Global Biobanking Market Sets Sights on a Lucrative Future: US Billion Market Expected at ~8% Growth by 2027

Posted by Prathamesh on January 24th, 2024

Biobanks are specialized institutions that store and maintain biological samples, such as human tissues, fluids, and genetic materials, under regulated settings. These samples are extremely useful for scientific study, medical diagnostics, and medication development. Biobanks can be further categorized into population-based or disease-oriented biobanks.

The growing adoption of automation solutions for safeguarding biobank samples drives the Biobanking Market

The focus on providing an automated solution and a more tailored approach to healthcare is driving the rapid evolution of biobanking technologies such as sample storage, retrieval systems, AI-driven automation processes, data analytics, robotics, and data management solutions. Some benefits of employing automated solutions include:

•         Reduced risk of sample contamination and degradation using precise, monitored environmental controls
•         Eliminate manual variability and errors via automated sample tracking, sample picking, and worklist generation
•         Improve efficiencies through LIMS integration
•         Focus on high-value activities through hands-free, hassle-free workflows

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The use of biobanks for research activities boosts Biobanking Market growth

Biobanking is becoming increasingly important in the realm of biomedical research. Biobanking allows scientists to safely preserve study samples for as long as they choose without jeopardizing the quality of their research findings. Biobanking allows scientists to investigate the biological basis of illnesses, discover novel biomarkers, and create new treatments and cures. Biobanking also gives researchers access to vast, diverse sample sets, which can speed up drug discovery and development. Furthermore, biobanking promotes collaboration among researchers and institutions by facilitating the exchange of samples and data to further medical research. For instance,

•   In December 2023, Biobanking and Biomolecular Resources Research Infrastructure – European Research Infrastructure Consortium (BBMRI-ERIC), announced the launch of the Innovative Federated Platform Finder and Locator, designed to facilitate researchers' access to biobanks and biomolecular resources that benefit both biobanks and researchers

The role of biobanking in the fight against climate change impacts the Biobanking Market

Biobanking is making a significant, beneficial contribution to environmental sustainability. Biobanking itself may not be an effective method for combating climate change. Still, biobanks, which store biological samples such as tissues, blood, and DNA, have emerged as unsung heroes in the fight against climate change. Biobanking reduces the need for duplicate testing, allows for more energy-efficient sample storage, and helps to reduce biological waste.

COVID-19's Impact on the Biobanking Market

The introduction of the coronavirus has aided the growth of the biobanking sector. High-quality COVID-19 specimens are required for both diagnostic testing and research, and biobanks serve as an important repository for these specimens. Biobanks provide researchers with the samples they need to investigate the illness and create vaccines and cures. Thus, biobanks have played an important role in the fight against COVID-19, as well as the creation and validation of novel diagnostics, treatments, and vaccinations.

Key Challenges of the Biobanking Market

Some of the key factors impeding the growth of the biobanking market include a lack of workflow standardization and data harmonization, insufficient interoperability among databases and IT platforms, maintaining the quality and integrity of biological samples, data security and privacy concerns, variations in ethical, legal, and societal issues related to legislation, and a widespread reluctance among researchers to share materials.

Europe Accounts for the Largest Share of the Global Biobanking Market

From a geographical perspective, Europe holds a major market share of the biobanking market. This can be mainly attributed to the presence of well-established biobanks in European countries, an increase in the trend of conservation of the cord blood stem cells of newborns, and innovative storage methods and retrieval systems in the region.

Competitive Landscape Analysis of the Biobanking Market

The top market players in the global biobanking market include Thermo Fisher Scientific Inc., Tecan Trading AG, QIAGEN, BioLifeSolutions Inc., among others.

Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Biobanking Market

Players operating in this market are adopting both organic and inorganic growth strategies such as collaborations, and acquisitions to garner market share. For instance,

•   In November 2023, UK Biobank Unveiled incredible new data from whole genome sequencing (1) of its half a million participants. This is set to drive the discovery of new diagnostics, treatments, and cures and, uniquely, is available to approved researchers worldwide, via a protected database containing only de-identified data (e.g. name, address, date of birth, name of GP, and more stripped out)

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