PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1522714
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1522714
Global biobanking market is projected to witness a CAGR of 7.60% during the forecast period 2024-2031, growing from USD 70.69 billion in 2023 to USD 127.02 billion in 2031. The growth of the market is augmented by the growing awareness of various advantages associated with biobanks, rise in cases of chronic diseases, and increasing investments towards biobanks.
The increasing emphasis on precision medicine and genetic testing and the rising popularity of cord blood stem cell preservation in newborns boosts the market's growth. This rise can be attributed to the growing awareness about the various advantages associated with stem cells from cord blood. These stem cells can be used to strengthen the immune system of patients undergoing cancer treatments and can be frozen and stored away for future applications.
The rising incidences of several chronic diseases and disorders are one of the significant global biobanking market trends. With the help of population-based biobanks, researchers are able to examine the role of exposure to external factors and individual genetic susceptibility in the development of various diseases by combining laboratory test results, clinical data, imaging data, and questionnaire data with molecular data. Additionally, the biological samples provided by biobanks can aid in validating and screening potential biomarkers. For instance, by analyzing tumor samples from cancer patients, researchers are able to discover changes in protein expression patterns and gene mutations that are associated with tumor development.
Increasing Prevalence of Chronic Diseases Boosts Market Demand
The rise in the number of cases of various chronic diseases in different regions is propelling the global biobanking market demand. Cardiovascular disorders are one of the leading causes of death. Cardiology research has discovered several genetic markers and proteins that might be responsible for the disorders. Biobanks have played a crucial role in these research activities by providing relevant samples to enhance the understanding of the therapy, prognosis, and diagnosis of cardiovascular disorders. According to the estimates of the US Centers for Disease Control and Prevention, approximately 695,000 individuals died from heart disease in 2021.
Similarly, cancer cases are rising, propelling the market demand as biobanks store samples and other essential data in a planned and systematic manner. This allows for detection, diagnosis, treatment, prevention of cancer, progressing genetic studies, and aiding researchers in identifying potential drug targets. The American Cancer Society estimated that 2,001,140 new cases of cancer and 611,720 deaths related to the disease are expected to occur in 2024 in the United States.
Rising Investments Towards Biobanks Support Market Expansion
The increasing investments in biobanks due to the growing awareness of various advantages is one of the significant factors bolstering the global biobanking market growth. Biobanks play a crucial role in precision medicine and have supported medical advancements, such as anticipation of dementia, similar conditions, and prevention of heart attacks. Biobanking technology has aided healthcare professionals and researchers in developing tests capable of predicting patients' response to immunotherapy. Furthermore, the DNA data collected from biobanks has allowed researchers to determine the correct dosages of anticoagulants, thus boosting investments in biobanks in various regions across the globe. In June 2024, the iCAN national program launched a funding of USD 2.7 million (EUR 2.5 million) for cancer centers biobank projects. The project is expected to expand the molecular profiling of cancer in Finland and aims to identify new targets for treatment. The project, launched within the framework of the Southern Cancer Center and in cooperation between the HUS Helsinki University Hospital and the University of Helsinki, aims to expand to all the FICAN National Cancer Centers in alliance with the regional biobanks.
Europe Expected to Account for Significant Market Share
The growth of the European market is augmented by the strong presence of key market players, expansion of the research and development sector in healthcare, and growing awareness about various advantages associated with biobanks. Biobanking is essential for preserving specimens and plays a crucial role in enhancing the knowledge of healthcare professionals and researchers, allowing them to develop new technologies for treating and detecting diseases. Thus, the market is witnessing significant growth in Europe due to the rising prevalence of various chronic diseases in the region. According to the estimates of the Europa Donna, The European Breast Cancer Coalition, 604,900 incidences of cancer were reported in Europe in 2022. This increase is further propelling the requirement for biobanks in the region as they play a vital role in aiding researchers in studying various mechanisms associated with the development of cancer and their response to treatment, progression, and resistance.
Equipment Segment Anticipated to Hold Significant Market Share
The expansion of the segment is supported by the rising collection of bio-samples and an increasing number of biobanks. Biobanking equipment plays a crucial role in storing, processing, analyzing, and transporting samples and is responsible for catering to the diverse sets of requirements of medical facilities, biobanks, and research institutes. The rising efforts of various medical technology companies towards the development and introduction of advanced solutions is another major factor supporting the segment's expansion. In July 2023, Tecan Group Ltd. introduced a new phase separator to enhance automation in biobanking and liquid biopsy. The phase separator is expected to support advancements across various disease areas, including metabolic diseases, neurodegenerative diseases, oncology, proteomics, genomics, and others.
Future Market Scenario (2024 - 2031F)
The increasing investments in constructing biobanks are expected to boost the market's growth in the forecast years. Various clinical trials for several diseases and increasing utilization of stem cell therapies for treating rare and chronic diseases are other significant factors expected to boost the requirement for biobanking products. The increasing complexity of life science research is another major factor creating the requirement for high-quality specimens, which in turn is augmenting the investments in the construction of biobanks. Additionally, advancements in biomedical research technologies, such as molecular profiling, high-throughput screening, and next-generation sequencing, are propelling the requirement for large-scale sample repositories to support their execution. Thus, due to the rising efforts of researchers to enhance human health and increase their understanding of various diseases, the requirement for biobanking is expected to rise in the coming years.
Key Players Landscape and Outlook
The rising investments by the key players of the market toward the introduction of novel technologies are bolstering the global biobanking market size. In January 2024, Thermo Fisher Scientific Inc. announced the launch of the new Axiom PangenomiX Array, their ethnically diverse and most extensive array that offers genetic coverage in pharmacogenomic research and population-scale disease research studies. At present, the array is the only research solution that combines fixed copy number discovery, whole-genome copy number variant detection, HLA typing, and SNP genotyping in one test. The array has already found application at a leading biobank in the United States for analyzing close to half a million ethnically diverse samples.
Additionally, in May 2024, Hamilton Company announced that four high-capacity BiOS automated storage systems will be installed in the new Manchester Science Park headquarters of the United Kingdom Biobank. The systems are expected to store over 12 million biological samples and have a capacity of an additional 8 million samples.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work