Biobanking Market Outlook, 2029

Biobanking, the process of collecting, storing, and managing biological samples for research purposes, has become an essential infrastructure for advancing biomedical science. These repositories contain a vast array of biological materials, including blood, tissues, DNA, and other bodily fluids, alongside critical associated data like medical histories, genetic information, and lifestyle factors. By offering a structured and accessible archive of biological specimens, biobanks enable researchers to conduct studies that drive breakthroughs in understanding diseases, developing new treatments, and personalizing medicine.

Biobanks are structured resources that collect, store, and disseminate human biological materials and associated data for medical research, with the ultimate goal of improving health care for all. Over the last several decades, there have been tremendous improvements in the collection and storage of human samples, allowing the worldwide scientific community to obtain important results in medical research. Although the term "biobank" first appeared in scientific publications in 1996, there is still no universally agreed upon definition.

One of the first definitions, introduced by the Organization for Economic Cooperation and Development (OECD), describes biobanks as "a collection of biological material and the associated data and information stored in an organized system, for a population or a large subset of a population". Biobanks can be classified based on various criteria, such as the type of samples collected (e.g., tissues, cells, DNA, proteins), the purpose of the collection (e.g., research, clinical, public health), or the population they serve (e.g., disease-specific, population-based).

The processes involved in the collection, processing, storage, and management of high-quality biological samples for medical research should be carried out following standardized procedures that protect patient confidentiality and rights. Biobanks collect a wide range of samples, including tissues, cells, blood, and nucleic acids, and employ various storage methods depending on the type of sample and the intended use. Biobanking raises important ethical and legal issues, such as informed consent, privacy, and data sharing. Transparent, effective, and efficient governance structures and procedures for access, compensation, and priority setting are needed to ensure appropriate sample access for research while respecting the rights and interests of all stakeholders.

According to the research report, the market is anticipated to cross USD 115 Billion by 2029, increasing from USD 78.45 Billion in 2023. The market is expected to grow with 7.33% CAGR by 2024-29. The surge in genomics research and the quest for precision medicine have fueled the demand for high-quality biological samples. Biobanks provide the essential infrastructure for collecting and analyzing genetic data, facilitating the development of targeted therapies and personalized treatment plans. The rising incidence of chronic diseases such as cancer, diabetes, and cardiovascular conditions has highlighted the need for extensive biological research.

Biobanks offer a repository of samples that enable researchers to study these diseases' underlying mechanisms and identify potential therapeutic targets. Also, government agencies and research institutions worldwide are investing heavily in biobanking infrastructure. Initiatives like the European Biobanking and BioMolecular resources Research Infrastructure (BBMRI-ERIC) and the U.S. National Institutes of Health (NIH) All of Us Research Program exemplify the commitment to enhancing biobanking capabilities. High investments in the R&D of advanced therapies, such as regenerative medicine, personalized medicine, and cancer genomic studies, are some of the driving factors.

Moreover, the onset of COVID-19 has put biobanks at the forefront of the pandemic control measures, resulting in the organic revenue growth of the market. The COVID-19 outbreak had a major influence on the biobanking industry. Biobanking is important for the diagnosis & production of medicines for a variety of disorders. International initiatives to produce vaccines and other medicines to prevent the spread of the virus have been urgently needed. Developing countries from the Middle East region are investing in biobanks to advance the medical research domain in the country.

For instance, in September 2023, the Crown Prince of Abu Dhabi announced the launch of a biobank to support the requirement of personalized medicine through advanced treatments that utilize human tissues and stem cells in medical research. This research will help treat over 80 diseases and immune system issues. Moreover, it strengthens the position of the UAE in the global biobanks market.

Market Drivers

• Advancements in Genomics and Precision Medicine: The rapid progress in genomics and the shift towards precision medicine are significant drivers for the biobanking industry. As researchers strive to understand the genetic basis of diseases and develop personalized treatment plans, the demand for high-quality biological samples has surged. Biobanks provide the essential infrastructure to collect, store, and analyze these samples, enabling the identification of genetic variations and biomarkers crucial for targeted therapies. For example, large-scale projects like the UK Biobank and the All of Us Research Program in the U.S. are pivotal in collecting diverse genetic data that support precision medicine initiatives.
• Increasing Prevalence of Chronic Diseases: The rising incidence of chronic diseases such as cancer, diabetes, and cardiovascular conditions has underscored the need for extensive biomedical research. Biobanks offer repositories of biological samples that are indispensable for studying these diseases' underlying mechanisms, identifying potential therapeutic targets, and developing new treatments. By providing access to well-characterized samples, biobanks facilitate research that aims to improve disease prevention, diagnosis, and management strategies.

