BIOBANKING EQUIPMENT MARKET ANALYSIS

The biobanking equipment market size is expected to reach US$ 6.34 Bn by 2030, from US$ 2.98 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 11.4% during the forecast period. Biobanking is referred to structured collections of biological samples, and associated data that are stored for research purpose in future. The biobanks typically handle human biospecimens such as blood, tissue, and urine. They are established within academic medical or research institutions, pharmaceuticals or biotechnological companies or as standalone organizations. Biobanks can be disease-oriented or population-based and they can contain a variety of samples such as blood, enzymes, organ tissue, urine, deoxyribonucleic acid (DNA), ribonucleic acid (RNA), and cell lines.

Biobanking Equipment Market Regional Insights:

• North America is expected to be the largest market for biobanking equipment market during the forecast period, accounting for over 47% of the market share in 2023. The market growth in North America is due to increasing product launches.
• The Europe market is expected to be the second-largest market for biobanking equipment market, accounting for over 27.3% of the market share in 2023. The market growth in Europe is due  to increasing inorganic strategies by the market players.
• The Asia Pacific market is expected to be the fastest-growing market for biobanking equipment market, with a CAGR of over 6.1 % during the forecast period. The market growth in Asia Pacific is due to increasing prevalence of hepatitis C in the region.

Figure 1. Biobanking Equipment Market Share (%), By Region, 2023

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Analysts’ Views on Global Biobanking Equipment Market:

Biobanks help in precision medicine to discover several new treatments that are tailored for specific characteristic such as person’s genetic makeup or genetic profile of an individual tumor, which helps to transform the treatment. Moreover, increasing stem cell transplant treatment of various rare diseases expected to aid in the market growth over the forecast period.

Biobanking Equipment Market Drivers:

• Increasing R&D investments in biobanking: Biobanking involves the process of collecting, storing, and distributing biological samples for research purposes. In recent years, there has been a significant rise in investments that are made by academic medical centers, pharmaceutical companies, and contract research organizations towards advancing biobanking activities. The increased research and development (R&D) expenditure on biobanking is one of the key factors propelling the growth of the global biobanking equipment market. Major biobanking market players are investing heavily in order to build extensive biological sample collections that can support precision medicine initiatives and new drug development programs. For instance, in 2020, National Institutes of Health invested US$130 million towards establishing six new biobanks across the U.S. as part of its All of Us Research Program (National Institutes of Health, 2020). These biobanks aim to gather genetic and health information from over a million volunteers to help accelerate research and provide insights into different diseases. Similarly, pharmaceutical giants are partnering with biobanks and investing in new warehouses, freezers, and automated storage solutions to store large volumes of samples collected from clinical trials.
• Rising prevalence of chronic and infectious diseases:  Rising prevalence of chronic and infectious diseases across the globe is a major factor driving the growth of the biobanking equipment market. With more number of people suffering from life-threatening diseases such as cancer, cardiovascular diseases, diabetes and neurological disorders, the demand for biological samples for research purposes has increased exponentially. Biobanks play a crucial role in collecting, processing, and storing biological samples which help researchers across academia and pharma companies to gain insights into the causes and progression of diseases and aid in the development of new diagnostic tools and treatment regimens.  According to the World Health Organization (WHO), cancer burden has risen to 19.3 million new cases and 10 million cancer deaths in 2020. Similarly, cardiovascular diseases remain the leading cause of death globally, responsible for over 836,000 deaths in the U.S.in 2020. Moreover, the prevalence of diabetes has nearly doubled since 1980, with an estimated 422 million adults living with diabetes worldwide in 2014 according to the latest Diabetes Atlas published by the International Diabetes Federation. Rising incidence of such chronic and hard to treat diseases has accelerated the need for conducting extensive genomic and proteomic research on well-maintained biological samples stored in biobanks. This growing demand for samples is driving biobanks to expand their infrastructure with latest equipment such as sample analysis instruments, ultra-low temperature freezers, liquid nitrogen storage tanks, and other consumables.

