Latin America Biobanking Market Report and Forecast 2024-2032

Latin America Biobanking Market Size

The global biobanking market  was valued at USD 72.1 billion in 2023, with Latin America holding a significant market share. The market is driven by the growing demand for precision medicine and the rising focus on life science research. It is expected to grow at a CAGR of 6.89% during the forecast period of 2024-2032, with the values likely to attain USD 131.1 billion by 2032.

Latin America Biobanking Market Outlook

• Chronic diseases pose a major health challenge in Latin American countries with a substantial economic impact and mortality rates . This rising disease burden is expected to directly impact the market demand.

• One of the major Latin America biobanking market trends is the growing demand for precision medicine which stimulates the need for biobanking services. For instance, Galatea Bio, Inc., is building a biobank to accelerate drug discovery and bring precision medicine to the underserved Latin American population, leveraging advanced sequencing technologies to enrich genomic datasets.

• The growing emphasis on life science research, especially in the field of regenerative medicine and clinical studies, which are heavily dependent on high-quality biological samples is projected to boost the market share.

Latin America Biobanking Market Analysis

A biobank collects and stores biological samples along with associated health data of donors. They serve as a library for researchers and significantly reduce the time and resources needed to conduct a research study. There is a growing emphasis on life science research especially in the field of regenerative medicine and clinical studies which rely heavily on high-quality biological samples and thus are dependent on biobank facilities. This rising demand for well-maintained repositories that can store and manage these samples effectively is expected to drive the Latin America biobanking market growth. Additionally, the increased government initiatives and funding to support the establishment and expansion of biobanks are anticipated to impact the market dynamics.

The rising burden of chronic diseases is projected to impact the market dynamics. Recent data reveals that chronic diseases pose a major health challenge in Latin American countries with a substantial economic impact and mortality rates . Since biobanks act as a prerequisite in the development of new therapeutics and advanced diagnostic techniques, the market demand for these repositories is likely to augment in the forecast period. Moreover, the increasing technological advancements in biobanking practices to enhance research outcomes are anticipated to boost the Latin America biobanking market share.

One of the major market trends is the growing demand for precision medicine which stimulates the need for biobanking services to facilitate personalized approaches to disease treatment and diagnosis. For instance, the Florida-based biotechnology company Galatea Bio, Inc., is building a biobank to accelerate drug discovery and bring precision medicine to the untapped Latin American population. The company plans to have 10 million data points by 2026 and employs Illumina NovaSeq 6000 and NextSeq 2000 Systems to sequence genomes.  Thus, the growth in the precision medicine sector is anticipated to elevate the market value in the coming years.

Latin America Biobanking Market Segmentation

The report offers a detailed analysis of the market based on the following segments:

Leading Players in the Latin America Biobanking Market 

The key features of the market report include funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Thermo Fisher Scientific, Inc.

• Beckman Coulter, Inc.

• Tecan Trading AG

• PHC Corporation

• Teva Pharmaceutical Industries Ltd.

• BioLife Solutions Inc.

• Merck KGaA

• Taylor-Wharton

• Panasonic Biomedical

• Custom Biogenic Systems

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Latin America Biobanking Market Report Snapshots

Latin America Biobanking Market Size

Latin America Biobanking Companies