Market Challenges

• Ethical and Legal Issues: One of the primary challenges facing the biobanking industry is navigating the complex ethical and legal landscape. Obtaining informed consent from donors, ensuring data privacy, and maintaining donor confidentiality are critical but challenging aspects. Compliance with regulations like the General Data Protection Regulation (GDPR) in Europe and the Health Insurance Portability and Accountability Act (HIPAA) in the U.S. adds layers of complexity. Ethical concerns about the use and potential misuse of genetic information also require robust policies and transparent communication with donors to build and maintain trust.
• Sustainability and Funding: Sustaining biobanks financially over the long term is a significant challenge. The costs associated with sample collection, storage, and management are substantial. Securing continuous funding from government grants, institutional support, or private investment is often difficult. Additionally, the need to update technologies and infrastructure to keep pace with scientific advancements adds to the financial burden. Biobanks must demonstrate their value to attract funding and develop sustainable business models, such as fee-for-service arrangements or public-private partnerships.

Market Trends

• Integration of Advanced Technologies: The integration of advanced technologies such as automation, digitalization, and big data analytics is transforming the biobanking industry. Automated systems and robotics enhance the efficiency and accuracy of sample handling, reducing human error and ensuring sample integrity. Digital platforms and big data tools enable the comprehensive management and analysis of large datasets, facilitating the integration of biological, clinical, and environmental data. These advancements not only streamline biobank operations but also enhance the quality and utility of the stored samples.
• Global Collaboration and Standardization: There is a growing trend towards global collaboration and standardization in the biobanking industry. International networks and consortiums are emerging to promote the sharing of biobank resources and data across borders. Initiatives like the European Biobanking and BioMolecular resources Research Infrastructure (BBMRI-ERIC) aim to harmonize biobanking practices, ensuring consistency and reliability in sample collection, storage, and data management. Standardization efforts are crucial for facilitating large-scale, multi-center studies and ensuring that biobank resources are accessible and useful to researchers worldwide.

The primary reason for Equipment's dominance in the biobanking market is its ability to provide highly specialized, reliable, and efficient solutions for the complex needs of biobanking.

Biobanking is a critical and intricate field that involves the collection, processing, storage, and retrieval of biological samples for research and clinical purposes. The quality, integrity, and accessibility of these samples are paramount to the success of any subsequent analyses or applications. Therefore, biobanking facilities require highly specialized and advanced equipment to ensure optimal sample preservation and management. Equipment manufacturers in the biobanking market have been able to establish a strong foothold by offering a wide range of products that cater to these specific demands.

These include ultra-low temperature freezers, liquid nitrogen storage tanks, automated storage and retrieval systems, sample tracking and inventory software, and various other processing and monitoring tools. The reliability and performance of this equipment are crucial, as any malfunctions or fluctuations can compromise the biological samples and lead to significant data loss. As such, leading equipment providers have invested heavily in research and development to produce systems that offer the highest levels of stability, precision, and energy efficiency. This commitment to innovation and quality has allowed these companies to build a reputation of trust and reliability among biobanking professionals.

Furthermore, the increasing complexity and scale of biobanking operations have driven a demand for more automated, integrated, and data-driven solutions. Equipment providers have been at the forefront of this trend, developing sophisticated systems that can seamlessly handle and track large volumes of samples, while also generating valuable data for process optimization and quality control.

The primary reason for Biobanking and Repository Services' dominance in the biobanking market is their ability to provide comprehensive, high-quality, and customizable sample management solutions that meet the diverse and evolving needs of the research and clinical communities.

Biobanking and Repository Services (BRS) are organizations that specialize in the collection, processing, storage, and distribution of biological samples for research, clinical, and diagnostic purposes. The demand for BRS has been steadily increasing, driven by the growth of personalized medicine, the proliferation of large-scale biomedical research initiatives, and the recognition of the importance of high-quality biospecimens for reliable and reproducible research findings. BRS providers have been able to establish a strong foothold in the biobanking market by offering a wide range of services that cater to the diverse needs of their clients.

These services can include sample collection and transportation, sample processing and preservation, sample annotation and quality control, sample storage and inventory management, and sample distribution and tracking. By providing a one-stop-shop for all sample management needs, BRS providers can help their clients streamline their operations, reduce costs, and improve the overall quality of their research or clinical programs. The utility and value of a biological sample are highly dependent on its quality and the availability of relevant clinical, demographic, and exposure data.

