The global biobanking market was valued at USD 24,356 million in 2020, which will grow at a CAGR of 6.8% during the forecast period. Globally, biobanking industry is driven by factors such as the Increasing prevalence of chronic diseases, increasing demand for value-based care, increasing investment for genomic research, increasing awareness, robust pipeline for cell therapy.

The market for biobanking is witnessing growth due to growing awareness on the therapeutic potential of stem cells, increasing approval of clinical trials in using cord blood cells, advances in biobanking. The increasing government funding for regenerative medicines; and the development of novel technologies for stem cell preservation, storage, and processing offer market players immense opportunities for biobanking industry revenue growth.

Based on storage type biobanking market is categorized into manual and automated, on the basis of product. Among the two categories, the demand for automated biobanking storage is growing at a higher rate. The trend is anticipated to continue in the coming years due to the increasing need for automation, advancements in technology, need for storage of contamination free samples.

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Based on offering, the biobanking market is segmented into consumables, equipment, services, and software. Consumables hold the largest share in the biobanking market, globally primarily due to the frequent purchases during the years. The market for biobanking services is anticipated to grow significantly during the forecast period as new players are emerging to provide biobanking services with novel approaches.

Based on application the market is categorized into life science and medical research, clinical research, and regenerative medicine. Of all the categories, biobanking is mostly used for clinical research purposes as the need for value-based treatments for various therapeutic areas is on the rise significantly across the globe. Also, with the advancements in cell therapy, the market for regenerative medicines is also growing at a significant rate.

Based on utility needs, the market is categorized into routine, research, and epidemiology. The biobanking market is anticipated to hold a significant share for research due to the increasing research funding by the large biopharmaceutical companies across the globe.

Geographically, North America has accounted for the largest share in the biobanking market, globally and is predicted to grow significantly during the forecast period. Some of the key factors leading to the growth of the North American market are technological advancement in the field of preservation and collection technique, availability of federal funding for research, and ongoing approvals for regenerative medicines. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to the high potential of China. The growth in the region is centered in China, Japan and India as these countries have been developing their Lifesciences industry infrastructure with the increasing research funding.

Some of the key players operating in the global biobanking market are BioLifeSolutions Inc, Becton, Dickinson and Company, Atlanta Biologicals Inc., Merck KGaA, Thermo Fisher Scientific Inc., STEMCELL Technologies Inc., Qiagen NV, Chart Industries Inc., VWR International LLC, Hamilton Company, PHC Holdings Corporation, Avantor Inc, and AlphaCord LLC.

Source: VynZ Research