By Component (Hardware, Software, Consumables, and Service),
By Sample Type (Blood Product, Tissue, Biological Fluids, Cell Lines, Nucleic Acids, and Others),
By Application (Therapeutic and Research),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2023-2033
The global biobanks market will be worth over USD 77 billion by 2032.
Biobanks are repositories of biological fluid and tissue samples that come as a handy tool to study tissue and gene dynamics and thus build on advanced therapies such as precision medicine and gene therapy. The revolutionary impact of the research and development domain on the advent of advanced treatments such as precision medicine, regenerative therapy, oncology, and genomics has boosted the utility of Biobanks. Biobanks are being treated as the primary tools for drug discovery, understanding chronic conditions, concluding treatment approaches, and understanding genetic dynamics better. The rise in the geriatric population and unhealthy life patterns is favoring increasing instances of chronic diseases. Therefore, The research field is exhausting many resources to find effective ways to cure or manage chronic conditions. For example, Qatar recently invested in leveling up its research and development by representing Qatar Biobank as a member of the Biobanking and BioMolecular Resources Research Infrastructure – European Research Infrastructure Consortium. This allows the global exchange of Qatar Biobank resources to benefit future health goals.
The companies operating within the Biobanks industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, BioLifeSolutions acquired two companies in 2021. It reached an ultra-low temperature freezer company (Stirling Ultracold). Also, it received a cell and gene therapy manufacturing solutions company (Sexton Biotechnologies). This acquisition enabled BioLifeSolutions to progress towards practical preservation and providing tools for cell therapies. Furthermore, notable investment towards research and development to launch new and innovative products that support chronic disorder management at multiple levels is also practiced by industry stakeholders.
According to the CXOs and primary research conducted, COVID-19 left a positive impact on the Biobanks market. This was observed due to increased pressure to develop a vaccine or medicine for the widespread virus. Drug discovery had to be accelerated, and rigorous testing on patient samples was carried out to understand the infection better. It also opened up horizons for transfusion therapies where plasma, a biological fluid, could be transferred from one recovered patient to another sick patient to transfer antibodies. The key developments that boosted the Biobanks market were the plasma repositories and tissue samples to better understand the disease. The pandemic also highlighted the role of genetics in response to an infection, thus accelerating research and development toward genomics and shaping potential market opportunities for Biobanks.
The Biobanks market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the studied region, the Asia-Pacific will witness the highest growth rate in the forecast period, followed by Europe, North America, Latin America, and Middle East & Africa. The rise in geriatric populations, the increasing prevalence of chronic disorders, the advent of advanced therapies such as Precision medicine, regenerative medicine, and genomics, and the presence of major industry players within the region are primary factors supporting market potential within the Asia-Pacific region. The major companies operating within the market are Brooks Life Sciences, BioLifeSolutions Inc, BioCision., Cell&Co BioServices, Hamilton Company, Thermo Fisher Scientific Inc, Tecan Trading AG, TTP Labtech, Taylor-Wharton, and VWR International, LLC.