Biobank Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Biobank Equipment Market Analysis
The biobank equipment market is valued at USD 48.28 billion in the year 2023 and is expected to reach USD 59.88 billion by the year 2028, registering a CAGR of 4.4% during the forecast period (2023-2028).
The COVID-19 pandemic had a significant impact on the market studied. The organizations took several measures to cope with the increasing burden of COVID-19. For instance, in March 2020, the Indian Council of Medical Research (ICMR) notified 16 bio-repositories for collecting, storing, and maintaining clinical samples (oropharyngeal/nasopharyngeal swabs, bronchoalveolar lavage, sputum, blood, urine, and stool) of patients with COVID-19. The enlistment of 16 biorepositories includes nine biorepositories for ICMR, four for the Department of Biotechnology (DBT), and three for the Council of Scientific and Industrial Research (CSIR). Data from the National Institute of Health published in November 2021 also stated that several companies focused on biobanks for maintaining the samples of COVID-19 patients. Therefore, there was a surge in the demand for biobank equipment during the pandemic. However, the market has reached its pre-pandemic nature and is expected to witness strong growth in the coming years.
The key factors propelling the market growth include advancements in stem cell and regenerative medicine, the increasing burden of chronic diseases globally, and the rising investment in biobanks by government and non-government organizations.
Over the last decade, stem cell technology has made several advancements in regenerative medicine. This technology has become one of the vital treatment methods for cancer, diabetes, and rare genetic diseases. To benefit from the existing therapies, umbilical cord cells and other stem cells are preserved in biobanks. Therefore, new technologies such as stem cells in regenerative medicine are expected to propel the market growth.
In addition, growing investment in the regenerative medicine sector is one of the key factors responsible for the market growth. For instance, the Karolinska Institutet's Strategic Research Areas (SFO) for Stem Cells and Regenerative Medicine allocated up to SEK 24 million (USD 2.25 million) in 2021. Depending on the government's decisions, successful applicants were to be awarded grants for a second year (2022) without a new application. This factor will likely drive the demand for biorepositories or biobanks for stem cells used in research. Thus, the increasing interest and innovations in regenerative medicine are promising factors driving the market growth.
However, regulatory issues associated with the biobank equipment are believed to limit the market growth to some extent in the coming years.
Biobank Equipment Market Trends
Drug Discovery Segment is Expected to Show Better Growth Over the Forecast Period
Drug discovery is the process through which potential new medicines are identified. It involves many scientific disciplines, including biology, chemistry, and pharmacology. The increasing burden of chronic diseases is the most crucial factor contributing to the growing drug discovery. According to the Congressional Budget Office, in April 2021, USD 700 billion had been provided to the NIH in federal funding for the past two decades. A significant portion of such money has gone toward supporting fundamental studies in genomics, molecular biology, and other life sciences that have discovered novel disease pathways.
Global pharmaceutical players also provide grants to pace innovative research in challenging areas. For instance, in 2021, Merck KGaA distributed several research funds to encourage creativity in difficult but crucial areas. Grants between EUR 40,000 (USD 43,366) and EUR 45,000 (USD 48,786) have been awarded for up to three years in the different areas of research, of which drug discovery has three grants totaling EUR 350,000 (USD 379,452) per year, renewable for an additional three years.
Furthermore, with the launch of new biobanks, the demand for biobank equipment is expected to increase. For instance, in December 2022, Saudi Arabia launched a National Biobank to improve public health. Furthermore, in partnership with Qatar, the Department of Laboratory Medicine and Pathology (DLMP) launched a tissue bank in February 2023. With such new biobanks coming into the market, the need for equipment is expected to rise, likely boosting the market growth over the forecast period.
To increase knowledge and look for potential vaccinations and treatments, scientists use a sizable collection of de-identified biological and medical data that they will research with the aid of the biobank. Therefore, with the significance of biobanks in drug discovery and the increasing grants, the segment is believed to witness strong growth in the coming years.
North America holds the Largest Share in the Biobank Equipment Market
The North American region is expected to dominate the biobank equipment market. Key factors propelling the market growth include rising investment by government organizations in drug discovery and research, the presence of key players in the region, and the growing burden of chronic diseases.
