The global Biobanks Market size is expected to reach USD 106.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2021 to 2028. Biobanks continue to evolve with the introduction of new technologies such as NGS and increased focus on genomic medicine. The availability of several types of biospecimens to cater to multiple domains including drug discovery, diagnostics, and others has accelerated the diversification of biorepositories, thereby driving the market.
The quality of biospecimens can significantly influence the disease testing as well as preclinical and clinical research. Regulatory agencies have played a vital role in spurring the adoption of biobanking services by establishing guidelines for the effective management of samples. For instance, the U.S. Centers for Disease Control and Prevention (CDC) released guidelines to minimize human hazards while handling COVID-19 samples.
This serves as a model for other biorepositories. Furthermore, as the number of research studies and clinical trials related to COVID-19 is increasing, the demand for high-quality biospecimens is expected to significantly increase in the near future, leading to market growth. In addition, population-based cohort studies are facilitated by biorepositories to estimate the actual seroprevalence. Health Catalyst, Inc., through its Touchstone platform, provides national data related to COVID-19 insights. Such factors are anticipated to contribute to the revenue flow in this space.
Related Press Release @ Biobanks Market Report
Biobanks Market Report Highlights
- The biobanking equipment segment accounted for the maximum revenue share in 2020 owing to the high cost of instruments coupled with an increase in the number of biorepositories
- The biobanking and repository services segment accounted for the largest revenue share of 36.0% in the market
- This is because of the higher penetration of these services and the increased need for the preservation of biosamples for developing precision medicine and disease-specific research
- Human tissues are the most stored sample for clinical research, resulting in the dominance of this sample type in the market
- The virtual biobanks segment is anticipated to witness the fastest growth rate over the forecast period owing to the growing demand for 3D biospecimens coupled with the need for rare disease data for biomedical research
- The therapeutics application segment accounted for the largest revenue share in 2020 owing to the growing popularity of cell therapies for cancer treatment
- Several pharma/biotech companies have established their private banks to support clinical trials and the development of cell therapies, resulting in revenue growth in this segment
- North America dominated the market with its wide network of centers for biosample storage in the U.S.
- Moreover, a high number of COVID-19 cases in the U.S. and increased R&D programs have resulted in the establishment of new biorepositories, thereby driving the revenue in North America
- In Asia Pacific, the market is anticipated to register the fastest growth owing to the ever-expanding pharmaceuticals and clinical research domain across the Asian countries
- The key players are engaged in expanding their global reach by partnering with global distributors, merger, and acquisition of other players, and entering a strategic alliance with research communities