The global biobanking market is anticipated to grow at a considerable CAGR of 6.7% during the forecast period (2024-2031). The market growth is mainly attributed to the rise in cancer patients across the globe leading to an increase in the number of researchers. According to the reports of the World Health Organization, cancer was estimated to be the leading cause of death in 2020 accounting for nearly 10 million deaths across the globe in the same year. Breast cancer was estimated to account for nearly 2.26 million cases and the most common cause of cancer death in 2020 was lung cancer which accounted for around 1.8 million deaths globally. The rise in the number of cancer patients has increased the number of researches to deliver proper treatment. Moreover, collaborations between the private and public institutions have played a vital role in providing growth to the market share. Supportive government initiatives and policies have also contributed to the growth of pharmaceutical biobanks. For instance, in 2018, The Ethics Advisory Committee (EAC) was established to provide advice to the Board on ethical issues that arise during the maintenance, development, and use of the UK Biobank.
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Moreover, In February 2019, Danaher Corp. announced that it has reached a definitive agreement with General Electric Co. to buy GE Life Sciences’ Biopharma business (“GE Biopharma”) for $21.4 billion. In May 2021, Vigene Biosciences Inc., a leading U.S.-based gene therapy contract development and manufacturing organization (CDMO) that specializes in viral vector-based gene delivery technologies have been acquired by Charles River Laboratories International Inc. The purchase price was estimated to be roughly $292.5 million.
In January 2019, MediSapiens, a leading developer and provider of genomic, biomedical, and health data solutions, has formed a partnership with Modul-Bio, a leading provider of biological sample management solutions, Biobank Information Management Systems (BIMS), and collaborative tools for sharing biological sample collections. The two companies have done this collaboration with hoping that this complement one other’s biobanking solutions, giving biobanks an all-around capability for managing, exchanging, and commercializing their samples and data. Thus, the rising prevalence of cancer cases, rising demand for the biobanks, and the major player’s initiatives such as partnerships, collaborations, and mergers and acquisitions are to drive the market growth during the forecast period.
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Market Coverage
- Segment Covered-
o By Product Type
o By Sample Type
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Becton, Dickinson and Co., Thermo Fisher Scientific Inc., AstraZeneca plc, Charles River Laboratories, and Boehringer Ingelheim Pharma GmbH & Co. KG, among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Bio-Banking Market Report Segment
By Product Type
- Equipment
- Consumables
- Software & Services
By Sample Type
- Blood Products
- Human Tissues
- Nucleic Acid
- Cell Lines
- Biological Fluid
- Human Waste Product
By Application
- Clinical Research
- Regenerative Medicine
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