The United States is the most developed country in the region, with the highest market share in the market studied. Various activities that are taking place in the country are boosting the demand for equipment used in biobanks. For instance, in February 2021, the Cincinnati Children's Hospital Medical Center in the United States collaborated with DownSyndrome Achieves (DSA) to launch a research biobank that serves as a central repository for biospecimens donated by individuals with Down Syndrome and their immediate families.
Furthermore, increasing approvals from the USD FDA for small molecules are also expected to drive the growth of the biobank equipment market. For instance, according to the data published in Mid-Year Review: New Drug Approvals in June 2021, the US FDA, Center for Drug Evaluation and Research (CDER) authorized 26 New Molecular Entity (NMEs) (as of June 2021), which was on par with the full-year 2020 approval rate of 53 NMEs. With the approvals for such small molecules, there is a growing focus on drug discovery, boosting market growth.
Biobank Equipment Industry Overview
The global biobank equipment market is moderately competitive. The global players in the biobank equipment market are Becton, Dickinson and Company, Bio-Techne Corporation, Brooks Automation, Hamilton Company, Merck KGaA, Lonza Group, QIAGEN N.V., Stemcell Technologies Inc., Tecan Group Ltd., and Thermo Fisher Scientific.
Biobank Equipment Market Leaders
Becton, Dickinson and Company
Brooks Automation
Hamilton Company
Merck KGaA
Thermo Fisher Scientific
*Disclaimer: Major Players sorted in no particular order
Biobank Equipment Market News
- September 2022: The Universities of York and Newcastle joined forces with two leading cancer charities to create a new biobank that will provide vital resources for researchers working to prevent, diagnose, and treat cancer in children and young people.
- August 2022: Alliance for Clinical Trials in Oncology launched a new multicancer early-detection biobank study in partnership with the National Cancer Institute, part of the National Institutes of Health.
Biobank Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Advancements in Stem Cell and Regenerative Medicine
4.2.2 Rise in Chronic Diseases
4.2.3 Investment by Government & Non-Governmental Organizations
4.3 Market Restraints
4.3.1 Regulatory Issues
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Equipment
5.1.1.1 Cryogenic Storage System
5.1.1.2 Alarm Monitoring Systems
5.1.1.3 Other Equipments
5.1.2 Media & Consumables
5.2 By Application
5.2.1 Regenerative Medicine
5.2.2 Drug Discovery
5.2.3 Other Applications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Becton, Dickinson and Company
6.1.2 Bio-Techne Corporation
6.1.3 Brooks Automation
6.1.4 Hamilton Company
6.1.5 Merck KGaA
6.1.6 Lonza Group
6.1.7 QIAGEN N.V.
6.1.8 Stemcell Technologies Inc.
6.1.9 Tecan Group Ltd.
6.1.10 Thermo Fisher Scientific Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Biobank Equipment Industry Segmentation
As per the report's scope, biobanking equipment is used in the biorepository, which stores biological samples for research purposes. Researchers use biobanking equipment to conduct tests or analyze specimens stored in a biobank. The Biobank Equipment Market is segmented By Product (Equipment, Media, and Consumables), Application (Regenerative Medicine, Drug Discovery, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value in USD for the above segments.
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Biobank Equipment Market Research FAQs
What is the current Biobank Equipment Market size?
The Biobank Equipment Market is projected to register a CAGR of 4.40% during the forecast period (2024-2029)
Who are the key players in Biobank Equipment Market?
Becton, Dickinson and Company, Brooks Automation, Hamilton Company, Merck KGaA and Thermo Fisher Scientific are the major companies operating in the Biobank Equipment Market.
Which is the fastest growing region in Biobank Equipment Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Biobank Equipment Market?
In 2024, the North America accounts for the largest market share in Biobank Equipment Market.
What years does this Biobank Equipment Market cover?
The report covers the Biobank Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Biobank Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Biobank Equipment Industry Report
Statistics for the 2024 Biobank Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Biobank Equipment analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
