Biobank Equipment Market Size (2024 - 2029)

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 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.