Market Size of Biobank Equipment Industry
| 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 |
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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.
