Global biobanking market projected to nearly double in size by 2032 due to technological advancements
From GlobeNewswire: 2025-03-11 10:00:00
The global Biobanking Market size was valued at USD 76.18 billion in 2023, with a projected growth to USD 160.75 billion by 2032 at a CAGR of 8.67%. Technological advancements in genomics and precision medicine are driving this growth, along with increased investments in biobank facilities.
Biobanks have evolved from traditional repositories to crucial components of modern medical research and personalized healthcare. These banks store biological specimens with detailed personal and health information, enabling progress in disease investigation, pharmaceutical development, and precision medicine interventions. Strong infrastructural and economic investments highlight the vital role biobanking plays in modern healthcare.
Major players in the Biobanking Market include Thermo Fisher Scientific, Merck KGaA, Qiagen, Hamilton Company, Tecan Trading AG, Danaher Corporation, and more. These companies offer various products and services crucial for biobanking operations, contributing to the industry’s growth and development.
In 2023, biobanking equipment accounted for 77.3% of total revenue, emphasizing the importance of sophisticated equipment in specimen collection, processing, and storage. The Laboratory Information Management Systems (LIMS) segment is expected to grow rapidly due to increased demand for effective data management and operational efficiency in biobanking operations.
The biobanking and repository services segment held the highest revenue market share in 2023, supporting disease-specific research and personalized therapies. The qualification and validation services segment is projected to experience significant growth, driven by the need to adhere to regulatory requirements and ensure the quality and reliability of biospecimens for research.
Human tissues were the largest segment in 2023, crucial for disease study, biomarker identification, and therapy development. Stem cells are expected to witness the highest growth rate, offering potential in regenerative medicine and therapeutic strategies due to their differentiation capabilities.
Physical biobanks dominated the market in 2023, providing reliable infrastructure for collecting, storing, and distributing biological samples. Virtual biobanks are projected to grow rapidly, leveraging digital technologies for efficient data sharing and collaboration among researchers globally, overcoming biospecimen access challenges and accelerating research progress. The Biobanking Market is segmented by product, service, biospecimen type, biobanks type, application, ownership, and end-use. Recent developments include the UK Biobank’s protein study, India’s NABL biobanking accreditation program, and LPKF’s headquarters move. The market report includes a detailed analysis and outlook for 2024-2032, providing key insights and trends for stakeholders. Access the full report for in-depth information on the biobanking industry.
Read more at GlobeNewswire: Global Biobanking Market Projected to Reach USD 160.75