Biobanking Market Worth $2.69 billion - Insights and In Depth Analysis of Industry Segments and Key Players

(IT-NEWSWIRE.COM, November 19, 2020 ) According to the new market research report "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" published by MarketsandMarkets™.

The Biobanking Devices Market is expected to reach USD 2.69 Billion, at a CAGR of 7.8%

The Key Factors Who will Drives the Market Growth?

- 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

Regenerative Medicine - application will drive the growth of biobanking market;

Regenerative medicine is the process of creating living, functional tissues to repair or replace tissue or organ function lost due to age, disease, damage, or congenital defects. The archiving of biological specimens from donors for use in research has become an important resource for regenerative medicine research. High-quality and well-annotated tissue sample collections stored in dedicated biorepositories have become an essential tool in regenerative medicine for developing diagnostic, prognostic, and therapeutic applications to advance human health.

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Market Segmentation in Detailed:

By product and service, 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 number of biosamples to be stored are increasing the demand for biobanking devices market.

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. 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.

Major Biobanking Market Developments;

- In 2017, Brooks Automation, Inc. (U.S.) launched BioStore IIIv, BioStudies Biobank Data Management, FluidX, IntelliXcap Decapper systems to strengthen its product portfolio in biobanking segment.

- In 2016, Thermo Fisher Scientific Inc. (U.S.) entered into a partnership with Hamilton Storage (U.S.) to strengthened Thermo Fisher’s presence in the market.

- In 2015, Panasonic Healthcare Holdings (Japan) launched MDF-DU900V VIP -86°C Upright Freezer.

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Leading Key Players in the Worldwide Industry:

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.), Merck KGaA (Germany)

Geographical Regions Mapped in Report:

Based on region, 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, 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.

MarketsandMarkets™

Mr. Aashish Mehra

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raviraj.tak@marketsandmarkets.com

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Biobanking Market Worth $2.69 billion - Insights and In Depth Analysis of Industry Segments and Key Players