Biobanking refers to collecting and preserving biological materials that can be further utilized for diagnosis, biodiversity research and studies. According to Marketstack, the Global Biobanking Market is expected to grow considerably during the forecasted period. Factors such as the rise in the trend of conserving cord blood stem cells of newborns for various health advantages and government and private funding to support regenerative medicine research are expected to drive the Biobanking Market in the forecasted period. Further, an increase in genomic research activities for studying diseases is expected to drive the Biobanking Market in the forecasted period. Furthermore, expansion of the biotechnology sector, advancements in the healthcare sector, rise in population, surge in healthcare expenditure and advances in biobanking are expected to drive the Biobanking Market in the forecasted period. However, high automation costs and issues related to biospecimen sample procurement are expected to obstruct market growth. The long-term sustainability of biobanks is projected to challenge the biobanking market in the forecast period.

The human tissue biobanking segment is awaited to hold a major market share by sample type. Human tissue biobanks are different from other organizations that obtain and collect tissue and blood for direct patient care, like an organ or blood transplantation. These biobanks are used explicitly for research purposes. An upsurge in disease research, infrequent diseases in humans, and advancements in regenerative medicine are propelling the development of human tissue biobanking services. The blood that is kept in the umbilical cord after a baby is delivered is called cord blood. It is the most plentiful source of stem cells that are preserved and processed for clinical research. The significant need for cord blood preservation in biobanking is projected to expand market potential.

Moreover, introducing cord blood stem cell biobanking is a significant market driver. The emergence of stem cell biobanks is also significantly influenced by the rising incidence of chronic diseases worldwide. As a result, the growth of the biobanking market will be driven by an increase in the number of biobanks throughout the forecast period. The primary market driver is integrating cutting-edge technology with the biobanking system. The biobanking system is undergoing a revolution thanks to virtual biobanking, which reduces time limitations and makes it easier for researchers to undertake their work. Virtual biobanking has raised the market's worth and sped up market expansion by assisting biobanks in generating more significant revenue. Also, several software firms are developing software to make the biobanking system easier and adopt a virtual one. Thus, this aspect will accelerate the Biobanking market.

Europe is considered to have a significant share of the biobanking market and is anticipated to maintain its dominance in the forecasted period due to a surge in the adoption of technologies and an increase in awareness of biobanking among healthcare professionals working in the Research and Development industry. The increase in Research and development activities in the healthcare industries to develop novel biobanking and the presence of major players operating in the region drive the growth of the biobanking market. Asia-Pacific is predicted to register the highest due to easy accessibility to cost-effective blood storage and an increase in awareness of the benefits of cord blood. The increasing demand for biobanking due to the rising number of genomic research activities represents one of the key factors supporting the market's growth. Besides this, the surging number of biobanks across the data, owing to their potential to improve the reproductivity and meaning of data generated by biomedical research, is providing a positive market.

Additionally, there is an increase in the prevalence of chronic diseases, such as diabetes, cancer, hypertension, heart attack, and respiratory disorders, among the masses around the globe. The rising demand for biobanking to develop diagnostics that can effectively identify pathogens propels the market's growth. The rising expenditure on advanced therapies, such as regenerative medicine and cancer genomic studies, is offering regenerative growth opportunities to industry investors.

Moreover, the surging need for biospecimens from clinical labs to develop assays for genetic testing is positively increasing the market. In addition, the elevating focus on virtual biobanks that minimize time constraints generates high revenue and allows researchers to conduct research smoothly, contributing to the market's growth. The equipment fragment of the global biobanking market mentions the different types of equipment and technologies utilized in biobanks to store, process and preserve biological samples and specimens. Biobank equipment is vital in maintaining sample quality and integrity for exact medicine research and personalized treatments. Equipment utilized in biobanking facilities is critical in maintaining the quality and rectitude of stored samples to secure their suitability for usage in scientific studies and future medical applications. The acceptance of chronic diseases, such as cardiovascular disease, cancer, and diabetes, creates a demand for well-preserved biological samples for disease study and biomarker discovery. Thus, such factors are predicted to propel the growth of the equipment fragment of the global biobanking market in the forecasted period. 

The market's key players are Thermo Fisher Scientific Inc., Merck KGaA, QIAGEN, Hamilton Company, and Tecan Trading AG.

In March 2023, South Africa launched a central biobank system to collaborate up to a million biological samples accumulated over the past 200 years and scattered across its research facilities, universities, and national parks.

In May 2022, BC Platforms secured a multi-year contract, following a competitive acquisition, to work with three Finnish Hospital District-owned Biobanks (Clinical Biobanks) on enhancing access to and automated management of genomic, phenotypic, and clinical data. The project underpins Finland's ambition to be a leading country for Real-World Data studies, supporting the global growth of novel treatments and enhancing the resilience of healthcare systems.

Our Global Biobanking Market report provides deep insight into the current and future state of the market across various regions. Also, the study comprehensively analyzes the Biobanking Market by segments based on the Products and Services (Equipment, Consumables, Services, Software), Sample Type (Blood Products, Human Tissue, Cell Lines, Nucleic Acids, Biological Fluids, Human Waste Products), Type of Biobank (Population-based Biobanks, Disease- Oriented Biobanks), Application (Regenerative Medicine, Life Science Research, Clinical Research), and by Geography (Asia Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints, along with the impact of COVID-19, are influencing the market growth in detail. The study covers & includes emerging market trends, market developments, market opportunities, market size, market analysis, market dynamics, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of prominent companies, including their market share and projects.