Market Scope
The biobanking market was worth USD 950 million in the year 2017 and is surging at a CAGR of 7.6% during the forecast period 2018-2023), predicts Market Research Future (MRFR).
Market Drivers and Key Restraints
The global biobanking market is undergoing massive evolution in the form of technological innovations in genetic tools, which help elevate the demand for high-quality biospecimens used for enhancing cancer research. Citing a reference, Northwell Health had partnered with Indivumed in January 2017 for creating a cancer research biobank. In addition, the current developments in information technology as well as automation solutions have enhanced the efficiency of the biobanking services. For instance, with the launch of fully automated programmed freezers as well as refrigerators, the temperature monitoring in biobanks has become far more efficient than before.
Additionally, technological developments in biotechnology workflows have led to a growth in the application scope of biosamples. To illustrate, UK biobank had collaborated with GSK as well as Regeneron Genetics Center in March 2017, following which Regeneron had successfully sequenced all the 500,000 samples present in the UK biobank. These samples were highly instrumental in clinical research.
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The noteworthy changes in the biobanking operations for ensuring optimization of sample maintenance and storage are expected to be one the prominent factors backing the growth of the market. These changes are inclusive of deposit and delivery of a sample in a temperature-monitored hatch along with automated tracking of the handling of a sample. Other significant changes include growth in funding, the increasing standardization of biobanking processes, and availability of collections that are centralized which are presumed to have a positive impact on the growth of the market.
Market Segmentation
The global biobanking market is segmented on the basis of products and services, sample type, storage type, application and end-user.
In terms of the products and services, the market can be broken down into equipment, consumables, services, and software.
Depending on the sample type, the market is segmented on the basis of blood products, human tissues, cell lines, nucleic acids, biological fluids, and others.
The market, considering the storage type, is split into manual storage and automated storage.
The applications covered in the report include regenerative medicine, life science research, and clinical research.
The end-users making use of biobanking include hospitals, diagnostic laboratory, research centers, and others.
Regional Outlook
Region-wise segments in the global biobanking market are the Americas, Asia Pacific, Europe, as well as the Middle East and Africa.
The market for biobanking in Americas is split into smaller markets in North America and South America. Out of these, North America is the ruler of the bigger portion of the regional market on account of the surging number of research-based activities in genomics, increasing investments in healthcare along with the expanding patient populace afflicted with various chronic diseases. Moreover, the United States (U.S.) is spearheading the North America market, with reasons being the mere existence of a high number of hospitals-based biobanks as well as the boost in the awareness levels regarding biobanks. Meanwhile, Canada is analyzed to be the faster expanding market, with data experts noting the rising demand for cost-effective drug development. However, it is the market in South America which is set to be fastest growing one regionally, as a result of the technologically sophisticated devices used for diagnosis coupled with the growth in the demand for treatment services for chronic diseases.
The biobanking market in Europe is expected to depict a favorable growth pattern over the coming years with the increasing stress being given on research and developmental activities in order to enhance the diagnosis and treatment methods in the region. On top of this, countries like the United Kingdom (U.K.) and Germany are identified as the main contributors to the growth of the regional market, as a result of the growth in the expenditure in the healthcare industry.
Asia Pacific is on route to become the fastest-growing market in the forthcoming time frame, with the primary factors responsible for this growth including the rising burden of chronic diseases as well as the growing focus on early diagnosis as well as treatment of rare diseases. In addition to this, the evolving lifestyles, the prevalence of western culture among the youth along with addiction to smoking have led to the lavish growth of the market in recent years. Plus, the sharp growth of pollution as well as increasing exposure to harmful chemicals are exhibited to have a positive impact on the market as well.
The Middle East and Africa biobanking market is showcasing a consistent growth trajectory with strong support from factors like the boost in the number of healthcare facilities that offer treatment for chronic conditions combined with the expansion of the medical device sector, particularly the diagnostic devices. The African region is also creating a prominent space for itself in the reginal market as the awareness regarding biobank facilities is increasing with time.
Leading Companies
Chart Industries, Inc., Promega Corporation, VWR Corporation, Hamilton Company, Merck KGaA, Tecan Trading AG, Thermo Fisher Scientific Inc., Panasonic Healthcare Holdings Co. Ltd., Becton, Dickinson and Company, Qiagen N.V., Brooks Automation Inc., Greiner Holding AG are among the most prominent companies currently ruling the global biobanking market.
Recent News
May 2019
Saint John bio-bank (U.S) has been expanded, which is expected to help with cancer research in the future. Researchers will be making use of tissues as well as the information stored in bio-bank for getting more understanding of the reasons behind why some people are at greater risk to getting heart disease.
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