Biobanking Market Size, Share, Growth Analysis, By Type(Population-based Biobanks, Disease-based Biobanks, Academic Biobanks, Hospital-based Biobanks), By Sample(Blood Products, Cell Lines, Nucleic Acids, Human Tissues), By Application(Drug Discovery, Genomic Research, Personalized Medicine, Regenerative Medicine), By Region - Industry Forecast 2024-2031

Global Biobanking Market size was valued at USD 69.5 billion in 2022 and is poised to grow from USD 72 billion in 2023 to USD 95.5 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

Biobanking has grown tremendously over the years and is currently gaining momentum. The combination of advanced technology, data analytics and automation has transformed traditional biobanks into virtual biobanks, creating transformational market potential. Globally, there are many types of biobanks such as, disease-related biobanks, human-based biobanks quantitatively, tissue banks, blood banks which support the market. The spreading degenerative diseases are benefiting immensely from the growth of this market. 

The market has grown rapidly in recent years. The integration of advanced technologies into the biobanking process is the main driver for the market. Virtual biobanking is now transforming the biobanking process because it reduces processing time and enables researchers to conduct research more efficiently. Virtual biobanking has helped biobanks generate more revenue, thereby increasing market value and driving market growth. In addition, many software companies are undertaking software developments to facilitate the biobanking process and the adoption of virtual biobanking systems.