In February 2023, PHC Corporation of North America launched the PHCbi Brand VIP ECO SMART Ultra-low Temperature Freezer with industry-leading energy efficiency.

Northbrook, IL 60062 -- (SBWire) -- 08/11/2023 --Biobanking Market in terms of revenue was estimated to be worth $2.9 billion in 2023 and is poised to reach $5.0 billion by 2028, growing at a CAGR of 11.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The global biobanking market is expected to grow at a CAGR of 11.4% during the forecast period. The growth of this market is driven by increasing number of private cord blood banks has led to a rise in competition among biobanks, which has driven innovation and improvements in the quality of biobanking services. This, in turn, has fueled growth in the biobanking market as more companies seek to enter this expanding field and meet the growing demand for cord blood stem cell preservation.

The biobanking sector is poised for substantial growth and evolution in the coming years. Biobanks hold a pivotal role in the collection, storage, and management of biological samples and associated data, catering to both research and healthcare objectives. With remarkable strides in precision medicine, personalized therapies, and genomic exploration, the demand for top-tier biological specimens is on the rise, serving biomedical research, drug discovery, and diagnostics. Biobanks serve as invaluable hubs for researchers, granting access to well-defined and varied samples that shed light on diseases, genetic variations, and biomarkers.
In the immediate future, biobanks are set to broaden their repositories, embracing a diverse array of sample types like tissues, blood, DNA, and biofluids. Furthermore, the fusion of biobanking with cutting-edge technologies like data analytics, artificial intelligence, and blockchain is poised to elevate sample tracking, data management, and security to unprecedented levels. Ethical practices, informed consent, and privacy safeguards will take center stage, addressing concerns and cultivating public confidence.

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Key Market Players:

Key players in the biobanking market include Thermo Fisher Scientific, Inc. (US), PHC Holdings Corporation (Japan), Becton, Dickinson and Company (US), QIAGEN N.V. (Germany), Merck KGaA (Germany), Avantor, Inc. (US), Cryoport, Inc. (US), Tecan Trading AG (Switzerland), Azenta, Inc. (US), Greiner Holding AG (Austria), Hamilton Company (US), Micronic (Netherlands), AMSBIO (UK), Bay Biosciences LLC (US), BioKryo (Germany), SPT Labtech (UK), ASKION GmbH (Germany), Cell&Co BioServices (France), Ziath Ltd. (UK), CTIBiotech (France), Cureline (US), Firalis Group (France), Sopachem (Netherlands), ProteoGenex (US), and US Biolab Corporation, Inc. (US).

Biobanking Market Dynamics:

Drivers:

1. Growing investments and funding for biobanks
2. Focus on genetic testing and precision medicine
3. Increasing trend in preservation of cord blood stem cells from newborns
4. Favorable funding scenario for research related to regenerative medicine

Restraints:

1. High cost of automated equipment
2. Issues related to biospecimen sample management

Opportunities:

1. Emerging countries to provide lucrative opportunities

Challenges:

1. High operational cost of biobanks
2. Storage of samples

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The blood products segment accounted for the largest share, by sample type in the biobanking market in 2022.

Based on sample type, the global biobanking market has been segmented into blood products, human tissues, nucleic acids, human waste products, cell lines, and biological fluids. The blood products segment held the largest share of the global biobanking market in 2022. This can be attributed to the rising incidence of blood disorders and the increasing demand for various types of blood products across the globe. With the ongoing expansion of biobanks and the increasing emphasis on precision medicine, the demand for blood products in biobanking is expected to remain strong, further propelling the growth of the global biobanking market

The manual storage segment accounted for the largest share of the storage type segment in the biobanking market in 2022.

Based on storage, the global biobanking market has been segmented into manual storage and automated storage. The manual storage segment held the larger market share in 2022. The large share of this segment can be attributed to the low cost and easy installation associated with this type of storage. Furthermore, many research centers and life science companies rely on manual processes for biological sample storage, this is further accelerating the market growth.

The North America region catered the largest share of the biobanking market in 2022.

The biobanking market in North America has experienced significant growth in recent years, showcasing a robust expansion trajectory. This can be attributed to the increasing number of biobanks and the growing investments in biobanking infrastructure. Major healthcare institutes and research organizations in North America have made substantial commitments to expanding their biobanking capabilities. Additionally, the rising prevalence of chronic diseases and the subsequent demand for personalized medicine has fueled the growth of the biobanking market in North America, with biobanks playing a pivotal role in storing and providing high-quality biological specimens for research and development purposes.

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Recent Developments:

- In February 2023, PHC Corporation of North America launched the PHCbi Brand VIP ECO SMART Ultra-low Temperature Freezer with industry-leading energy efficiency.

- In September 2022, Cryoport entered into a strategic partnership with BioLife Plasma Services to offer supply chain solutions and service offerings, such as bioservices and cryo-processing, for BioLife Plasma Services.