Cryogenic Biobanking Services in the US - Industry Market Research Report

Cryogenic Biobanking Services in the US - Industry Market Research Report

Cryogenic Biobanking Services in the US

The Cryogenic Biobanking Services industry is a critical resource for modern scientific research, particularly with respect to disease researchers, pharmaceutical companies and biotechnology researchers. Using cryogenic storage facilities to house samples, companies in this industry catalog biospecimens by genetic or environmental characteristics for use by researchers who require specimens with these traits. Biobanks have become an increasingly vital tool in medical research by producing studies and innovations that have improved public health outcomes. As a result, funding allocated toward biobanks has accelerated. Industry services spiked in demand in response to the COVID-19 pandemic, as scientists store samples of the virus for future research. Over the five years to 2023, industry revenue is expected to increase at an annualized rate of 6.0% to $5.8 billion, including a 9.1% jump in 2023.

This industry operates cryogenic storage facilities used to archive biological samples used for research. Biobanks, or repositories that store these biological samples, are used in hospitals, universities, nonprofit organizations and pharmaceutical companies.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.