The Biobanking Market is expected to reach $2.69 billion, at a CAGR of 7.8%
Regenerative medicine applications for biobanking market will drive the market
Biobanking Market plays an integral role in advancing biomedical and translational research, through the collection and preservation of biological samples, such as blood, tissues, and nucleic acids, which are then made available for use in research to discover disease-relevant biomarkers; this is further used for diagnosis, prognosis, and predicting drug responses. Growth in the number of research activities in this segment forms a major driver for the market.
The availability of government funding for regenerative medicine, stem cell therapeutics, and cell & gene therapy is supporting research activities in this segment. Apart from this, the increasing trend of cord blood banking will also aid growth of this market segment. Future prospects including advancements in orthopedic procedures with the use of stem cells are expected to further support market growth for regenerative medicine.
Major Biobanking Devices Market Developments
- In 2017, Brooks Automation, Inc. (U.S.) launched BioStore IIIv, BioStudies Biobank Data Management, FluidX, IntelliXcap Decapper systems to strengthen its product portfolio in biobanking segment.
- In 2016, Thermo Fisher Scientific Inc. (U.S.) entered into a partnership with Hamilton Storage (U.S.) to strengthened Thermo Fisher’s presence in the market.
- In 2015, Panasonic Healthcare Holdings (Japan) launched MDF-DU900V VIP -86°C Upright Freezer.
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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 market in 2017. 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. In 2017, the blood products segment is expected to account for the largest share of the biobanking 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.
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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 market in 2017, 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.
Major Key Players Mapped in Research Report:
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)
