The global biobanking market was valued at USD 23,253.6 million in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period. Several offerings such as consumables and equipment, majorly contribute to the biobanking market size. Increasing the prevalence of chronic diseases, increasing demand for value-based care, increasing investment for genomic research, increasing awareness, robust pipeline for cell therapy are leading to the growth of the market.

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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.

Growing global burden of chronic disease, increasing healthcare expenditure and public awareness related to the therapeutic potential of stem cells are also fueling the growth of the biobanking market.

The strict regulatory framework and high operational and processing costs are the major challenges for the growth of the biobanking market. Moreover, the socio-ethical issues associated with biobanking and the high cost of automation are impeding the growth of the global market.

Geographically, North America is the largest market for biobanking. 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. Asia-Pacific is the fastest-growing biobanking industry primarily 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.

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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.

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