Allied Market Research Reports Global Biobanking Market to Reach $68.08 Billion by 2023 with a CAGR of 4.6%

Recently, VCBeat (WeChat Official Account: vcbeat) learned from foreign media sources that Allied Market Research has published a report titled “Biobank Market by Product (Blood Products, Tissue Samples, and Cell Lines), Biobank Type (Population-based Biobanks and Disease-based Biobanks), Ownership (Government/National Institutions, Non-profit Organizations, Universities, and Private Sector), and Application (Therapeutics and Research): Global Opportunity Analysis and Industry Forecast, 2018–2025.” The report indicates that the global biobank market size was USD 47.06 billion in 2017 and is projected to reach USD 68.08 billion by 2023, with a compound annual growth rate (CAGR) of 4.6% during the forecast period. VCBeat has compiled the key highlights of this report for your reference.

Image source: Allied Market Research official website

Driven by increased biomedical research, drug development, and genetic studies, the parenchymal tissue market is projected to register the highest compound annual growth rate (CAGR) of 5.9% during the forecast period. However, the blood products market accounts for the largest share, contributing 43% of total revenue, owing to high demand for blood products, a growing number of blood donors, and the rising prevalence of chronic diseases. The cell line market is expected to grow steadily during the forecast period.

The research segment of the biobanking market holds the largest share, accounting for more than two-thirds of total revenue, as samples stored in biobanks are utilized by researchers for various experiments, such as drug development and the identification of disease-related biomarkers. However, driven by increasing acceptance of biobanks and rising R&D investments associated with personalized medicine development, the therapeutic application segment of the biobanking market is projected to register the fastest compound annual growth rate (CAGR) of 5.1% during the forecast period.

Due to the large number of population-based biobanks in developed countries such as the United Kingdom, Sweden, and Denmark, the biobank market is expected to register the fastest compound annual growth rate (CAGR) of 5.2% during the forecast period. However, disease-oriented biobanks accounted for the largest market share in 2017, representing approximately 82% of total revenue, driven by heightened focus on improving disease diagnostic methods and a surge in research targeting therapies for severe diseases.

Driven by advancements in genomics, personalized medicine, disease biology, and related fields, national/regional biobanks account for the largest share, contributing approximately 41% of total revenue. However, as pharmaceutical and biotechnology companies intensify their operations in the biobanking sector, the private sector is projected to register the highest compound annual growth rate (CAGR) of 5.7% during the forecast period. The report also analyzes other sectors, including non-profit organizations and universities.

Europe held the largest market share in 2017, accounting for approximately 41% of total revenue, and is expected to maintain its dominance in the global market throughout the forecast period. However, driven by the easy availability of cost-effective blood storage solutions and growing awareness of the benefits of cord blood, the Asia-Pacific region is projected to register the fastest compound annual growth rate (CAGR) of 5.7% from 2018 to 2025. The report also analyzes other regions, including North America, Latin America, the Middle East, and Africa.