The global biobanking market is expected to grow significantly from USD 2,207.8 million in 2022 to USD 3,600.3 million in 2031, at a CAGR of 7.3% from 2022-2031. Factors driving the market growth are; growing scientific research and development activities, and rising prevalence of chronic diseases. Moreover, other factors contributing to the growth of market include; favorable government initiative and investments, and growth of translational research and personalized medicine.
Biobanking is a collective term, which describes the process by which biological samples and associated data are collected, transferred, and stored for future research. It plays an important role in enabling researchers to develop therapies for chronic diseases. Moreover, hospitals, pharmaceutical and biotechnological companies, and research institutions have identified the key role biobanking can play in the research for new diseases treatment. However, high cost of automation, and lack of public awareness may hamper the market growth to some extent.
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The years used for the assessment are as follows;
Historical year :2015, 2016 and 2017
Base year : 2018
Forecast period: 2022-2031
Biobanking Market – Regional insight
North America held the major share of the global biobanking market in 2018. The growth is attributed to the growing research and development activities and advancements in drug discovery. Moreover, growing number of biobanks, government initiatives, and presence of major players in the region is further augmenting the industry growth. The growth of biobanking market in Europe is attributed to the growing range of clinical research and genome epidemiology studies. Furthermore, rising investments by public and private players are further propelling the market growth in the region.
The research and analysis are based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the biobanking market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the biobanking market
Finalizing the overall size and share for the global biobanking market
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To classify global biobanking market into segments on the basis of product and services, sample type, storage type, application, end-user and region to analyze their growth prospects individually
To analyze market trends, opportunities, drivers and restraints associated with biobanking
Profiling key companies operating in the global biobanking market
To study market response with respect to the mergers and acquisitions in the industry.
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