Biobanking Market Overview, Share, Growth Drivers and Forecast Report 2024 – P&S Intelligence

Biobanking Industry
Press Release

The global biobanking market is expected to witness significant growth during the forecast period (2017-2023), on account of impact of various factors such as rise in on-going genomic research of several diseases, technological advancements with respect to biobanking, funding from government and private organizations, and the growing trend of cord blood repository of new born. However, sustaining the biobanks for a long term is a major challenge faced by the biobanking market.

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The biobanking market is segmented on the basis of product and service, sample type, application and storage type. On the basis of product and service, the market comprises of equipment, consumables, services and software. The equipment segment, due to the considerable increase in number of biobanks with relatable increase in the volume of bio-samples, is expected to witness the fastest growth during the forecast period in the biobanking industry.

Based on sample type, the market is segmented into blood product, cell line, human tissue, nucleic acid, biological fluid and human waste product. The blood product segment holds the largest share of the biobanking market, due to its high collection rate over other type of samples. The blood products are used to extract human DNA and RNA, which further aids in its largest share in the global market. Based on application, the biobanking market is categorised into regenerative medicine, life-science research, and clinical research. Regenerative medicine is expected to hold the largest market share during the forecast period (2017 – 2023). Factors such as rising research interest in regenerative medicine and the growing demand for proper characterization and good quality bio-samples for research study are driving the growth of this market segment. Based on storage type, the biobanking systems are segmented as manual or automated. Manual storage systems are estimated to account for the largest share in biobanking market, while the automated storage is expected to have the highest CAGR during the forecast period.

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Key companies operating in the global biobanking market are forming partnerships, launching products, and enhancing their product portfolio to strengthen their global presence.

In July 2017, BioLife Solutions, Inc. (BioLife Solutions) announced its supply agreement with Celyad SA for the use of BioLife Solutions’ CryoStor in Natural Killer receptor based T-cell platform to target solid tumours and blood cancer. Earlier, in June 2017, BioLife Solutions announced its supply agreement with Adaptimmune Therapeutics Plc. (Adaptimmune). Under the agreement, BioLife Solutions’ CryoStor clinical grade cell freeze media is to be used in Adaptimmune’s manufacturing process for its SPEAR T-cells.

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Some of the major key players operating in the biobanking market include Thermo Fisher Scientific Inc., PHC Holdings Corporation (Panasonic Healthcare Holdings Co. Ltd), Qiagen N.V., Merck KGaA, Brooks Automation. Inc., Hamilton Company, Becton, Dickinson and Company, Greiner Holding AG, BioLife Solutions, Inc., Promega Corporation.

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