Biobanks Market Size

Biobanking market analysis

The Biobanks Market size is estimated at USD 52.72 billion in 2024, and is expected to reach USD 67.26 billion by 2029, growing at a CAGR of 4.99% during the forecast period (2024-2029).

The COVID-19 pandemic significantly impacted the biobank market. Biobanking plays a critical role in diagnosing and developing treatments for various diseases. There was an urgent need for international efforts to develop vaccines and other therapies to control the COVID-19 pandemic. Patient sample collection, processing, and analysis were at the forefront of this emergency. For instance, according to a July 2021 update by the Government of Ireland, the Minister for Health announced a EUR 2 million (USD 2.18 million) investment in the National Irish COVID-19 Biobank. The National Irish COVID-19 Biobank (NICB) was an essential component of Ireland's response to the COVID-19 pandemic.

Furthermore, as per a February 2021 update, the Sample Collection Database was developed by the SciLifeLab Data Centre in collaboration with Biobank Sweden and the SciLifeLab and KAW National COVID-19 Research Program's Research Area 'Biobanks for COVID-19'. Thus, such initiatives indicated that the onset of the pandemic led to an increased demand for biobank services and benefited the market worldwide. However, the market is currently growing at a stable pace. Due to research and development activity in biotechnology, the market is expected to witness a similar trend over the coming years.

Further, the major factors for the biobank market growth include regenerative medicine innovations, the growing chronic disease incidence, drug discovery and development advances, and R&D funding and investments by government and non-governmental organizations. Innovations in regenerative medicine are driving the market's growth. There was a rising trend of government initiatives and clinical trials associated with stem cell research and promoting regenerative medicine's innovation. For instance, in February 2022, the Indian Council of Medical Research (ICMR) released the National Guidelines for Stem Cell Research (NGSCR) 2017, framed harmoniously with international guidelines. The government supported the ethical and scientific conduct of stem cell research through guidelines for stem cell research. The Department of Biotechnology (DBT) supported projects for the basic biology of stem cells, early and late translational research, developing gene editing technology for potential therapeutic applications, and creating animal models for various human diseases.

Additionally, in July 2021, the NFLA and Sanford Health announced the construction of a biobank to support studies in treating sports-related injuries, brain health, and sports performance in the interest of medical research. The biobank's role in advancing regenerative medicine will help scientists begin their investigations early on and accelerate research, considering active participation from NFLA members. Likewise, in March 2021, the agreements to acquire SSCB Swiss Stem Cells Biotech SA by Gaensel Energy Group Inc. were completed. SSCB permits the preservation of stem cells from adipose tissue, which includes enormous potential in regenerative medicine. Such developments are anticipated to boost the market's growth over the forecast period.

Furthermore, growing R&D funding by government and non-government organizations will bolster the market's growth over the forecast period. For instance, Audubon Bioscience raised nearly USD 220,000 from over 440 investors in 2021 after launching a crowdfunding campaign on MicroVentures.com, an Austin, TX-based online equity crowdfunding platform. The crowdfunding campaign's success demonstrates the growing recognition of biobanking as a critical component of biomedical research advancements.

In addition, in January 2022, the Swedish Childhood Tumor Biobank was allocated SEK 12 million (USD 1.15 million) as a strategic investment for whole-genome sequencing of tumor and blood samples that still need to be analyzed in the sample collection. For 2022, the annual grant increased to SEK 19 million (USD 1.82 million). SEK 24 million (USD 2.30 million) was allocated to the GMS Childhood Cancer Project over three years. Such investments and rising awareness regarding biobanks will likely propel the market's growth throughout the forecast period.

However, regulatory issues and cost constraints are expected to impede the market's growth.