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. Prospects including advancements in orthopedic procedures with the use of stem cells are expected to further support market growth for regenerative medicine
Worldwide Growth Opportunities in Terms of Revenue & Segmentation:
Biobanking Market is expected to reach $2.69 billion, Nearly at a CAGR of 7.8%.
The Global market is segmented by product and service, sample type, storage type, application and regions.
By product and service, the market is segmented into equipment, consumables, services, and software. The equipment segment is expected to lead the global market. Factors such as the growth in the number of biobanks and the number of biosamples to be stored are increasing the demand for biobanking devices market.
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By sample type, the Biobanking Market is classified into blood products, human tissues, cell lines, nucleic acids, human waste products, and biological fluids. Since blood and blood products are the most collected specimens and are used as a source of DNA and RNA, this segment type holds the largest share of the biobanking devices market.
On the basis of applications, the market is segmented into regenerative medicine, life science research, and clinical research. Regenerative Medicine is expected to account for the largest share of the market based on applications. Growing research in regenerative medicine and the increasing demand for well-characterized and quality biosamples for research are prime reasons for the growth of this market segment.
Global Geographical Analysis for Biobanking Market:
The Global market is dominated by North America, followed by Europe. North America will continue to dominate the global market in the forecast period. However, Asia-Pacific is expected to witness the highest CAGR, with the growth in this market centered in Japan, China, and India. Improving life sciences research infrastructure in emerging economies and growing government investment in biomedical, pharmaceutical, and biotechnology industries are some of the factors propelling market growth in the Asia-Pacific region.
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The Major Factors Driving the Growth of Biobanking Market:
- Increase in Genomic Research Activities for Studying Diseases
- Advances in Biobanking and Growing Trend of Conserving Cord Blood Stem Cells of Newborns
- Government and Private Funding to Support Regenerative Medicine Research
- Growing Need for Cost-Effective Drug Discovery and Development
Major Key Players in Global Biobanking Market:
Key players in the market include Hamilton Company (U.S.), Thermo Fisher Scientific Inc. (U.S.), Brooks Automation (U.S.), and Panasonic Healthcare Holdings Co. Ltd (Japan) have been identified as the top players in this market. These companies have a broad product portfolio with comprehensive features and have also launched innovative products. These leaders also have products for all end users in this market, a strong geographical presence, and they focus on continuous product innovations.