Overview

Biobanking Market is poised to register a CAGR of 6.2% during the forecast period 2022 to 2028.

Clinical trials have improved in recent years due to the use of biospecimens for clinical research. With the increasing demand for clinical trials across the world, especially for diseases like cancer, shall boost the biobanking market growth substantially. Human biospecimens are increasingly used for cohort studies. According to the study conducted by the National Institutes of Health, the number of recorded clinical studies increased from over 180,000 in 2014 to over 262,000 in 2017. Such an increased emphasis on developing novel therapies shall boost the market growth. Furthermore, there has been a rapid evolution in the market with advancements in genetic technology as they can raise demand for biospecimen of the highest quality to propel cancer research. For example, Indivumed, in 2017, partnered with Northwell Health to create a research biobank for cancer. Moreover, the current developments in automation and information technologies has helped in improving the operational efficiency of biobanks with features like fully automatic and pre-programmed refrigerators and freezers that support temperature monitoring. Additionally, the UK biobanks in March 2017, partnered with Regeneron Genetics Center and GSK and under this partnership the 5000,000 samples stored by UK biobanks were all sequenced by Regeneron. Such collaboration shall bolster the market growth. Emergence of notable upgrades in biobanking operations for ensuring an optimized sample storage and maintenance, thereby driving the proliferation of the market.

Market Segmentation:

By Products and Services
•    Biobanking Equipment
o Temperature Control Systems
o Freezers & Refrigerators
o Cryogenic Storage Systems
o Thawing Equipment
o Incubators & Centrifuges
o Alarms & Monitoring Systems
o Accessories & Other Equipment
•    Biobanking Consumables
•    Laboratory Information Management Systems
•    Biobanking & Repository
•    Lab Processing
•    Qualification/Validation
•    Cold Chain Logistics
•    Other Services

By Biospecimen Type
•    Human Tissues
•    Organs
•    Stem Cells
o Adult Stem Cells
o Embryonic Stem Cells
o IPS Cells
o Other Stem Cells
•    Other Biospecimen

By Biobank Type
• Physical/Real
o Tissue
o Population Based
o Genetic
o Disease Based
• Virtual

By Application
•    Therapeutics
•    Drug Discovery & Clinical Research
•    Clinical Diagnostics
•    Others

By Region
•    North America
•    Latin America
•    Europe
•    Middle East and Africa

The market is fragmented into by products and services, by biospecimen type, by biobank type, by application and region. The products and services segment is categorized into biobanking equipment, biobanking consumables, laboratory information management systems, biobanking & repository, lab processing, qualification/validation, cold chain logistics and other services. Equipment like freezers, barcode readers, cell separators, alarm & monitoring systems and thawing equipment are available for the process of biobanking like sample analysis, collection, transport and storage. Laboratory information management systems are utilized in different biobank workflows like sample collection, patient consent, sample storage, accession and distribution. But these workflows can only be used for newer samples and in case of older samples, the usage of these workflows is reduced to data storage. National Cancer Institute developed a Biobank Economic Modeling Tool in 2017 was used for undertaking a survey which concluded that the consumables held the largest biobanking market share owing to its integrated usage with equipment that are based on novel technologies like automated sample processing shall boost the market growth. Rise in the clinical trial outsourcing has bolstered the proliferation of the market. The application segment is categorized into therapeutics, drug discovery & clinical research, clinical diagnostics and others. The therapeutics segment is anticipated to lead the market owing to rapid advancements in biologic production has boosted the augmentation of the market. The biospecimen type segment is bifurcated into human tissues, organs, stem cells and other biospecimens. Serum or plasma, solid tissues, peripheral blood, bone marrow and whole blood are some specimens that are generally stored in the biorepositories. The human tissue segment is predicted to dominate the market owing to advancements in cell acquisition technology and a wide range of stem cell applications for regenerative medicines shall boost the growth of the market.

Regional Analysis:

The North America region is expected to lead the market, and this is primarily due to various strategic partnerships and collaborations between ley market players for developing advanced technologies for biobanks in the region. The European region is predicted to grow at a substantial rate during the forecast period owing to advancements in infrastructure for storage, retrieval and processing biospecimens. The BBMRI and EuroBioBank are two of the largest biobanking networks currently operating in the region for bolstering research and medical activities.

Competitive Landscape:

Some of the key players of the market are Thermo Fisher Scientific Inc., Tecan Group Ltd., Qiagen N.V., Hamilton Company, Brooks Automation, TTP Labtech Ltd., VWR Corporation, Promega Corporation, Worthington Industries [(Taylor Wharton], Chart Industries, Becton Dickinson and Company, Merck KGaA, Micronic, LVL Technologies GmbH & Co. KG, Panasonic Healthcare Holdings Co. Ltd., Greiner Bio One, Biokryo GmbH, Biobank AS, Biorep Technologies Inc., Cell & Co Bioservices, RUCDR infinite biologics, Modul-Bio, CSols Ltd., Ziath LabVantage Solutions Inc.

FutureWise Key Takeaways:

•   Growth prospects
•   SWOT analysis
•   Key market trends
•   Key data-points affecting market growth

Objectives of the Study:

•   To provide with an exhaustive analysis on the global biobanking market by products and services, by biospecimen type, by biobank type, by application and by region
•   To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•   To evaluate and forecast micro-markets and the overall market
•   To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East and Africa
•   To record, evaluate and analyze competitive landscape mapping- product launches, technological advancements, mergers and expansions

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