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Global Biobanking Market Set to Grow at a CAGR of 7.6% during 2018 – 2023
Promega Corporation, Greiner Holding AG, Becton, Dickinson and Company, Brooks Automation, Inc., Thermo Fisher Scientific Inc., VWR Corporation, Merck KGaA, Panasonic Healthcare Holdings Co., Ltd., Chart Industries, Inc., Tecan Trading AG, Qiagen N.V., and Hamilton Company among others.
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The global biobanking market was valued at USD 950 mn by the end of 2017 and is expected to witness a slightly above-average CAGR of 7.6% during the forecast period of 2018 to 2023. Biobanking is widely used across various research activities and is essential to the R&D process as it stores biological samples.
Biobanking has found extensive application in contemporary research in various life sciences, genomics and personalized medicines to name a few. Increasingly advanced technical devices and the increasing demand for biobanking in genomics act as strong drivers for the growth of the global market. Other drivers include the rising adoption of stem cell treatments and implementation of standards to govern biobanking procedures.
Biobanking techniques have high costs for implementation, and standardization, while ongoing is still not properly established, thus leading to restraints on market growth. However, the emergence of green technology in biobanking for energy conservation and virtual biobanks are expected to offer opportunities for market expansion. Moreover, increasing government & private funding for regenerative medicine is expected to drive market growth during the assessment period.
The global biobanking market has been segmented on the basis of products & services, sample type, storage type, application, end-user, and region. By products & services, the market has been segmented into equipment, consumables, services, software, and others. Further sub-segmentation is as follows:
- Equipment – storage equipment, sample analysis equipment, sample processing equipment, and sample transport equipment.
- Consumables – storage consumables, analysis consumables, processing consumables, and collection consumables.
- Services – storage services, processing services, transport services, and supply services.
By sample type, the market has been segmented into blood products & services, human tissues, cell lines, nucleic acids, biological fluids, and others.
By storage type, the market has been segmented into manual storage and automated storage.
By application, the market has been segmented into regenerative medicine, life science research, and clinical research.
By end-user, the market has been segmented into hospitals, diagnostic laboratories and research centers, other.
By region, the global market has been segmented into the Americas, Europe, the Asia-Pacific and the Middle-East & Africa.
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The Americas, are sub-segmented further into North America and South America, with North America leading market growth for the entire region. Countries such as the U.S & Canada in the North American continent have an increasing number of research activities in genomics and increasing healthcare expenditure. Moreover, the is an increasing prevalence of chronic diseases among the regions large patient population. The U.S specifically, has a large number of hospital-based biobanks and widespread awareness regarding the concept and associated technology. Meanwhile, Canada in response to an increasing demand for cost-effective drug development is expected to grow at significant pace during the assessment period while the South American continent is expected to proliferate due to the increasing adoption of advanced devices for diagnosis and the demand for effective treatment options for chronic diseases.
Europe has a significant share of the market due to the increasing emphasis on research and development activities for the improvement of diagnostic techniques and effective treatment methods. Germany & the U.K lead market growth for the region due to increasing investments in healthcare.
The Asia-Pacific market is expected to be the fastest growing regional market segment due to the increasing incidences of chronic diseases. The region is witnessing a need and demand for early diagnosis. Additionally, there is a strong demand for medical facilities equivalent to those available in developed countries. The presence of a vast patient population and the growing industrial activities in the region has increased pollution and exposure to harmful chemicals, prompting the need for effective biobanking activities in the region.
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