Biobanking Market - By Product [Equipment (Storage, Sample Analysis, Processing, Transport), Consumable, Service, Software], Sample (Blood, Tissue, Cell Line), Application (Regenerative Medicine), Storage Type, End-user, Global Forecast (2023-2032)

Biobanking Market - By Product [Equipment (Storage, Sample Analysis, Processing, Transport), Consumable, Service, Software], Sample (Blood, Tissue, Cell Line), Application (Regenerative Medicine), Storage Type, End-user, Global Forecast (2023-2032)

The biobanking market will grow at a 7.2% CAGR from 2023 to 2032. Increasing focus on personalized medicine, genomics, and drug discovery, necessitating extensive biorepositories for large-scale sample storage and analysis will drive the market ahead.

The growing demand for biomarker identification and disease research, alongside collaborations between biobanks, research institutions, and pharmaceutical companies have increased, fueling business expansion.

The recognition of the importance of preserving biological specimens for future studies and medical advancements will attract investments and drive growth in the biobanking industry. In October 2021, Thermo Fisher Scientific introduced a range of compliant, sustainable blood bank refrigerators tailored for the storage of blood and related samples, for the benefit of healthcare professionals and clinical researchers.

The overall biobanking market is segregated based on product & service, sample type, application, storage type, end-user, and region.

The consumables product & service segment will exhibit a 6.8% CAGR through 2032. This is attributed to the increasing demand for sample collection and storage solutions. The rising need for sample preservation in research, diagnostics, and drug development will augment growth in the segment.

Based on sample type, the human tissues sample segment will depict a 7.3% CAGR through 2032. The expanding need for biomarker research and personalized medicine will drive growth in the segment. The accelerating demand for well-preserved human tissue samples to advance medical research and develop targeted treatments will also foster growth across this segment.

The clinical research application segment will reflect 7.5% CAGR through 2032, driven by the increasing demand for well-documented samples to advance drug discovery and precision medicine. Collaborations between biobanks and research institutions and the expansion of clinical trials will further augment growth in the segment.

Regionally, the Asia Pacific biobanking market will grow at 7.5% CAGR during the analysis period. Rising research activities, especially in genomics and personalized medicine, will drive the demand for biorepositories in the region. In addition, increasing collaborations with international research institutions and the growing awareness of the importance of biobanking for medical research will also influence regional industry dynamics.