Biobanking Market Scope
The Global Biobanking Market Size is expected to register 7.6% CAGR during the forecast period. It was valued at USD 950 million in 2017. Rise in applications in life sciences, demand for research in genomics, and penetration by market players are major drivers of the global biobanking market. The need for storage space for collection of samples to support clinical trials is projected to bode well for the market. Rising investments to encourage the growth of regenerative medicine can bolster market growth.
Establishment of population biobanks and disease biobanks can attract the interest of pharmaceutical and biotechnology companies looking to develop vaccines and drugs. Advent of stem cells and its use in cancer can drive the market demand. Large number of clinical trials for new drug therapies can propel market growth. But high automation costs can impede market growth.
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Biobanks are repositories that stores biological samples of blood, skin cells, organ tissue, urine, and others for use in research. Biobanking is a sector which has evolved from small clinics in universities to government supported repositories, virtual biobanks, and commercial biorepositories. The leaps of personalized medicine and genomics are bound to expand its applications. The global biobanking market report by Market Research Future (MRFR) contains predictions and projections for a five-year forecast period (2018-2023).
Biobanking Market Segmentation
The global biobanking market is segmented by products and services, sample type, storage type, application, and end-user.
On the basis of products and services, the biobanking market is segmented into equipment, services, consumables, and software. Equipment is further sub-segmented into sample transport equipment, sample processing equipment, storage equipment, sample analysis equipment, and others. Consumables are further sub-segmented into processing consumables, storage consumables, analysis consumables, collection consumables, and others. Services are sub-segmented into processing services, storage services, transport services, and supply services.
By sample type, the biobanking market is segmented into biological fluids, blood products, cell lines, human tissues, nucleic acids, and others.
Based on storage type the biobanking market is segmented into manual storage and automated storage. Applications of the market include life science research, regenerative medicine, and clinical research.
By end-user, the biobanking market is segmented into research centers, hospitals, diagnostic laboratory, and others.
Biobanking Market Regional Analysis
Based on region the biobanking market is segmented into Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). The Americas region is segmented into North America and South America.
The Americas is the largest biobanking market due to heavy investments in research of theranostics and a large patient pool suffering from chronic diseases. Presence of large number of biobanks in hospitals in the U.S. can encourage growth in North America. On the other hand, South America can grow at a rapid pace due to increasing demand for advanced treatments for chronic diseases and technologically advanced diagnostic devices.
Europe can also exhibit a stellar growth rate during the forecast period due to emphasis on research and development activities in diagnosis and treatment of diseases. Collaboration between biobanks and pharmaceutical companies for encouraging research can drive the global biobanking market growth. On the other hand, APAC can be lucrative for the global biobanking market due to inclination towards drug discovery and scientific research.
Biobanking Market Competition Outlook
Tecan Trading AG, Qiagen N.V., Brooks Automation, Inc., VWR Corporation, Becton, Dickinson and Company, Promega Corporation, Hamilton Company, Panasonic Healthcare Holdings Co., Ltd., Greiner Holding AG, Thermo Fisher Scientific Inc., Chart Industries, Inc., Merck KGaA, and others are notable players of the global biobanking market.
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Biobanking Industry News
The Manchester Cancer Research Center biobank collects ovarian cysts samples from women afflicted with the disease. This sample can be used in the testing of new drugs and its efficacy for its future commercialization.
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