Biobanks Market Size Worth $3,758.64 Mn, Globally, by 2028 at 6.5% CAGR - Exclusive Report by The Insight Partners

The Biobanks Market Size, Growth driven by growing funding and genomic research activities for studying diseases, increasing pharmaceutical and biopharmaceutical R&D expenditures, rising adoption of regenerative medicines. The blood products segment dominated the global market and accounted for the largest market share of 75.47% in 2021. The equipment segment held the market share of 54.38% in 2021.

NEW YORK, Feb. 4, 2022 /PRNewswire/ -- According to the new market research report "Biobanks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product and Service (Equipment, Consumables, Service, and Software), Sample (Blood Products, Human Tissues, Cell Lines, and Others), and Application (Regenerative Medicine, Life Science Research, and Clinical Research)", published by The Insight Partners, the global biobanks market is projected to reach $3,758.64 million by 2028 from $2,418.31 million in 2021; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028.  

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Biobanks Market: Competition Landscape and Key Developments

QIAGEN N.V.; Thermo Fisher Scientific; BD; Avantor, Inc.; Tecan Trading AG; Azenta Life Sciences; and Hamilton implemented various inorganic developments, which have bought dynamic improvements in the biobanks market. Several companies are adopting organic strategies, such as product launch and expansion, and inorganic growth strategies, such as partnerships and collaborations. These growth strategies have aided the market players in expanding their business and enhancing their geographic presence. Additionally, acquisitions and partnerships strategies help market players strengthen their customer base and increase the product portfolio.

In January 2022, QIAGEN N.V. announced new additions to the growing number of applications for QIAcuity, its ultrasensitive digital PCR (dPCR) platform that has set new standards by using so-called nanoplates to process samples in two hours rather than the five hours required by other systems.

In December 2020, Thermo Fisher Scientific Inc. announced that it had completed its acquisition of PPD, Inc.—a leading global provider of clinical research services to the biopharma and biotech industry—for US$ 17.4 billion.

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In December 2020, BD, a leading global medical technology company, announced it had completed the acquisition of privately held Scanwell Health Inc., a leader in smartphone-enabled at-home medical tests.

In November 2021, Avantor, Inc., a leading global provider of mission-critical products and services to customers in the life sciences and advanced technologies & applied materials industries, has completed its previously announced acquisition of the Masterflex bioprocessing business and related assets (collectively "Masterflex") of Antylia Scientific, a privately held, portfolio company of investment firms GTCR and Golden Gate Capital.

In November 2020, BD, a leading global medical technology company, announced that it had acquired the Medical Business assets of CUBEX LLC, a privately-held company that develops cloud-based software offerings for advanced medication management.

In September 2021, Thermo Fisher Scientific, the world leader in serving science, announced new collaborations of the Thermo Fisher Precision Medicine Science Center (PMSC) with AstraZeneca and the University of Nebraska Medical Center as a part of its ongoing development of innovative solutions for unmet needs in clinical biomarker discovery.

In August 2021, The Tecan Group announced that it had completed the acquisition of US-based Paramit Corporation and its affiliates ("Paramit") for a total purchase consideration of US$ 1 billion (CHF 920 million). On June 23, 2021, Tecan entered into a definitive agreement to acquire Paramit.

In June 2021, Avantor, Inc.—a leading global provider of mission-critical products and services to customers in the life sciences, advanced technologies, and applied materials industries—announced that it had completed its previously announced acquisition of Ritter GmbH and its affiliates.

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In July 2021, BD, a leading global medical technology company, announced it had acquired Tepha, Inc., a leading developer and manufacturer of proprietary resorbable polymer technology.

In May 2021, The Tecan Group acquired a supplier of key parts. On March 22, 2019, Tecan announced the acquisition of a long-term supplier to vertically integrate the manufacturing of critical precision-machined parts.

In February 2020, Azenta Life Sciences, formerly a division of Brooks Automation, Inc., announced that it had acquired RURO, Inc., an informatics software company based in Frederick, Maryland. The total cash purchase price of the acquisition was US$ 15 million, subject to customary working capital and other adjustments.

In November 2018, Azenta Life Sciences, formerly a division of Brooks Automation, Inc.—a leading worldwide provider of automation and cryogenic solutions for multiple markets, including semiconductor manufacturing and life sciences—announced that it had closed its previously announced acquisition of GENEWIZ Group.

In July 2018, QIAGEN N.V. and Hamilton Robotics, a privately-held leader in automation and liquid handling technology, announced a new collaboration to improve the processing of QIAGEN's QuantiFERON-TB Gold Plus (QFT-Plus) diagnostic test through the integration of Hamilton's Microlab STAR automated liquid handling workstation into the QFT-Plus assay workflow.

Biobanks Market: Key Insights – Impact of COVID-19 Pandemic

The healthcare system in North America faced an immediate issue in estimating the demographics of COVID-19's impact. In the absence of precise data, a lockdown was enforced early, putting the healthcare system under even more strain to care for non-COVID-19 patients who needed immediate attention. The lockdown had an immediate impact on logistics and supply lines, which had an impact on healthcare delivery in the region. In the early stages of COVID-19, biobanking activities in Canada were considered a non-essential health care service, but as necessary research operations began, COVID-19–related studies were permitted and launched. Biobanking has become a crucial service since it enables for faster research and the continuation of clinical trials. Navigating the scarce and frequently competing healthcare supply chains during the pandemic was critical for continuous operational demands. Global biobanks have had to purchase extra personal protective equipment (PPE) to safeguard their personnel from COVID-19, and even employees have had to be regularly checked for suspected COVID-19 symptoms. Biobanks are widely used to quickly collect and store specimens. Biobanks are critical in collecting and preserving biosamples such as plasma, serum, DNA and RNA, clinical data, and genomic data due to the large number of clinical trials related to COVID-19.

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Biobanks Market: Segmental Overview

Based on product and service, the biobanks market is segmented into equipment, consumables, services, software. The equipment segment held the largest share of 54.4% in 2021 and is expected to retain its dominance during the forecast period. Moreover, the consumables segment is estimated to register the highest CAGR of 7.2% during the forecast period. Equipment plays a vital role in the manufacturing of biobank products. Equipment is required for every process of storing bioproduct. Therefore, processes like biomaterial storage, handling, and research management require different equipment types. Hence, the equipment segment is further divided into storage equipment, sample analysis equipment, sample processing equipment, and sample transport equipment. The growth of the storage segment is attributed to the increasing awareness about biobanks. Also, the increasing number of product launches in the market is likely to offer significant opportunities for segment growth.

Browse Adjoining Reports:

Bio-Banking Human Samples Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Population based Biobanks, Disease- Oriented Biobanks); Sample type (Blood Products, Human Tissue, Cell Lines, Nucleic Acids, Biological Fluids, Human Waste Products); Storage type (Manual Storage, Automated Storage); Application (Clinical Research, Life Science and Medical Research, Regenerative Medicine) and Geography

Human Biobanking Equipment Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Type (Storage Equipment, Sample Analysis Equipment, Sample Processing Equipment, Sample Transport Equipment); Application (Regenerative Medicine, Life Science Research, Clinical Research) and Geography

Regenerative Medicine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type ( Cell-Based Immunotherapy and Cell Therapy Products, Tissue-Engineered Products, Gene Therapy Products ); Application ( Musculoskeletal Disorders, Wound Care, Oncology, Ocular Disorders, Diabetes ) and Geography

Biopreservation Media And Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Biopreservation Media, Biopreservation Equipment); Biospecimen (Human Tissue, Organs, Stem Cells, Other Biospecimens); Application (Therapeutic, Research, Clinical Trials, Other Applications); End-User (Hospitals, Biobank, Gene Banks, Other End Users) and Geography

Biopreservation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Biopreservation Equipment, and Biopreservation Media), Application (Therapeutic Applications, Research Applications, Clinical Trials and Other Applications), Biospecimens (Stem Cells, Organs, Human Tissue Samples, and Other Biospecimens), End User (Gene Bank, Hospitals, Biobanks, Others End Users)

Vitrification Market Forecast to 2028 - COVID-19 Impact and Global Analysis By By Specimen (Oocytes, Embryo, Sperm); End User (IVF Clinics, Biobanks) and Geography

Automated Sample Storage Systems Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Product (System Units, Reagents, Consumables); Application (Biological Sample Storage, Compound Storage); Capacity (Less Than 100K Samples, 100K - 500K Samples, 500K - 2M Samples, More Than 2M Samples); End User (Pharma and Biotech Companies, Academic Research Labs, Private Biobanks)

Cell Expansion Market to 2027 - Global Analysis and Forecasts By Product (Consumables and Instruments); Cell Type (Human Cell and Animal Cell); Application (Regenerative Medicine & Stem Cell Research, Cancer and Cell-based Research, Other Applications); End User (Research Institutes, Biopharmaceutical & Biotechnology Companies, Cell Banks, and Other End Users ), and Geography

Cell Line Development Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Primary Cell Line, Hybridomas, Continuous Cell Lines, and Recombinant Cell Line); By Product (Equipment and Media & Reagent); Application (Drug Discovery, Bioproduction and Tissue Engineering); and Geography

Stem Cell Manufacturing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Stem Cell Lines, Instruments, Culture Media, Consumables); Application (Research Applications, Clinical Applications, Cell and Tissue Banking); End User (Pharmaceutical and Biotechnology Companies, Hospitals and Surgical Centers, Academic Institutes and Research Laboratories, CROs, Cell Banks and Tissue Banks)

Gene Editing Service Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Technology ( Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR), Transcription Activator-Like Effector Nuclease (TALEN), Zinc Finger Nuclease (ZFN), Other Technologies ); Application ( Cell Line Editing, Animal Genome Editing, Plant Genome Editing, Others ); End-User ( Pharmaceutical Companies And Biotechnology Companies, Academics And Government Research Institutes, Clinical Research Organizations ) and Geography

Biotherapeutics Cell Line Development Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Process (Transfection and Selection, Single cell cloning); Option (In-house, Outsource, Hybrid); Application (Clinical Treatment, Scientific Research, Others) and Geography

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