The global biobanks market is projected to reach a size of USD 126.69 billion by 2030, with a compound annual growth rate (CAGR) of 7.85% from 2025 to 2030, according to a recent report by Grand View Research, Inc. The evolution of biobanks is being driven by the adoption of advanced technologies, such as Next-Generation Sequencing (NGS), and the growing emphasis on genomic medicine. The increasing availability of various types of biospecimens, which cater to a wide range of applications such as drug discovery, diagnostics, and other areas, has accelerated the diversification of biorepositories, further boosting market growth. The quality of biospecimens plays a crucial role in disease testing and significantly impacts preclinical and clinical research outcomes.

Regulatory agencies have been instrumental in fostering the growth of biobanking services by establishing guidelines that ensure the effective management and handling of biological samples. For example, the U.S. Centers for Disease Control and Prevention (CDC) released guidelines aimed at minimizing human hazards during the handling of COVID-19 samples, which has set a standard for other biorepositories to follow. As research and clinical trials related to COVID-19 continue to increase, there is a growing demand for high-quality biospecimens, which is expected to significantly contribute to the growth of the biobanks market.

Additionally, population-based cohort studies, which are often supported by biorepositories, play an essential role in estimating the actual seroprevalence of diseases. For example, Health Catalyst, Inc. uses its Touchstone platform to provide national insights into COVID-19 data. These factors are anticipated to contribute to increased revenue generation in the biobank sector.

Noteworthy developments in the field include the creation of the ‘BioResource’ by RareCan, a healthcare start-up based in Hexham, UK, in October 2021. This initiative aims to improve research into rare forms of cancer by retaining samples collected from cancer patients post-surgery, which will then be made available to researchers worldwide to aid in the development of cures, prevention methods, and diagnostic tools. Furthermore, in December 2021, Newcastle University launched a new collection of human blood samples and donated human tissue, which holds the potential to transform efforts to cure rare cancers. The U.K. Biobank has also expanded its database by adding new data from a study on circulatory metabolomics biomarkers, which was conducted by Nightingale Health, a Finnish company specializing in blood biomarker technologies. This study included 120,000 participants and adds to the growing body of knowledge on biomarkers that could be used in disease research and treatment.

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Based on the Grand View Research report on the global biobanks industry, here are some frequently asked questions (FAQs) that provide insights into the market's current state and future projections:

1. What is the projected size of the global biobank market?

The global biobank market is expected to reach USD 136.91 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.8% from 2024 to 2030. 

2. What factors are driving the growth of the biobank market?

Key drivers include:

• Technological advancements: The introduction of new technologies, such as Next-Generation Sequencing (NGS), has enhanced the capabilities of biobanks.

• Focus on genomic medicine: Increased emphasis on genomic medicine has expanded the applications of biobanks.

• Diverse biospecimen availability: The availability of various biospecimens caters to multiple domains, including drug discovery and diagnostics, accelerating the diversification of biorepositories.

• Regulatory support: Regulatory agencies have established guidelines for the effective management of samples, spurring the adoption of biobanking services.

3. Which segment accounted for the largest share of the biobank market?

In 2023, the biobanking equipment segment dominated the market with a share of 77.02%. This dominance is attributed to the wide range of equipment available for biobanking processes such as sample collection, storage, analysis, preparation, and transport. 

4. Who are the key players in the biobank market?

• Thermo Fisher Scientific Inc.

• Merck KGaA

• Qiagen

• Hamilton Company

• Tecan Trading AG

• Danaher Corporation

• Becton, Dickinson, and Company (BD)

• Biocision, LLC.

• Taylor-Wharton

• Charles River Laboratories

• Lonza

• Stemcell Technologies

• Biovault Family

• Promocell GmbH

5. What are the key applications of biobanks?

Biobanks serve various applications, including: 

• Therapeutics: Providing samples for the development of new treatments.

•  Drug Discovery & Clinical Research: Supplying biospecimens for research and development.

• Clinical Diagnostics: Offering samples for diagnostic purposes.

• Other Applications: Supporting various other research and medical applications.

6. What are the challenges faced by the biobank market?

Sustainability concerns are major issues for biobanks globally. Biobanks need well-established processes and are required to be economically stable to continuously provide samples and stay up to date with rapid advances in technology. Moreover, ethical and legal compliance is required for sustained biobanking operations, along with adherence to various changing standardizations and specifications like ISO and CEN/TS for serving a worldwide consumer base. Storage conditions also pose a threat to the integrity of the specimens. Conditions like storage temperature, intended duration, the frequency of biospecimen use, purpose, and recovery rate are crucial for biobanking.

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