 Biobanking Equipment Market Opportunities:

• Technological advancements in equipment: Technological advancements in equipment present a great opportunity for growth in the global biobanking equipment market. As the demand for biobanking rises to support developments in precision medicine, cell therapy and other life science research areas, innovative equipment solutions will be critical to address the complex needs of biobanks. Biobanks are under constant pressure to store and process more samples while maintaining the highest standards of quality. Technologies that enhance automation, improve sample tracking procedures and enable around-the-clock operations can help biobanks scale up their activities more efficiently. For example, automated liquid handling robots and walk-in freezers with remote monitoring systems allow biobanks to load and retrieve samples faster without compromising accuracy or security. This boosts biobanks' sample throughput and frees up valuable technician time for higher-level tasks.

Biobanking Equipment Market Trends:

• Development of automated biobanking equipment: Growing demand for personalized medicine and precision diagnostics is driving significant growth in biomedical research and development activities. As the volume and complexity of biobank samples and associated data increases, there is a growing need for automated and high-throughput biobanking equipment that can efficiently process, store, and manage large volumes of samples and information. Automated systems allow for increased standardization, traceability, and scalability as compared to manual processes. Laboratories and biobanks are increasingly automating routine tasks such as sample accessioning, processing, aliquoting, storage, and retrieval to improve efficiency and minimize human errors. In 2022, according to the American Type Culture Collection (ATCC) Annual Report, the American Type Culture Collection invested US$15 million to build a new automated biorepository with robotic arms and automated storage systems that is capable of holding over 5 million frozen biomaterials. This underscores how automated technology enables expansion of biobanking operations to satisfy growing sample demand from pharmaceutical and diagnostic companies that is involved in precision drug development and clinical testing. The trend of increased automation in turn drives higher demand for specialized biobanking equipment in the coming years.

 Biobanking Equipment Market Restraints:

• High cost associated with establishment and operations of biobanks: The establishment and operations of biobanks requires massive initial investments which makes it a highly capital intensive endeavor. Significant funds are needed for purchasing advanced biobanking equipment, building specialized facilities, designing customized sample management software systems, and hiring specialized skilled workforce. After the establishment of the biobanks, the maintenance and operation of biobanks continues to incur high recurring costs due to requirements such as continuous purchase of consumables like vials and preserving agents, costs associated with specimen processing, storage and retrieval, regulatory compliance, quality control measures, and workforce salaries. The storage facilities need to be continuously maintained at preferred temperatures and environmental conditions to ensure the quality and usability of biomaterial samples over extended periods of time. This entails heavy operational expenditure on energy bills and infrastructure upkeep. For example, according to the statistics published by the International Society for Biological and Environmental Repositories (ISBER) in 2022, around 60% of African countries have no functional biobanks due to lack of economic resources and skilled professional workforce. The high entry barriers prevent new public and private stakeholders from entering this domain thereby restraining the overall growth trajectory of the biobanking market. Unless collaborations and standardized protocols help lower down these financial barriers, the full potential of biobanking may not be realized.

Counterbalance: The cost associated with the establishment and operation of biobanking need to be reduced with proper standardized protocols and collaborations.

Recent Developments:

New product launches:

• On October 11, 2021, Thermo Fisher Scientific, a medical device company, launched new blood bank refrigerator range, The Thermo Scientific TSB Series of blood bank refrigerators are built to comply with the Class IIa regulation 93/42/CE and come with a 12-month warranty. Factory presets to +4°C enable all models to meet blood storage guidelines, while the use of F-gas compliant hydrocarbon green refrigerants helps limit environmental impact.
• On June 14, 2022, GoodCell, a biotechnology company, launched personal biobanking, a proactive, preventative healthcare service that allows members to store their own stem cells for potential future personalized therapy

Acquisition and Partnerships:

• On November 9, 2022, the International Society for Biological and Environmental Repositories (ISBER) announce the signature of a new partnership agreement with BioBank India Foundation (BBIF).

Figure 2. Global Biobanking Equipment Market Share (%), By Product Type, 2023

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Top Companies in Biobanking Equipment Market:

• Thermo Fisher Scientific
• Brooks Automation
• TTP Labtech
• VWR International
• Chart Industries
• Sigma-Aldrich
• Panasonic Healthcare
• Thermo Fisher Scientific
• Qiagen
• Hamilton Storage Technologies

Definition: Biobanking refers to the process by which samples of bodily fluid or tissue are collected for research use to improve the understanding of health and disease.

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