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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
North America Biobanking Market Analysis
Biobank is a type of biorepository containing large collections of biological materials (usually human). The large-scale biomedical database acts as a research resource to facilitate new scientific discoveries. Biological samples in biobanks can act as a vital tool for medical research and accelerate the development of new and innovative treatments.
North America biobanking market growth is driven by the rising prevalence of chronic diseases, such as cancer, cardiovascular diseases, and diabetes, in the region. According to the Centers for Disease Control and Prevention, 6 out of 10 Americans are affected by at least one chronic disease. Moreover, chronic diseases not only rank as the leading causes of death and disability in America but are also a major driver of healthcare costs. Biobanks help in studying the genetic and environmental factors resulting in chronic diseases. Thus, with the growing prevalence of chronic diseases, the demand for biological samples in biomedical research is expected to rise, which will boost the market growth.
Technological advancements such as the development of computational tools to analyze huge volumes of complex data in biobanks are expected to boost the North America biobanking market demand in the forecast period. In December 2023, a study primarily funded by the National Institute of Aging (a division of the United States National Institutes of Health) revealed the development of a suite of free computational tools that can analyze brain dissection photographs from brain biobanks and reconstruct a three-dimensional picture of the brain, which can help to understand neurodegenerative diseases and find their potential treatments. Thus, data from biobanks is increasingly used to advance the understanding of various brain disorders, which are anticipated to propel the market demand.
North America biobanking market share is likely to be positively impacted by increased fundings from government organizations to improve biobanking infrastructure and support research initiatives. In December 2023, New York-based Wilmot Cancer Institute (leader in cancer care and research) received a grant worth USD 339k from Empire State Development (New York State funds). The funding will help in renovations and the establishment of new technology for the institute’s Biobank Shared Resource. Such investments will support biobank upgrades and are likely to augment market size in the region.
North America Biobanking Market Report Snapshots
North America Biobanking Market Size
North America Biobanking Market Analysis
North America Biobanking Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market attained a value of about USD 1.1 billion in 2023 driven by the rising prevalence of chronic diseases and the growing demand for effective treatments in the region.
The market is anticipated to grow at a CAGR of 6.31% during the forecast period of 2024-2032, likely to reach a market value of USD 2 billion by 2032.
The growing demand for precision medicine and the rising funding from the government are fuelling the demand for the market.
One of the significant trends in the market is technological advancements such as the development of computational tools to analyze huge volumes of complex data in biobanks. In December 2023, researchers developed a suite of computational tools that can reconstruct a three-dimensional picture of the brain from brain biobanks, which can help advance the understanding of neurodegenerative diseases.
Based on the equipment, the market is segmented into cryogenic storage systems, and alarm monitoring systems, among others.
Services available in the market include human tissue biobanking, stem cell biobanking, cord banking, and DNA/RNA biobanking, among others.
By biospecimen type, the market is divided into human tissues, human organs, and stem cells, among others.
The market breakup by media includes optimized media and non-optimized media, among others.
End users of the market are hospitals, cosmetology clinics, and ambulatory surgical centers, among others.
Major application areas of biobanking include drug discovery and disease research, among others.
The market segmentation by countries includes the United States of America and Canada.
The key players in the market are Atlanta Biologicals Inc. (Bio-Techne Corporation), Becton, Dickinson and Company, BioLifeSolution Inc., Chart Industries Inc., Hamilton Company, Qiagen NV, Sigma-Aldrich Inc. (Merck KGaA), STEMCELL Technologies Inc., Thermo Fisher Scientific Inc., and VWR International LLC.
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