The global biobanking market is expected to rise from its previous valuation of USD 950 million in 2017 with a 7.6% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) in their latest article on the market revealed these figures while thoroughly analyzing the market demography. Biobanking is primarily a kind of biorepository to store samples for future references. These samples impact researches such as genomics and personalized medicine sector. The data received from samples can often be used for several purposes. Rising demand for biosamples, tumor cells for clinical trials and others can provide substantial traction to the market. The increasing rate of investment from both the private and public sector can trigger impressive growth.
However, the biobanking market is also getting muddled by a lot of ethical questions owing to which the expected rise could drop a little during the forecast period.
Influential companies to impact the biobanking market are Thermo Fisher Scientific Inc., Greiner Holding AG, Hamilton Company, VWR Corporation, Tecan Trading AG, Becton Dickinson and Company, Ltd, Qiagen N.V., Merck KGaA, Brooks Automation, Inc., Chart Industries, Inc., Promega Corporation, Panasonic Healthcare Holdings Co., and others. MRFR enlists them for their strategic developments which can help the market in the expansion.
In 2019, the inauguration of the Cancer Phenome-Biobanking System and Biomonitoring Program or the Biobank facility at the Philippine General Hospital marked the development in cancer research status of the nation. The site is open to the University of the Philippines (UP) and other Philippine universities where they can conduct high-grade researches.
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MRFR segments the global biobanking market on the basis of products and services, sample type, storage type, application, and end-user for a better analysis and holistic overview of the market.
Based on the products and services, the biobanking market can be segmented into equipment, consumables, services, and software. The equipment segment includes sample analysis equipment, storage equipment, sample transport equipment, sample processing equipment, and others. The consumables segment comprises processing consumables, analysis consumables, storage consumables, collection consumables, and others. The services segment includes transport services, processing services, storage services, and supply services.
Based on the sample type, the biobanking market consists blood products cell lines, nucleic acids, biological fluids, human tissues, and others.
Based on the storage type, the biobanking market includes manual storage and automated storage.
Based on the application, the biobanking market is segmented into life science research, regenerative medicine, and clinical research.
Based on the end-user, the biobanking market can be segmented into research centers, hospitals, diagnostic laboratory, and others. The hospitals segment is substantially growing and would be able to increase its share during the forecast period.
Region-specific analysis of the biobanking market leads to the inclusion of the Americas, Europe, Asia Pacific (MEA), and the Middle East & Africa (MEA). The regional market has two regions, North America and South America. North America’s entry depends mostly on the prospect associated mainly on the superlative infrastructure. The U.S. is one chief contributor of the region where growth in the number of hospital-based biobanks is driving the demand forward. Canada is expected to amass the maximum CAGR during the forecast period. The market is getting driven by cost-effective aspects.
The European biobanking market is relying mostly on the investments granted for research and development from various organizations and governments. It is getting further aid from advanced technologies. Germany and the U.K. provide the maximum coverage for the regional market growth the market and is receiving substantial backup from the healthcare sector.
Asia Pacific’s growth is expected to be the fastest as the technology is getting increasingly adopted in the healthcare sector to meet the demands generated by chronic diseases. Early diagnosis and treatment are necessary in such cases which are driving the business growth ahead.
The MEA biobanking market can record a steady rise owing to the poor infrastructure. Researches are mostly taking place in the Middle East part where countries are investing money to get better healthcare benefits. In the African region, awareness about biobank facilities is fueling the growth of the market.
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