Global Biobank Equipment Market Size Study, by Test Type, by End User and Regional Forecasts 2022-2032

Global Biobank Equipment Market is valued approximately at USD 47.25 Billion in 2023 and is anticipated to grow with a healthy growth rate of more than 5.75% over the forecast period 2024-2032. Biobank equipment encompasses specialized storage and handling solutions for biological specimens, including tissues, cells, DNA, and other biomolecules. These facilities are vital repositories, offering researchers access to a wide variety of specimens for applications such as drug discovery, genomics, and disease research. The increasing prevalence of chronic diseases has emerged as a crucial driver for the biobank equipment market. With the rise of conditions like diabetes, cardiovascular diseases, and various cancers, there is an urgent need for extensive research and development efforts. Biobanks play an essential role in this context by providing storage and management solutions for biological samples, aiding in the understanding of genetic, environmental, and lifestyle factors related to these diseases. Consequently, there has been a significant rise in demand for advanced equipment capable of handling, storing, and preserving these valuable biological specimens, propelling market growth.

The expansion of biomedical research has further catalyzed the growth of the biobank equipment market. As scientific advancements pave the way for new understanding and treatments of various diseases, the need for high-quality biological samples has increased. Biobanks serve as indispensable repositories for these critical specimens, providing a centralized and organized platform for researchers to access diverse samples. This surge in demand has led to a corresponding need for advanced equipment capable of efficiently processing, storing, and managing these biological resources. The growth of personalized medicine, genetic studies, and drug development has underscored the importance of biobanks, contributing to the sustained growth of the biobank equipment market. However, the market faces significant challenges related to ethical and legal issues. Biobanks must navigate complex ethical considerations and legal requirements when collecting and storing biological samples, including obtaining informed consent from donors, addressing privacy and confidentiality concerns, and determining ownership and usage rights of stored samples. These challenges necessitate stringent measures to protect donor information and ensure ethical practices.

North America dominated the biobank equipment market in 2023, holding a significant share due to its advanced healthcare infrastructure, well-established biotechnology firms, and highly skilled workforce. The region's robust research facilities and conducive ecosystem for biobank equipment innovation have positioned it as a leader in the market. Additionally, the increasing awareness and adoption of biobank equipment in North America have contributed to its market dominance. Meanwhile, the Asia Pacific region is expected to experience significant growth during the forecast period, driven by the increasing paediatric population and government initiatives to combat rising disease prevalence. Non-profit organizations in the region also play a role in raising awareness among healthcare professionals and the general public, thereby boosting the adoption of biobank equipment.

Major market players included in this report are:

• Becton, Dickinson and Company
• Bio-Techne Corporation
• Hamilton Company
• Merck KGaA
• Lonza Group AG
• QIAGEN N.V.
• Stemcell Technologies Inc.
• Tecan Group AG
• Thermo Fisher Scientific Inc.

The detailed segments and sub-segment of the market are explained below:

By Test Type:

• Equipment
• Cryogenic Storage System
• Alarm Monitoring Systems
• Others
• Media Consumables

By End User:

• Pharmaceutical and Biotechnology Companies
• Medical Device Companies
• Others

By Region:

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC
• Latin America
• Brazil
• Mexico
• RoLA
• Middle East & Africa
• Saudi Arabia
• South Africa
• RoMEA

Years considered for the study are as follows:

• Historical year - 2022
• Base year - 2023
• Forecast period - 2024 to 2032

Key Takeaways:

• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.