According to the new market research report “Biobanking Market by Product and Service(Equipment, Consumables, Services, Software), Sample Type (Blood Products, Human Tissues, Cell Lines, Nucleic Acids), Application( Regenerative Medicine, Life Science, Clinical Research) – Global Forecast” published by MarketsandMarkets™, is expected to reach $2.69 billion, at a CAGR of 7.8%
Regenerative medicine and life science research application will drive the growth of biobanking market:
Regenerative medicine is the process of creating living, functional tissues to repair or replace tissue or organ function lost due to age, disease, damage, or congenital defects. The archiving of biological specimens from donors for use in research has become an important resource for regenerative medicine research. High-quality and well-annotated tissue sample collections stored in dedicated biorepositories have become an essential tool in regenerative medicine for developing diagnostic, prognostic, and therapeutic applications to advance human health.
Life Science Research;
In-house laboratories, repositories, and biobanks require primary cell cultures and cell lines for biomedical research, personalized medicine, cell-based research, and related segments. Due to the large turnover of highly sensitive samples in these research activities, it is critical to have a repository for the proper handling of samples. A biosample repository ensures appropriate long-term storage conditions for such samples. The samples are sorted, tracked, and made available to scientists to support life science research activities. A dedicated biobank helps curtail the recurring cost of continuous sample procurement from donor sites, thereby supporting targeted research in life sciences.
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The equipment segment is expected to dominate the market;
By product and service, the biobanking market is segmented into equipment, consumables, services, and software. The equipment segment is expected to dominate the global biobanking devices market. Rising number of biobanks and the increasing number of biospecimens are factors increasing the demand for biobanking equipment.
Blood products are estimated to command the largest market share;
The biobanking market is segmented by sample type into blood products, human tissues, nucleic acids, human waste products, cell lines, and biological fluids. The blood products segment is expected to account for the largest share of the biobanking devices market, by sample type. Rising incidence of blood disorders and the increasing demand for various types of blood products across the globe are driving the growth of this segment.
Growth Drivers in Depth;
- Increase in Genomic Research Activities for Studying Diseases
- Advances in Biobanking and Growing Trend of Conserving Cord Blood Stem Cells of Newborns
- Government and Private Funding to Support Regenerative Medicine Research
- Growing Need for Cost-Effective Drug Discovery and Development
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Geographical Regions Mapped in Report:
Based on region, the biobanking market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is expected to dominate the biobanking devices market, this is attributed to factors like increasing research activities in regenerative medicine, cell and gene therapy; growing interest in personalized medicine and biomarker discovery; increasing number of biotechnology and pharmaceutical companies; and rising investments in genomics and proteomics research in the region as compared to other regions.
Leading Key Players in the Worldwide Industry:
Key players in the biobanking market include Thermo Fisher Scientific Inc. (U.S.), Tecan Group Ltd. (Switzerland), Qiagen N.V. (Germany), Hamilton Company (U.S.), Brooks Automation (U.S.), TTP Labtech Ltd (U.K.), VWR Corporation (U.S.), Promega Corporation (U.S.), Worthington Industries [(Taylor Wharton, U.S.)], Chart Industries (U.S.), Becton, Dickinson and Company (U.S.), Merck KGaA (Germany)