphasizing technology, global collaboration, and ethical considerations. Biobanks are poised to play a pivotal role in advancing research and preparing for future health challenges in the evolving global health landscape.
How will this Report Benefit you?
Visiongain’s 264-page report provides 121 tables and 182 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the biobanking market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Biobanking. Get financial analysis of the overall market and different segments including ownership, product and service, sample, application, end-users, and capture higher market share. We believe that there are strong opportunities in this fast-growing biobanking market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Public Participation in Biobanking to Drive Global Biobanking Market
The success of biobanks is underscored by the diverse participation of the public, a key highlight in their achievements. The global proliferation of biobanks signifies their potential to enhance the reproducibility and significance of data in biomedical research. The strict adherence to standardized methodologies in collecting biospecimens ensures reproducibility, while the meaningfulness of the data is achieved through the linkage of pertinent information to both the biospecimens and their respective donors. The active involvement of diverse groups is pivotal for the continued success of biobanks.
Key factors propelling the growth of the worldwide biobanking industry comprise heightened investments from both private entities and government bodies, alongside the widening scope of applications for bio-preserved samples. Government financial support, particularly in domains like regenerative medicine, stem cell treatments, and cell & gene therapy, is driving research endeavours forward. Additionally, the rising popularity of cord blood banking is anticipated to play a substantial role in expanding the market. With these factors converging, the biobanking sector is primed for continued growth and advancements in innovation.
Surge in Demand for Personalized Medicine Fueling Equipment Segment
In 2023, the equipment segment dominated the global biobanking market based on product categories. Biobanking equipment, integral to biorepositories, facilitates the storage of biological samples crucial for research endeavors. Researchers utilize this equipment to conduct tests and analyze specimens stored within biobanks. Beyond equipment and consumables, software and services play a vital role in aiding researchers in their comprehensive studies of various diseases. The upsurge in demand for personalized medicine, driven by substantial unmet medical needs and the pursuit of effective therapies, stands out as a key factor propelling the equipment segment forward. Moreover, the increased budgets allocated by governments and private entities to pharmaceutical research and development are anticipated to bolster research activities, consequently contributing to the growth of the equipment segment.
Shaping the Future of Medicine through Automation, Technology, and Personalized Treatment
Biobanking is poised to revolutionize the global landscape and establish itself as a pivotal element in the development of research infrastructure. Escalating investments in this sector are anticipated to pave the way for groundbreaking scientific discoveries, profoundly impacting a nation's economy through advancements in our comprehension of human health, diseases, pharmaceuticals, and personalized treatment approaches.
The evolution of biobanking operations is evident as it expands from simple setups to more intricate structures. Automation and computerization have transformed the management of biobanks, enabling the electronic storage of specimens in databases. With adequate financial backing, biobanks can now incorporate robotic technologies to streamline and expedite the processing and sampling procedures. The field of medicine stands to gain significantly from the insights derived from genomics and other omics technologies facilitated by biobanking.
In essence, the trajectory indicates that biobanking will remain the cornerstone of the future of the medical industry. As technology and financial resources continue to converge, the potential for biobanking to catalyze advancements in medical research and treatment strategies becomes increasingly evident.
Integration of Artificial Intelligence (AI)
The integration of Artificial Intelligence (AI) has significantly heightened the potential of precision medicine by enabling the sophisticated analysis of vast datasets generated in the genomic sequencing era. This includes the integration of diverse datasets, encompassing genomic, genetic, medical records, and digital imaging data like radiology and pathology images. The surge in data volume and variety presents challenges in terms of integration and the potential for errors. However, biobanks, which traditionally collect samples in a standardized manner, play a pivotal role in ensuring organized data collection and, consequently, serve as the linchpin for reliable AI models.
The collaborative synergy between AI and human expertise is paramount for achieving promising outcomes. Many healthcare professionals view technology, particularly AI, as a catalyst that enhances efficiency, reduces errors, and ensures seamless collaboration. Despite existing concerns surrounding inaccuracies and biases in AI, primarily attributed to insufficient governance and transparency, efforts are underway to address these challenges. The development of AI regulations focused on privacy, transparency, and governance is expected to mitigate concerns and foster a more positive and considerate perspective towards the adoption of AI in healthcare. In the near future, overcoming these challenges is crucial for unleashing the full potential of AI in advancing precision medicine.
Competitive Landscape
The major players operating in the biobanking market are ASKION GmbH, Avantor Inc., Azenta Inc., Boca Biolistics, BIOIVT & ELEVATING SCIENCE, Cryoport Inc., CTI Biotech, Hamilton Company, Isenet Biobanking, Merck & Co., Inc., PHC Holdings Corporation, ProteoGenex Inc., Qiagen N.V., Thermo Fisher Scientific, Inc., Tecan Trading AG, US Biolab Corp. Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
On 10th March 2023, Boca Biolistics partnered with the Canadian Private Equity Firm, Clairvest Group Inc. Clairvest has invested $25 million to acquire an equity stake in the company. The Clairvest team will work with Boca Bio CEO Valentin Adia and COO Michael Morris to accelerate growth and expand operations in the coming years. This investment marks an inflection point for Boca Bio as we seek to expand our presence in the biopharmaceutical and life science industries as a clinical research organization (CRO), Biobank, and Reference Testing Laboratory.
On 12th January 2023, BioGrad announced to open the UK's second largest biobank facility in Liverpool, as part of a £7.6m investment into a new headquarters at Wavertree Technology Park. In collaboration with the University of Leicester, BioGrad biobank has already welcomed up to 261,000 samples from the largest long-Covid study in the UK.
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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
