(Health-NewsWire.Net, December 18, 2021 ) The Research Report on “Biobanking Market by Product and Service(Equipment, Consumables, Services, Software), Sample Type (Blood Products, Human Tissues, Cell Lines, Nucleic Acids), Application( Regenerative Medicine, Life Science, Clinical Research) – Global Forecast”, the biobanking devices market is expected to reach USD 2.69 Billion by 2022 from USD 1.85 Billion in 2017, at a CAGR of 7.8%.
Regenerative medicine applications for biobanking market will drive the market;
The Biobanks 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. Future prospects including advancements in orthopedic procedures with the use of stem cells are expected to further support market growth for regenerative medicine.
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Industry Segmentation In Detailed:
The equipment segment is expected to dominate the market.
By product and service, segmented into equipment, consumables, services, and software. The equipment segment is expected to dominate the global biobanking market in 2017. Rising number of biobanks and the increasing number of biospecimens are factors increasing the demand for biobanking equipment.
Blood products are estimated to command the largest market share.
The biobanking market is segmented by sample type into blood products, human tissues, nucleic acids, human waste products, cell lines, and biological fluids. In 2017, the blood products segment is expected to account for the largest share of the biobanking devices market, by sample type. Rising incidence of blood disorders and the increasing demand for various types of blood products across the globe are driving the growth of this segment.
On the basis of applications, segmented into regenerative medicine, life science research, and clinical research. Regenerative Medicine is expected to account for the largest share of the market in 2017 on the basis of 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.
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Leading Key Players and Analysis:
The Key players in the biobanking market include Thermo Fisher Scientific Inc. (U.S.), Tecan Group Ltd. (Switzerland), Qiagen N.V. (Germany), Hamilton Company (U.S.), Brooks Automation (U.S.), TTP Labtech Ltd (U.K.), VWR Corporation (U.S.), Promega Corporation (U.S.), Worthington Industries [(Taylor Wharton, U.S.)], Chart Industries (U.S.), Becton, Dickinson and Company (U.S.).
Thermo Fisher Scientific Inc. (U.S.) accounted for the largest share of the biobanking devices market in 2016. The company caters to the biobanks market through its Laboratory Products and Services segment. It offers products to pharmaceutical and biotechnology companies, hospitals and clinical diagnostic laboratories, universities, research institutions, government agencies, and environmental & process control industries. The company offers a broad range of products and services covering all segments of the biobanking market. Thermo Fisher Scientific Inc. adopted product launches as its key strategy to maintain its competitive position in the market. For instance, the company launched the automated decapper system in association with Hamilton Company (U.S.) to enhance its product portfolio.
Geographical Analysis in Detailed:
The biobanking market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is expected to dominate the biobanking devices market in 2017, this is attributed to factors like increasing research activities in regenerative medicine, cell and gene therapy; growing interest in personalized medicine and biomarker discovery; increasing number of biotechnology and pharmaceutical companies; and rising investments in genomics and proteomics research in the region as compared to other regions.
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Mr. Aashish Mehra