The global biobanking industry size stood at USD 25.09 billion in 2018 and is projected to reach USD 49.46 billion by 2026, exhibiting a CAGR of 8.9% during the forecast period.
A biobank is a practice of creating wide-range repositories for the collection, storage, and distribution of human samples such as blood, plasma, serum, urine, tissues, cells, and others. The field of biobanking has tremendously evolved over the years and is currently witnessing a significant growth. The integration of advanced technologies, data analytics, and automation has changed the traditional biobanks into virtual biobanks, giving rise to a transformative market potential. Globally, there are several types of biobanks such as, disease-oriented biobanks, population-based biobanks, tissue banks, and blood banks which are contributing to the market growth. Growing investments for drug development and increasing prevalence of disastrous diseases such as cancer, respiratory diseases, Alzheimers disease, and others are prominently leveraging the growth of this market.
Sustainable Biobanking is Likely to Propel Market Growth
‘Sustainability’ of a biobank is crucial to remain operative and effective in the market. Despite financial support from public organizations, insecurity for long-term funding is a significant concern today. To achieve greater sustainability, a balance between financial, operational, and social dimensions of the biobank is necessary. Increased sustainability of the biobank would lead to the generation of higher revenue and thus, propel the global biobanking market. Currently, biobanks, as well as several industry stakeholders, are approaching various strategies to meet the sustainability goal. For instance, Biobanking and Bimolecular Resources Research Infrastructure (BBMRI) based in the Netherlands, has made a series on sustainable biobanking, which includes nine recommendations (for example, draft a business plan, user-centered perspective, choosing of business model, and others) for biobanks to achieve sustainability. The set also provides business tools for biobanks and case study analysis. Such strategies are the helping hand for biobanks across the globe to achieve faster sustainability during the forecast period.
Facility to Conserve Cord Blood Stem Cells to Proliferate Market Potential
Cord blood is the blood that remains in the umbilical cord post-delivery of a baby. It is the most abundant source of stem cells that is conserved and processed for clinical research. The conservation of cord blood is on high demand in the field of biobanking and thus, is likely to increase the potential of the market in the coming years. Moreover, the launch of cord blood stem cell biobanking is majorly driving the market. For instance, in February 2020, Lund University in Sweden launched the world’s largest stem cell biobanking. The biobank will help researchers understand the origin of the most common disorders, such as Alzheimers disease and Parkinsons disease. Additionally, increasing prevalence of chronic diseases worldwide also plays a significant role in contributing to the launch of stem cell biobanks. Therefore, a rising number of biobanks will drive the biobanking market growth in the forecast period.
Launch of Software for Virtual Biobanking to Fuel Market Growth
In recent years, this market has rapidly undergone an evolution. The integration of advanced technologies with the biobanking system is currently the foremost market driver. Virtual biobanking is now revolutionizing the biobanking system as it minimizes time constraints and allows researchers to conduct the research smoothly. Virtual biobanking has helped the biobanks to generate higher revenue, thus increasing the market value and propelling the market growth. In addition, multiple software companies are into the development of software for the ease of the biobanking system and the adoption of a virtual biobanking system. For example, in September 2018, Technidata Medical Software launched a feature for its TDBioBank software solution. This software solution helps the biobank to gain visibility and improve the quality of the service provided to the customers. Thus, virtual biobanking is set to have multiple advantages and aid in the generation of higher revenue.