The biobanks are stores of biological specimens — blood, tissues, DNA — and health data. They are gathered for research and allow scientists to study the genetic and molecular origins of diseases, discover new drugs, and make personalized medicine. Increase in research investments in the healthcare sector, innovations in genomics and proteomics, and the awareness around the power of biobanking drive the global biobanks market.
Market Overview
The global biobanks market is segmented by sample type (blood, tissue, DNA), storage type (cryopreservation, refrigeration), end-user (pharma companies, universities, hospitals), and geography.
Key Market Trends
- Growing Healthcare Research Investments: Big investments in healthcare research and development are increasing the need for biobanks to host valuable biological samples for studies.
- Advances in Genomics and Proteomics: Innovations in genomics and proteomics are allowing scientists to gain new insights from biobank samples to develop drugs faster.
- Increasing number of Chronic Diseases: A growing number of chronic diseases like cancer, diabetes, heart disease, and so on is driving biobanks to accumulate samples to study disease mechanisms and create targeted therapy.
- Increasing Interest in Personalized Medicine: Personalized medicine — tailoring the treatment plan to the individual patient based on their genes — is influencing biobanks’ interest in gene information.
- Extremely High-Stakes Regulatory Conditions: Biobanks must meet extremely high-stakes regulations (like HIPAA and GDPR) to maintain patient privacy and security.
Market Size and Forecast
The global biobanks market generated US$ 2,418.31 million in 2021 and is anticipated to account for US$ 3,758.64 million by 2028, expanding at a CAGR of 6.5% during 2021–2028.
Frequently Asked Questions
Why should the global biobanks market grow?
- Increasing investments in healthcare research
- Advancements in genomics and proteomics
- Rising prevalence of chronic diseases
- Growing focus on personalized medicine
- Stringent regulatory environment
Which regions are expected to be the growth prospects for the global market?
North America and Europe are the established markets for biobanks but Asia-Pacific is the next generation market as healthcare spend rises and research is ramping up.
How are the biobanks market hurdles?
- Expensive sample collection, storage, and analysis costs.
- Moral and legal issues related to sample collection and data protection.
- Not enough qualified staff to run biobanks.
- SAMPLE DEGRADE/CORRUPTION — IMPACT of the sampling process.
What are the new market trends in biobanks?
- Data analysis based on AI/ML and Artificial Intelligence integration.
- Creation of new storage methods – cryopreservation, lyophilization, etc.
- More active collaboration between biobanks and drug companies Increased partnering with biopharma companies
- Concentrate on ethics and legality.
What can be the market opportunity for biobanks?
- Invest in technology and infrastructure.
- Build strong relationships with research institutes and pharmaceutical companies.
- Prioritize data security and privacy
- Concentrate on sampling and quality control.
- Build disruptive business models to bring in the money.
Moreover, the global biobanks market is predicted to witness huge growth due to the rising requirement of biological samples for R&D. And in the right hands and leveraging the potential, biobanks can be the difference maker for medical research and improved patient care.