BRS providers have extensive expertise and experience in sample handling and annotation, and they often implement rigorous quality control and quality assurance programs to ensure the integrity and reliability of their samples. This commitment to quality can significantly enhance the value and impact of the research or clinical programs that utilize their samples. Furthermore, BRS providers have been able to differentiate themselves in the biobanking market by offering customizable and flexible solutions that can be tailored to the specific needs and requirements of their clients.

This can include the development of custom sample collection protocols, the implementation of client-specific data management and reporting systems, and the provision of on-demand or just-in-time sample processing and distribution services. By offering these customizable solutions, BRS providers can help their clients overcome the unique challenges and constraints of their research or clinical programs and achieve their desired outcomes.

The primary reason for Human Tissues' dominance in the biobanking market is their ability to provide high-quality, ethically sourced, and well-annotated human biospecimens that are essential for biomedical research, drug discovery, and personalized medicine.

Human Tissues are biological samples that are collected from living or deceased individuals for research, diagnostic, or therapeutic purposes. The demand for Human Tissues in the biobanking market has been steadily increasing, driven by the growth of personalized medicine, the proliferation of large-scale biomedical research initiatives, and the recognition of the importance of high-quality biospecimens for reliable and reproducible research findings. Human Tissues' providers have been able to establish a strong foothold in the biobanking market by offering a wide range of human biospecimens that cater to the diverse needs of their clients.

These biospecimens can include blood, serum, plasma, urine, saliva, tissue samples, and cell lines, among others. By providing a one-stop-shop for all human biospecimen needs, Human Tissues' providers can help their clients streamline their operations, reduce costs, and improve the overall quality of their research or clinical programs. The utility and value of a human biospecimen are highly dependent on its quality and the availability of relevant clinical, demographic, and exposure data. Human Tissues' providers have extensive expertise and experience in sample handling and annotation, and they often implement rigorous quality control and quality assurance programs to ensure the integrity and reliability of their biospecimens.

This commitment to quality can significantly enhance the value and impact of the research or clinical programs that utilize their biospecimens. Furthermore, Human Tissues' providers have been able to differentiate themselves in the biobanking market by offering ethically sourced biospecimens. The collection and use of human biospecimens are subject to strict ethical and regulatory guidelines, and any violations of these guidelines can have significant legal, reputational, and financial consequences. Human Tissues' providers have extensive knowledge and experience in navigating these ethical and regulatory challenges, and they often implement robust informed consent, data protection, and sample de-identification procedures to ensure the ethical and compliant use of their biospecimens.

The primary reason for Physical Biobanks' dominance in the biobanking market is their ability to provide secure, scalable, and customizable storage solutions that ensure the long-term preservation and accessibility of biological samples.

Physical Biobanks are facilities that specialize in the storage and management of biological samples, including human and non-human tissues, cells, and fluids. The demand for Physical Biobanks in the biobanking market has been steadily increasing, driven by the growth of personalized medicine, the proliferation of large-scale biomedical research initiatives, and the recognition of the importance of high-quality biospecimens for reliable and reproducible research findings. Physical Biobanks' providers have been able to establish a strong foothold in the biobanking market by offering a wide range of storage solutions that cater to the diverse needs of their clients.

These storage solutions can include cryogenic freezers, liquid nitrogen tanks, refrigerators, and freezers, among others. By providing a one-stop-shop for all storage needs, Physical Biobanks' providers can help their clients streamline their operations, reduce costs, and improve the overall quality of their research or clinical programs. Another key factor in the success of Physical Biobanks' providers is their ability to ensure the long-term preservation and accessibility of biological samples. The utility and value of a biological sample are highly dependent on its quality and the ability to retrieve and use it for research or clinical purposes.

Physical Biobanks' providers have extensive expertise and experience in sample handling, storage, and retrieval, and they often implement rigorous quality control and quality assurance programs to ensure the integrity and reliability of their samples. This commitment to quality can significantly enhance the value and impact of the research or clinical programs that utilize their samples.

Furthermore, Physical Biobanks' providers have been able to differentiate themselves in the biobanking market by offering secure, scalable, and customizable storage solutions. The collection and use of biological samples are subject to strict ethical, regulatory, and legal guidelines, and any violations of these guidelines can have significant consequences.

Physical Biobanks' providers have extensive knowledge and experience in navigating these challenges, and they often implement robust security, data protection, and sample de-identification procedures to ensure the ethical and compliant use of their samples. Additionally, Physical Biobanks' providers can offer scalable and customizable storage solutions that can be tailored to the specific needs and requirements of their clients, including the ability to expand or contract their storage capacity as needed.

The primary reason for Drug Discovery and Clinical Research's dominance in the biobanking market is their ability to provide high-quality, well-annotated, and ethically sourced biological samples that are essential for the development and validation of new drugs and therapies.

Drug Discovery and Clinical Research are critical and complex fields that rely heavily on the availability and quality of biological samples, including human and non-human tissues, cells, and fluids. The demand for Drug Discovery and Clinical Research in the biobanking market has been steadily increasing, driven by the growth of personalized medicine, the proliferation of large-scale biomedical research initiatives, and the recognition of the importance of high-quality biospecimens for reliable and reproducible research findings. Drug Discovery and Clinical Research's providers have been able to establish a strong foothold in the biobanking market by offering a wide range of biological samples that cater to the diverse needs of their clients.

These samples can include blood, serum, plasma, urine, saliva, tissue samples, and cell lines, among others. By providing a one-stop-shop for all biological sample needs, Drug Discovery and Clinical Research's providers can help their clients streamline their operations, reduce costs, and improve the overall quality of their research or clinical programs. The utility and value of a biological sample are highly dependent on its quality and the availability of relevant clinical, demographic, and exposure data.

Drug Discovery and Clinical Research's providers have extensive expertise and experience in sample handling and annotation, and they often implement rigorous quality control and quality assurance programs to ensure the integrity and reliability of their samples. This commitment to quality can significantly enhance the value and impact of the research or clinical programs that utilize their samples. Furthermore, Drug Discovery and Clinical Research's providers have been able to differentiate themselves in the biobanking market by offering ethically sourced biological samples.

The collection and use of biological samples, particularly human samples, are subject to strict ethical, regulatory, and legal guidelines, and any violations of these guidelines can have significant consequences. Drug Discovery and Clinical Research's providers have extensive knowledge and experience in navigating these challenges, and they often implement robust informed consent, data protection, and sample de-identification procedures to ensure the ethical and compliant use of their samples.

The primary reason for Population-based Biobanks, National/regional agency ownership, and manual storage's dominance in the biobanking market is their ability to provide large-scale, cost-effective, and accessible sample collections that support public health, research, and clinical initiatives.

Population-based Biobanks are large-scale collections of biological samples and associated data from a defined population or sub-population. National/regional agency ownership refers to the ownership and management of biobanks by governmental or quasi-governmental agencies. Manual storage refers to the use of manual or semi-automated storage systems for the preservation and retrieval of biological samples. Population-based Biobanks have been able to establish a strong foothold in the biobanking market by offering large-scale, cost-effective, and accessible sample collections that support public health, research, and clinical initiatives.

Population-based Biobanks can provide a wealth of information about the health and well-being of a population, and they can support a wide range of research and clinical initiatives, including the development and validation of new drugs and therapies, the identification of disease risk factors and biomarkers, and the implementation of population-level screening and prevention programs. National/regional agency ownership has been able to establish a strong foothold in the biobanking market by offering a level of stability, continuity, and accountability that is often lacking in other biobanking models.

National/regional agency ownership can provide a clear and consistent framework for the governance, management, and use of biobanks, and it can ensure that biobanks are aligned with national or regional health and research priorities. National/regional agency ownership can also provide a level of public trust and confidence in the biobanking enterprise, as the ownership and management of biobanks are seen as a public good.

Manual storage has been able to establish a strong foothold in the biobanking market by offering a cost-effective and flexible storage solution that is well-suited to the needs of many biobanks. Manual storage systems can be easily adapted to the specific needs and requirements of a biobank, and they can be scaled up or down as needed. Manual storage systems can also be easily integrated with other biobanking systems and processes, including sample processing, annotation, and distribution.

The primary reason for Europe's dominance in the biobanking market is the presence of a well-established and supportive regulatory and policy framework, coupled with a strong tradition of public investment in biomedical research and healthcare.

Europe has emerged as a global leader in the biobanking market, with a number of large-scale, population-based biobanks and a thriving biobanking industry. The European biobanking market is characterized by a strong focus on public health, research, and clinical initiatives, and a commitment to ethical, legal, and social standards in the collection, storage, and use of biological samples. One of the key factors that has contributed to Europe's dominance in the biobanking market is the presence of a well-established and supportive regulatory and policy framework.

