Biobanking Market to Reach

$36.8 Billion by 2024

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 Biobanking Market

The global biobanking market is expected to generate $36.8 billion revenue by 2024, advancing
at a CAGR of 6.2%, during the forecast period. Factors, such as increasing need for cost-effective
drug discovery, and rising demand for cell lines, directly pose a positive impact on the market
growth.
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 Biobanking Market

Based on offering, the biobanking market is classified into consumables, equipment, services, and
software. Of these, the consumables category is expected to lead the market in the coming years.
Further, the market in the software category is predicted to advance at a CAGR of 5.4%, during the
forecast period.

The consumables category is further bifurcated into storage, analysis, processing, and collection. Out of
all the consumables, the consumables utilized for storage is expected to dominate the overall
biobanking market in the future, mainly due to the increasing number of blood products, tissues, and
cell lines being preserved in the biobanks.

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 Biobanking Market

The biobanking market in APAC is expected to witness lucrative growth as a consequence of

increasing awareness about biobanking in the region, witnessing a CAGR of 6.8% during the
forecast period. Growing population, and increasing clinical research are the other factors that
positively impact the growth of the market in this region.

Further, due to the growing research activities, there is a wide scope for the growth of the
biotechnology sector in this region. This growth is also likely to be supported by the large amount
of funds that are received from various government and private sectors organizations. Presence of
regional players also contribute to the growth of the market.

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 Biobanking Market

The biobanking market is categorized into blood products and genetic materials, human tissues, cell lines,
biological fluids, and human waste products, based on the type of sample. Amongst these, the blood
products and genetic material category is expected to hold the largest revenue share during the forecast
period, with a contribution of 42.1% by 2024 in the global market. Dur to the rising prevalence of chronic
diseases, it is expected that preservation of blood products such as plasma, serum, and platelets would be
on rise in the coming future.

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 Biobanking Market

The biobanking market is fragmented in nature; Thermo Fisher Scientific Inc, Merck KGaA, Promega
Corporation, Becton, Dickinson and Company, Hamilton Company, Avantor Inc., Tecan Group Ltd.,
QIAGEN N.V., PHC Holdings Corporation, Brooks Automation Inc., AutoGen Inc., BioCision, BioLife
Solutions Inc. are some of the major players with a broad presence in this market.

Similarly, in March 2019, Becton, Dickinson and Company launched automated flow cytometry sample
preparation instrument with CE-IVD certification known as, BD FACSDuet. This instrument helps in
understanding the characteristics of cell as well as counting.

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