Biobanking Market size is set to grow by USD 1.66 billion from 2024-2028, Growing demand for personalized medicine boost the market, Technavio

NEW YORK, July 31, 2024 /PRNewswire/ -- The global biobanking market size is estimated to grow by USD 1.66 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.04% during the forecast period. Growing demand for personalized medicine is driving market growth, with a trend towards emergence of stem cells storage in biobanks. However, increasing ethical issues poses a challenge. Key market players include AMS Biotechnology Europe Ltd., ASKION GmbH, Azenta Inc., Bay Biosciences LLC, BioIVT LLC, Boca Biolistics LLC, CTIBiotech, Cureline Inc., Danaher Corp., Firalis SA, GENETICIST Inc., Greiner Bio One International GmbH, Hamilton Co., OraSure Technologies Inc., PHC Holdings Corp., Promega Corp., ProteoGenex Inc., Shanghai Genext Medical Technology Co. Ltd., Thermo Fisher Scientific Inc., and US Biolab Corp. Inc..

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Market Driver

The biobanking market is experiencing significant growth due to the increasing demand for stem cell storage. Stem cells have the potential to address various medical needs in sectors like cardiology and oncology. New biobanking facilities, such as those launched by the Global Stem Cells Group in Chile, are dedicated to stem cell research to improve access to novel therapeutic resources. Research organizations are also investing in advanced production units to enhance supply chain efficiency and increase production capacities. Technological advancements, like IT in logistics and temperature-controlled solutions, minimize errors and enable large-scale stem cell therapy product manufacturing in a sterile environment. These investments present substantial growth opportunities for the biobanking market. 

The Biobanking Market is witnessing significant growth due to the increasing demand for human samples, particularly in the areas of blood, plasma, serum, urine, tissues, and cells. Disease-oriented biobanks and population-based biobanks are major segments, with cancer, respiratory diseases, and Alzheimer's disease being key focus areas. Sustainability and financial support from public organizations are crucial for the industry's growth. Tissue banks, blood banks, and stem cell biobanks are key players. Biobanking plays a vital role in drug development, and the life science segment is a significant consumer. Ethical challenges, regulatory scrutiny, and informed consent are crucial considerations. Technidata Medical Software and academic institutions are important partners. Emerging countries offer opportunities, but cold chain logistics and lab processing require attention. Biobanking technologies are advancing, enabling precision/personalized medicine, genetic testing, and regenerative medicines. 

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Market Challenges

• Biobanking, the process of collecting, storing, and managing biological samples for research and diagnostic purposes, faces ethical concerns regarding privacy and consent. Informed consent is crucial to protect individuals' identities. However, there are debates over the use of biobank data by private companies for their interests. Ethical issues surround the research on biological samples, particularly human embryonic stem cells, including cloning, embryo destruction, and safety concerns. These debates and disagreements may hinder the growth of the global biobanking market, as they impact research and decision-making in various countries.
• The biobanking market presents both challenges and opportunities for smaller companies with limited financial resources. One major barrier to entry is the high investment required for infrastructure, including automated storage systems and tissue processing facilities. Ongoing maintenance, operational costs, software updates, and repairs add to the financial burden. Training of skilled resources is also essential for effective collection, storage management, sample distribution, and administration. Developed markets offer lucrative opportunities, but high operational costs can be a challenge. New technologies and availability of biospecimens for research present opportunities, but availability and effective collection come with their own set of challenges. The long-term economic situation requires careful consideration of costs associated with in-case collection, tissue processing, and storage management. Low-cost manufacturing advantage can help smaller companies compete, but they must stay updated with the latest technologies to remain competitive.

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Segment Overview 

This biobanking market report extensively covers market segmentation by

1. Type 
• 1.1 Physical
• 1.2 Virtual
2. Product 
• 2.1 Equipment
• 2.2 Consumables
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Physical- The Biobanking Market is a significant industry that focuses on collecting, storing, and managing biological samples for research and diagnostic purposes. Companies in this market provide services such as sample collection, processing, and long-term storage. Key players include Thermo Fisher Scientific, Qiagen, and Corning Incorporated. Market growth is driven by increasing research and development activities in the healthcare sector and advancements in biotechnology. Biobanks play a crucial role in enabling personalized medicine and drug discovery.

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Research Analysis

The biobanking market encompasses the collection, processing, storage, and distribution of human samples, including blood, plasma, serum, urine, tissues, and cells, for research and diagnostic purposes. Two main types of biobanks exist: disease-oriented and population-based. Disease-oriented biobanks focus on specific diseases, such as cancer, respiratory diseases, and Alzheimer's disease, while population-based biobanks collect samples from large and diverse populations. Tissue banks and blood banks are specialized types of biobanks. Biobanking plays a crucial role in drug development, particularly in the fields of regenerative medicines, cancer, and personalized medicine. Sustainability, financial support from public organizations, and ethical challenges, including informed consent and sample storage, are key considerations. Technidata Medical Software and academic institutions also contribute to the biobanking landscape. Stem cell biobanks are a significant segment of the market, with potential applications in regenerative medicine. Ethical challenges, such as ensuring informed consent and maintaining sample integrity, must be addressed to ensure the success and legitimacy of biobanking initiatives.

Market Research Overview

The Biobanking Market encompasses the collection, processing, storage, and distribution of human biological samples, including blood, plasma, serum, urine, tissues, and cells. Biobanks come in various forms such as disease-oriented, population-based, tissue, blood, and stem cell biobanks. The market caters to diverse applications like drug development, cancer, respiratory diseases, Alzheimer's disease, and regenerative medicines. Sustainability and financial support from public organizations are crucial. Technidata Medical Software and other biobanking technologies facilitate efficient operations. Ethical challenges and emerging countries pose barriers to entry for smaller biobanking companies with limited financial resources. Informed consent, sample storage, and lab processing are key considerations. The Blood segment and Cells & Tissue segment dominate the Life Science segment. Precision/personalized medicine, genetic testing, biomedical research, and genetic studies are significant applications. The Biobanking Industry faces regulatory scrutiny and high operational costs, but also offers lucrative opportunities due to new technologies and low-cost manufacturing advantages. Ongoing maintenance, software updates, repairs, and training are essential for biobanking operations. The funding scenario is dynamic, with investments and funding influencing buying behavior. Newborn biobanks and automated equipment contribute to efficiency and quality. Biobanking operations require skilled resources and adherence to regulatory guidelines. Biospecimens are vital for research, and new technologies aim to improve availability.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Physical
• Virtual
• Product
• Equipment
• Consumables
• Geography
• Europe
• North America
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio