The biobank market size was exhibited at USD 82.95 billion in 2024 and is projected to hit around USD 194.58 billion by 2034, growing at a CAGR of 8.9% during the forecast period 2025 to 2034.
High investments in the R&D of advanced therapies, such as regenerative medicine, personalized medicine, and cancer genomic studies, are some of the driving factors. Moreover, the onset of COVID-19 has put biobanks at the forefront of the pandemic control measures, resulting in the organic revenue growth of the market. The COVID-19 outbreak had a major influence on the biobanking industry. Biobanking is important for the diagnosis & production of medicines for a variety of disorders. International initiatives to produce vaccines and other medicines to prevent the spread of the virus have been urgently needed.
The collection, processing, and analysis of patient samples are at the frontline of the COVID-19 crisis. For example, the Health Minister announced EUR 2 million in financing for the National Irish COVID-19 Biobank (NICB) in a July 2021 update from the Government of Ireland. The NICB has become a critical part of Ireland’s COVID-19 pandemic response. According to a February 2021 release, the Sample Collection Database was designed by the SciLifeLab Data Centre in partnership with Biobank Sweden and the research area ‘Biobanks for COVID-19’ of the SciLifeLab & KAW National COVID-19 research program.
Furthermore, Tulane University announced a new COVID-19 biobank containing blood & cell samples from survivors in July 2021 to aid researchers in determining why some people heal rapidly while others have long-term effects. As a result, such activities show that the outbreak of the pandemic boosted the demand for biobank services, benefiting the global economy.
The increasing popularity of precision/personalized medicine and genetic testing has been a key driver of the market. Biobanks have been playing a significant role in biomedical research. Over the past few decades, there have been several advances in platforms and tools used in genetic studies. This has led to an increase in demand for biospecimens from clinical labs to develop assays for genetic testing. Collaborations between private and public institutions in biobanking have played a crucial role in market progression.
Digitalization, precision medicine, and virtualization are rapidly changing the biobanking industry through the development of novel methods and concepts of synergies initiated by public and private organizations. Companies across all fields are partnering with biobanks, which accelerates the market revenue. For instance, in October 2024, UK Biobank partnered with several philanthropists. Through this partnership, UK Biobank will access USD 34.5 million in funding.
An exponential increase in the number of global cases has rendered the significance of biobanks in containing the spread of the virus. High-quality COVID-19 specimens are required and helpful for both research and diagnostic purposes, and biobanks are considered vital repositories for these samples. Thus, biobanks are gaining ground to support clinical research and drug discovery processes to combat this global disaster.
Developing countries from the Middle East region are investing in biobanks to advance the medical research domain in the country. For instance, in September 2024, the Crown Prince of Abu Dhabi announced the launch of a biobank to support the requirement of personalized medicine through advanced treatments that utilize human tissues and stem cells in medical research. This research will help treat over 80 diseases and immune system issues. Moreover, it strengthens the position of the UAE in the global biobanks market.
| Report Coverage | Details |
| Market Size in 2025 | USD 90.33 Billion |
| Market Size by 2034 | USD 194.58 Billion |
| Growth Rate From 2025 to 2034 | CAGR of 8.9% |
| Base Year | 2024 |
| Forecast Period | 2025-2034 |
| Segments Covered | Product, Service, Biospecimen Type, Biobanks Type, Application, Ownership, End-use, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Key Companies Profiled | 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, Precision Cellular Storage Ltd. (Virgin Health Bank) |
On the basis of products, the global market has been further sub-segmented into biobanking equipment, biobanking consumables, and Laboratory Information Management Systems (LIMS). The biobanking equipment segment dominated the market and accounted for the largest revenue share of 78.0% in 2024 owing to a rapid increase in the number of new biobanks and the high cost of initial equipment installation. A wide range of equipment is offered to cater to different biobanking processes, such as sample preparation, collection, processing, storage, and shipment.
The Laboratory Information Management Systems (LIMS) segment is anticipated to grow at the fastest CAGR of 10.5% during the forecast period. Biobanks need to follow well-designed & documented procedures to provide high-quality samples. Biobank services are accessed based on the number of valuable samples and the chain of custody of these samples, which includes non-identifiable subjects. Without reliable and accurate data, samples have no true value in research. This makes management of sample information a significant aspect in biobanking. In February 2024, UK Biobank announced that it made a public dataset from 45,000 Magnetic Resonance Imaging (MRI) scans.
On the basis of services, the global market has been further sub-segmented into biobanking & repository, lab processing, qualification/validation, cold chain logistics, and other services. The biobanking and repository services segment dominated the market and accounted for the largest share of the global revenue in 2024. This is owing to the higher market penetration of these services and the increased need for the preservation of biosamples for developing precision medicine and disease-specific research. The expansion of biobanking services from academic research to include clinical enterprises and government initiatives, as well as highly networked and open-ended ventures, has supported the segment.
The qualification/validation segment is also expected to witness significant growth in the near future and is estimated to account for the second-largest revenue share by 2030. Validation services are necessary when new equipment is installed, when units are relocated, before initiating a major project, cold chain logistics, and sample storage & extraction. Validation services should be designed and executed in such a way that they comply with the U.S. FDA regulations and quality standards established by governing bodies. Biobanks provide services that are in line with regulatory requirements. Standard, high-quality services are offered for collection, processing, storage, and transportation of samples. Validation services can help qualify a shipper, aid in the validation of a process, evaluate testing equipment to make sure that integrity of biological sample is maintained throughout the chain of processes, and facilitate effective management of biological samples.
On the basis of biospecimen types, the global market has been categorized into human tissues, organs, stem cells, and other biospecimen. The human tissues segment dominated the market and accounted for the largest revenue share in 2024. This is owing to a large number of biobanks with facilities to store tissues, easy availability of tissue samples, and availability of advanced technology for storage and retrieval of banked tissues. Growing investment in disease-specific R&D is anticipated to foster the demand for diseased tissue samples, such as lymphoma, myeloma, ovarian leukemia, brain, prostate, colorectal carcinoma breast, and lung tissues for oncology studies.
In the effort to advance the research on COVID-19 and improve its diagnosis and treatment, the stem cells segment is expected to witness fastest growth for the forecast period. The number of established stem cell biobanks has been increasing rapidly worldwide. Promising applications of stem cells in regenerative medicine, cell therapy, developmental biology, toxicology, and drug development can be attributed to the rapid increase in the number of stem cell banks. Preservation of cellular characteristics, preventing deterioration & contamination, use in basic & translation research, and potential and current use in clinical applications are factors that significantly contributed to the adoption of stem cell banking.
On the basis of biobank types, the global market has been further bifurcated into physical/real biobanks and virtual biobanks. The physical/real biobanks segment dominated the market in 2024 and accounted for the largest revenue. These biobanks have a well-established network, thereby holding a high revenue share. Rapid progress in the fields of bioinformatics analysis and precision medicine can be attributed to this change in the operating strategy of the biobanks. A large collection of tissue samples from pathological labs, clinical trials, and research projects over the years contributes to the largest share of tissue banks in 2024.
However, the virtual biobanks segment is expected to witness the fastest growth for the forecast period. Virtual biobanks have emerged to address the problems related to the accessibility of biospecimen. Tissue Solutions (Scotland) and Human Focused Testing (Little port) are examples of organizations whose core operating activity involves procurement and distribution of samples as per requirement. The potential to fulfill the need for biospecimens and the ability to trace and obtain rare samples improves with virtual biobanking. Also, easy accessibility associated with virtual biobanks contributes to the lucrative growth of the segment.
On the basis of applications, the market has been further categorized into therapeutics, drug discovery & clinical research, clinical diagnostics, and other applications. In 2024, the therapeutics application segment dominated the market with the largest revenue share. This can be attributed to the ever-increasing demand for advanced therapies for the treatment of chronic diseases. Furthermore, the exponential increase in the number of COVID-19 cases across the globe has resulted in an increasing need for development of novel viral therapeutics. Various studies are being conducted to accelerate research in this field.
For instance, Mayo Clinic has initiated an observational study for prospectively collecting research biospecimen and clinical data from COVID-19 patients, to enable high-quality research, thereby driving the segment growth. On the other hand, the clinical diagnostics segment is anticipated to witness significant growth over the forecast period. Comparison of biospecimen obtained from healthy and diseased individuals advances the clinical diagnosis process, especially for cancer. It helps investigate the treatment response of the patient and identify a new tumor in a patient with a history of cancer.
Europe accounted for the maximum revenue share of 39.0 % in 2024 owing to the continuous investment in the collection, establishment, and processing of large-scale datasets. Furthermore, countries like UK, Germany, and France among others are contributing to the region's market growth by investing in biobank solutions. For instance, in June 2024, The Medicines and Healthcare products Regulatory Agency (MHRA) collaborated with Genomics England to launch its genetic biobank.
However, the Asia Pacific region is expected to witness the fastest CAGR for the forecast period. The growth can be attributed to the investment of developing economies like India, China, and Japan. These countries are actively engaged in developing the biobanks market by undertaking several business initiatives to strengthen their market position. For instance, in November 2024, AIG Hospital launched its first biobank in India’s southern region. The biobank will collect over one lakh tissue and blood samples for the upcoming decade.
The presence of private biobanks in India propels biobank services in the country. For instance, biobanks such as the International Institute of Innovation and Technology Bio-repository (i3tBR), JIPMER PBMC Puducherry, MCRI, and National Liver Disease Biobank, represent state-of-the-art biobanks in the country.
The biobank in Australia promotes the adoption of research activities and is funded by the Australian Department of Health. The country also has the presence of several other biobanks, including the Australian Breast Cancer Tissue Bank, Human Studies Unit - Institute for Molecular Bioscience Saint Lucia, South Australian Cancer Research Biobank, and Victorian Cancer Biobank. Moreover, the country has developed much of the infrastructure necessary for supporting the development of large-scale population-based biobanks.
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2034. For this study, Nova one advisor, Inc. has segmented the biobank market
By Product
By Service
By Biospecimen Type
By Biobanks Type
By Application
By Ownership
By End-use
By Regional
Cross-segment Market Size and Analysis for Mentioned Segments
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Additional Countries (Apart
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Country/Region-specific Report
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Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers