Business Finland aims to provide early stage insight on trends that define future business opportunities. Emerging global bio-bank ecosystem has been acknowledged as undergoing significant changes in the near future and bringing major opportunities also for Finnish bio-bank ecosystem. In closer discussions with industry stakeholders there was a clearly identified need to understand the relative competitive positioning of the Finnish biobank ecosystem. To support in this process, Personalized health program initiated a Future Watch study on global bio-banking markets. In the study, we identify key trends and their respective drivers in order to validate future growth opportunities in bio-bank markets as well as study the areas for improving the positioning and value proposition of the Finnish biobank offer in global setting. The ultimate aim is to generate insights that will be strategically actionable for bio-bank stakeholders in Finland.
Biobanks refer to biorepositories that collect, curate and store biological specimens (e.g. cell, fluids, DNA, tissue samples) and the data associated with the samples for use in research. The importance of biobanks in medical and pharmaceutical research has grown tremendously with the advances in genomics, proteomics, metabolomics and data analytics. Currently the biobank market is estimated to be more than 50 billion USD with a CAGR of 4.5 percent during 2020-26. Business Finland initiated a foresight study to understand and compare the current status of forerunning biobanks in Finland, Denmark, Sweden, UK and USA, analyze the future drivers of the market as well as analyze needs and views of key biobank customer segments. The study also offers key recommendations for Finnish biobanks to gain a larger footprint in the biobank market.
See the key findings of the Future Watch study above, for the full report please contact sampo.sammalisto (at) businessfinland.fi.
Presentation in webinar at 27th May:
Key findings of the report:
- Total biobanking market will reach 55 billion USD in 2020 and grow at CAGR of 4.5 % in 2020-2026 to reach 71 billion USD in 2026
- In 2019 research accounted for 67 % and therapeutics 33 % of the market, respectively.
- Growth will be driven by human tissue/tumor cells and stem cells due to their novel therapeutic applications in rare diseases, regenerative medicines, targeted therapies, which are the focus of commercial and academic research globally.
- Technology vendors are an emerging market in addition to traditional customers (Academia, Pharma, Biotech and CSO/CRO)
- Increase in Genome based research projects leveraging large collections of bio-data
- Increase in R&D activities using biospecimens in precision oncology, stem cell research, cell and gene therapies, etc.
- Increase in the Chronic Diseases have utilized the large population based data of biobanks
- Utilization of sample data for research and data monetization is the next key value driver for the biobanks
- Legal and Ethical Challenges remain high
- High operational costs for biobanks
- Lack of standardization, lengthy procedures and processes
- Insufficient awareness about Biobanking activities
- Increase in Genome based research
- Shift towards centralization of data and samples for the purpose of research.
- Patient consent remains a major aspect
- Use of Advanced technology/AI in Biobanks is evolving
- Efforts towards data Harmonization across systems and samples are ongoing
- Compliance to Legal and Ethical Considerations around prevailing biobanking laws remain paramount
- Improving the financial sustainability of biobanks is a high priority activity for the biobanks
- Top 5 growth opportunities
- Companion Diagnostics Co-Development
- Large-Scale Genome Sequencing Projects
- Oncology Clinical Development
- Digital Pathology and Imaging Services
- Real World Evidence Studies
See full report (pdf)