Biobank Equipment Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 59.47 Billion |
| Market Size (2029) | USD 77.87 Billion |
| CAGR (2024 - 2029) | 5.54 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Biobank Equipment Market Analysis
The Biobank Equipment Market size is estimated at USD 59.47 billion in 2024, and is expected to reach USD 77.87 billion by 2029, growing at a CAGR of 5.54% during the forecast period (2024-2029).
Advancements in stem cell and regenerative medicine, the increasing burden of chronic diseases globally, and the rising investment in biobanks by government and non-government organizations are key factors propelling the market's growth.
Over the last decade, stem cell technology has made several advancements in regenerative medicine. This technology has become one of the vital treatment methods for cancer, diabetes, and rare genetic diseases. To benefit from the existing therapies, umbilical cord cells and other stem cells are preserved in biobanks. Therefore, new technologies such as stem cells in regenerative medicine are expected to propel the market growth.
Chronic diseases such as cancer, diabetes, and heart disease present complex challenges due to their intricate underlying causes. Biobanks equipped with advanced genetic analysis technology enable researchers to thoroughly investigate the biological pathways that drive these conditions.
For instance, a report published by the National Cancer Institute in May 2024 projects that approximately 2.0 million individuals in the United States will receive a cancer diagnosis in 2024. Breast cancer is expected to be the most prevalent form, anticipated to affect 310 thousand women and 2.79 thousand men. Prostate cancer ranks as the primary diagnosis among men and second overall, with an estimated 299 thousand cases. Lung and bronchus cancer follows as the third most frequently diagnosed cancer, with approximately 234.58 thousand new cases expected.
The revolution in personalized medicine relies heavily on understanding individual variations in disease susceptibility and treatment response. Biobanks, utilizing sophisticated bioinformatics software, support the creation of extensive datasets that are essential for developing personalized therapies. Therefore, the growing emphasis on personalized medicine and the need to understand complex chronic diseases are driving demand for advanced biobanking equipment, as it supports the collection and analysis of extensive genetic data essential for developing targeted therapies.
Moreover, biobanks serve as treasure troves for researchers investigating the causes, treatments, and potential cures for various diseases. Biobanking allows for longitudinal studies, tracking how a disease progresses over time within individuals.
For instance, according to a report published by the Stem Cell Reviews and Reports Journal in February 2024, the advancements in regenerative medicine, particularly the generation of 3D organoids from stem cells, are driving the growth of the biobank equipment market by necessitating sophisticated storage solutions for diverse and complex biological samples. As research in stem cell therapies and organoid applications expands, there is an increasing demand for high-quality biobanking infrastructure to ensure the viability and integrity of these valuable samples for both research and clinical applications.
In addition, growing investment in clinical research is one of the critical factors responsible for market growth. For instance, in May 2024, the Department of Health in Abu Dhabi and M42 collaborated to launch the Abu Dhabi Biobank, with one of its first offerings being the region's largest hybrid cord blood banks. This factor may drive the demand for biorepositories or biobanks for stem cells used in research.
Thus, the factors mentioned above, such as increasing advancements in stem cells, increasing prevalence of chronic diseases, and increasing interest in and innovations in regenerative medicine, are promising factors driving the market growth.
However, regulatory issues associated with biobank equipment are expected to limit the market growth in the coming years.
Biobank Equipment Market Trends
The Drug Discovery Segment is Expected to Show Better Growth During the Forecast Period
Drug discovery is the process through which potential new medicines are identified. It involves many scientific disciplines, including biology, chemistry, and pharmacology. The increasing burden of chronic diseases is the most crucial factor contributing to the growing drug discovery. For instance, in February 2024, the Medicines and Healthcare Products Regulatory Agency launched the Yellow Card Biobank, which is expected to help understand how genetic makeup can impact the safety of medicines and improve personalized medicine approaches. The genetic data and patient samples are used to operate alongside the MHRA’s Yellow Card reporting site for suspected side effects and adverse drug reactions (ADRs), which involve medicines and medical devices.
Global pharmaceutical players also provide grants to pace innovative research in challenging areas. For instance, in October 2023, Citadel LLC invested GBP 32 million (USD 40.44 million) in the development of the UK biobank. The UK Biobank is one of the world’s most significant resources for health research. It has a database of in-depth genetic, health, and lifestyle information from half a million UK volunteers for treating various diseases such as cardiac disease and Alzheimer’s disease.
Furthermore, the rising application of novel technologies in drug discovery and biobanking is propelling the growth of the biobank equipment market. For instance, according to a report published by the Journal of Personalized Medicine in September 2023, integrating artificial intelligence and machine learning into biobanks significantly enhances the capacity for data management and analysis, driving the demand for advanced biobank equipment essential for drug discovery. This evolution fosters the development of more precise and efficient biobanks, thereby accelerating the growth of the biobank equipment market in the context of drug discovery.
To increase knowledge and find potential vaccinations and treatments, scientists use a sizable collection of de-identified biological and medical data that they research with the aid of the biobank. Therefore, given the significance of biobanks in drug discovery and the increasing grants, the segment is likely to witness strong growth in the coming years.
North America holds the Largest Share in the Biobank Equipment Market
North America is expected to dominate the biobank equipment market. Key factors propelling the market growth include rising investment by government organizations in drug discovery and research, the presence of key players in the region, and the growing burden of chronic diseases.