The European Union (EU) has been at the forefront of efforts to develop a harmonized and effective regulatory framework for biobanking, and has issued a number of guidelines, directives, and regulations that govern the collection, storage, and use of biological samples. The EU has also been active in promoting the development and use of biobanks for research and clinical purposes, and has established a number of initiatives and funding programs to support the biobanking industry. Another factor that has contributed to Europe's dominance in the biobanking market is the presence of a strong tradition of public investment in biomedical research and healthcare.

Many European countries have a long and proud history of public investment in biomedical research and healthcare, and have established a number of world-class research institutions, hospitals, and clinics. This has created a large and diverse pool of potential biobank participants, and has also created a strong demand for high-quality, well-annotated biological samples for research and clinical purposes. Europe's dominance in the biobanking market has also been supported by the presence of a number of large-scale, population-based biobanks, such as the UK Biobank, the Estonian Biobank, and the Finnish Biobank.

These biobanks have been able to establish a strong foothold in the biobanking market by offering large-scale, cost-effective, and accessible sample collections that support public health, research, and clinical initiatives. They have also been able to leverage the supportive regulatory and policy framework, and the strong tradition of public investment in biomedical research and healthcare, to build a strong and sustainable biobanking industry.

• In December 2023, Charles River Laboratories International, Inc. announced an agreement with CELLphenomics to expand 3D In Vitro Services for drug screening of cancer therapy. CELLphenomics biobank has over 500 in vitro models from around 20 tumor entities. It offers one of the largest complex in vitro models of rare and ultra-rare tumors like thymomas or sarcomas.
• In October 2023, AstraZeneca research announced unique relationships between rare changes in plasma proteins and genes that could enhance drug discovery with data from more than 50,000 UK Biobank participants.
• In July 2023, Tecan announced the launch of Phase Separator. It has several applications in biobanking and liquid biopsy and is expected to benefit proteomics, genomics and across numerous disease areas, from neurodegenerative and oncology diseases to metabolic disorders.
• In February 2023, PHC Corporation of North America launched the PHCbi Brand VIP ECO SMART Ultra-low Temperature Freezer with industry-leading energy efficiency.
• In January 2023, Quibim and European Commission launched European Commission’s European Federation for Cancer Images (EUCAIM) biobank. This biobank will focus on developing treatments for cancers along with early detection techniques.
• In January 2023, Thermo Fisher Scientific, Inc. announced its participation as a founding sponsor of Momentum Labs, a new biotech hub located in Alachua, Florida. This collaboration aims to support the growth of innovative biotech startups and drive advancements in the industry. With Thermo In January 2023, Hamad Medical Corporation, in collaboration with Qatar BioBank, launched a Tissue Biobank Service in Qatar. This biobank will focus on collecting samples and finding new potential treatments for heart diseases & cancer.
• Fisher's expertise in the life sciences and its commitment to innovation, the company is well-positioned to play a significant role in the success of Momentum Labs and the companies it supports. The establishment of this hub is expected to have a positive impact on the local economy and further solidify Florida's position as a hub for biotech innovation.
• In September 2022, Cryoport entered into a strategic partnership with BioLife Plasma Services to offer supply chain solutions and service offerings, such as bioservices and cryo-processing, for BioLife Plasma Services.
• In February 2022, Hamilton company expanded its range of VersoQ series of storage systems at a debut at SLAS 2022 conference. This would increase the company’s product offerings in biobanking.

Years considered in this report:

• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in the report:

• Biobanking market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type:

• Equipment
• Consumables
• Laboratory Information Systems

By Service Type:

• Biobanking and Repository
• Validation/Qualification
• Lab Processing
• Cold Chain Logistic
• Others

By Biospecimen Type:

• Human Tissues
• Stem Cells
• Organs
• Others

By Biobank:

• Physical Biobanks
• Virtual Biobanks

By Application:

• Drug Discovery and Clinical Research
• Therapeutics
• Clinical Diagnostics
• Others

By Type of Biobank:

• Population-based Biobanks
• Disease-oriented Biobanks

By Ownership:

• National/regional agency
• Non-Profit Organization
• Universities
• Private Organization

By Storage:

• Manual Storage
• Automated Storage

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases.

After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. After this, the analysts made primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once the analysts acquired primary data, they started verifying the details obtained from secondary sources.

Intended audience:

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Biobanking industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.