The biobanks market is projected to reach US$ 3,758.64 million by 2028 from US$ 2,418.31 million in 2021; it is expected to grow at a CAGR of 6.5% during 2021-2028.
The market growth is attributed to the growing funding and genomic research activities for studying diseases.
A biobank is a collection of biological samples (such as blood) as well as health data. Biobanks might be vast, including thousands of samples, or small, containing only a few hundred. Different biobanks collect different sorts of samples and information. The information and samples gathered are determined by the biobank's specific function. The term biobank covers collections of plants and animals, including human specimens. Five years ago, genomic sequencing was restricted to the research environment. Genomic sequencing is rapidly transitioning into clinical practice, and implementation into healthcare systems has been supported by substantial government investments, totaling over US$ 4 billion in at least 14 countries. The national genomic-medicine initiatives are driving transformative change under real-life conditions while simultaneously addressing barriers to implementation and gathering evidence for broader adoption, thereby driving the market.
The UK has announced the world's largest genome project as a part of 200 million public-private collaboration between charities and pharma. The country has already developed the largest genome database globally through the 100,000 Genomes Project led by Innovate UK as a part of UK Research and Innovation. The project will fund researchers and industry to combine data and real-world evidence from the UK health services and create new products and services to diagnose diseases earlier and efficiently.
In August 2018, Boston, a Massachusetts-based company, announced that it landed US$ 4.3 million in seed funding, and it would be partnering with Veritas Genetics, a genome sequencing company. The funds will support the company's mission to usher in the era of personal genome sequencing by creating a trusted, secure, and decentralized marketplace for genomic data.
In April 2020, MedGenome-a Bengaluru-based genetic diagnostics, research, and data company-announced that it had raised US$ 55 million (about INR 419 crore) in a new round of funding, led by global impact investment firm LeapFrog Investments. Also, MedGenome claimed that it had built the largest database of South Asian genetic variants in genetic diagnostics in India and research partnerships. It has completed over 200,000 genomic tests to date and obtained samples from more than 550 hospitals and 6,000 clinicians across India.
Biobanks are significant resources in genomic research on infectious diseases and their hosts. The availability of large biobanks is necessary for population genomics. Data from biobanks helps understand the etiology of multifactorial diseases caused by mutations in a range of genes and the influence of environmental variables and lifestyle on the global population. Therefore, the importance of biobanking as a research infrastructure component is expanding. Biobanks have also cleared the path for personalized medicine to evolve, particularly the production of tailored medications. The integration, analysis, and interpretation of data from biobanks play a significant role in understanding genetic susceptibilities to infectious diseases.
Thus, the continuous funding in genomics by the manufacturers and governments and ongoing genomic research activities drive the biobanks market.
Product and Service Insights
Based on product and service, the global biobanks market is segmented into equipment, consumables, services, and software. In 2021, the equipment segment held the largest share of the market. Moreover, the consumables segment is expected to register the highest CAGR in the market during 2021-2028. Equipment plays a vital role in the storage, analysis, processing, and collection of samples in biobanks products also increasing number of products launches in recent years drives the growth of the equipment segment in the forecast period.
Based on sample, the biobanks market is segmented into blood products, human tissues, cell lines, and others. The blood products segment held the largest market share in 2021. It is further expected to hold a significant market share during the forecast period.
Based on application, the biobanks market is segmented into regenerative medicine, life science research, and clinical research. The regenerative medicine segment held the largest market share in 2021. The life science research segment is expected to hold a significant market share during the forecast period.
A few major primary and secondary sources referred to while preparing the report on the global biobanks market are the World Health Organization, Pharmaceutical Research and Manufacturers of America (PhRMA), Global Cancer Observatory, European Federation of Pharmaceutical Industries and Associations (EFPIA), National Institute for Health Research (NHS), and American Heart Association.