The region has one of the highest shares in the market studied. Various activities in the country are boosting the demand for biobank equipment. For instance, in February 2024, the NeuroVISION-2 Biobank Initiative received a multi-year grant from the Canadian Institute of Health Research. The initiative expands the NeuroVISION-2 study, which explores the mechanisms and predicts perioperative brain injury and its long-term impact.
Moreover, the increasing application of biobanks in various fields in the region is also propelling the market growth in North America. For instance, according to a report published by the International Journal of Molecular Sciences in September 2023, the establishment and utilization of comprehensive biobanks in neuro-urological research significantly drive the demand for advanced biobank equipment in North America, as researchers increasingly require high-quality storage, processing, and analytical tools to facilitate the collection and analysis of biological specimens. This surge in biobanking activities, coupled with the need for standardized and reliable biobanking infrastructure, is propelling the growth of the biobank equipment market by fostering investments in cutting-edge technologies and solutions.
Similarly, according to a report published by the Value in Health Journal in August 2023, the expansion of biobanks containing genetic information, alongside integrating genomic data into research and clinical practices, significantly enhances the scientific knowledge base and improves patient care. This increased utilization and reliance on biobanks are driving the growth of the North American biobank equipment market, as demand for advanced storage and data management solutions continues to rise to support these initiatives.
In conclusion, rising investment in research and development activities and the presence of major players in the region are propelling market growth.
Biobank Equipment Industry Overview
The biobank equipment market is semi-consolidated. The global players in the market studied include Becton, Dickinson and Company, Bio-Techne Corporation, Brooks Automation, Hamilton Company, Merck KGaA, Lonza Group, QIAGEN NV, Stemcell Technologies Inc., Tecan Group Ltd, and Thermo Fisher Scientific.
Biobank Equipment Market Leaders
-
Becton, Dickinson and Company
-
Brooks Automation
-
Hamilton Company
-
Merck KGaA
-
Thermo Fisher Scientific
*Disclaimer: Major Players sorted in no particular order
Biobank Equipment Market News
- May 2024: Hamilton Storage Technologies Inc.'s four high-capacity Hamilton BiOS automated storage systems were installed in UK Biobank’s new Manchester Science Park headquarters.
- February 2024: Azenta Inc. launched its BioArc Ultra, an advanced automated system designed for high-density, eco-friendly ultracold sample management. This solution enhances the efficiency of large-scale sample management.
Biobank Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Advancements in Stem Cell and Regenerative Medicine
4.2.2 Rise in Chronic Diseases
4.2.3 Investment by Government and Non-governmental Organizations
4.3 Market Restraints
4.3.1 Regulatory Issues
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Value by Size in USD)
5.1 By Product
5.1.1 Equipment
5.1.1.1 Cryogenic Storage System
5.1.1.2 Alarm Monitoring Systems
5.1.1.3 Other Equipment
5.1.2 Media and Consumables
5.2 By Application
5.2.1 Regenerative Medicine
5.2.2 Drug Discovery
5.2.3 Other Applications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Becton, Dickinson and Company
6.1.2 Bio-Techne Corporation
6.1.3 Brooks Automation
6.1.4 Hamilton Company
6.1.5 Merck KGaA
6.1.6 Lonza Group
6.1.7 QIAGEN NV
6.1.8 Stemcell Technologies Inc.
6.1.9 Tecan Group Ltd
6.1.10 Thermo Fisher Scientific Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Biobank Equipment Industry Segmentation
As per the report's scope, biobanking equipment is used in the biorepository, which stores biological samples for research purposes. Researchers use biobanking equipment to conduct tests or analyze specimens stored in a biobank.
The biobank equipment market is segmented by product, application, and geography. By product, the market is segmented into equipment and media and consumables. By equipment, the market is segmented into cryogenic storage systems, alarm monitoring systems, and other equipment. By application, the market is segmented into regenerative medicine, drug discovery, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the market sizes and forecasts in terms of value (USD) for the above segments.
| By Product | |||||
| |||||
| Media and Consumables |
| By Application | |
| Regenerative Medicine | |
| Drug Discovery | |
| Other Applications |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Biobank Equipment Market Research FAQs
How big is the Biobank Equipment Market?
The Biobank Equipment Market size is expected to reach USD 59.47 billion in 2024 and grow at a CAGR of 5.54% to reach USD 77.87 billion by 2029.
What is the current Biobank Equipment Market size?
In 2024, the Biobank Equipment Market size is expected to reach USD 59.47 billion.
Who are the key players in Biobank Equipment Market?
Becton, Dickinson and Company, Brooks Automation, Hamilton Company, Merck KGaA and Thermo Fisher Scientific are the major companies operating in the Biobank Equipment Market.
Which is the fastest growing region in Biobank Equipment Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Biobank Equipment Market?
In 2024, the North America accounts for the largest market share in Biobank Equipment Market.
What years does this Biobank Equipment Market cover, and what was the market size in 2023?
In 2023, the Biobank Equipment Market size was estimated at USD 56.18 billion. The report covers the Biobank Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Biobank Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Biobank Equipment Industry Report
Statistics for the 2024 Biobank Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Biobank Equipment analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Biobank Equipment Market Report Snapshots
