Biobanking Market Growing at a CAGR of 7.8% – Regenerative medicine and life science research application will drive the growth

The equipment segment is estimated to account for the largest share of the Biobanking Devices Market. This is primarily attributed to the increasing number of biobanks and rising number of biosamples around the world, due to which the demand for equipment remains high.

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™.

Regenerative medicine and life science research application will drive the growth of biobanking market;

Regenerative Medicine;

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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Geographical View in-detailed:

The Global Biobanking Market is dominated by North America, followed by Europe. North America will continue to dominate the global market in the forecast period. However, Asia-Pacific is expected to witness the highest CAGR, with the growth in this market centered at Japan, China, and India. Improving life sciences research infrastructure in emerging economies and growing government investment in biomedical, pharmaceutical, and biotechnology industries are some of the factors propelling market growth in the Asia-Pacific region.

The high cost of automation and issues related to biospecimen sample procurement are expected to restrain the market growth to a certain extent.

Global Key Leaders:

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), Micronic (Netherlands), LVL Technologies GmbH & Co. KG (Germany).

Panasonic Healthcare Holdings Co. Ltd. (Japan) accounted for the second-largest market share of the biobanking services market in 2016. The company offers a wide range of sample storage systems. The company also adopted product launches as its key strategy to maintain its significant position in the biobanking devices market. The company launched advanced products in categories ranging from ultra-low temperature freezers to incubators used in biobanks. In 2016, the company launched ultra-low freezer MDF-DU900V VIP extending their sample storage systems product line in the biobanking market. The end users of the company are pharmaceutical and biotechnology companies, biobanks, hospitals and clinical diagnostic laboratories, universities, research institutions, and government agencies.

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