Biobanking Market Growing at a CAGR of 7.8% - Increase in Genomic Research Activities for Studying Diseases

(IT-NEWSWIRE.COM, February 25, 2021 ) Major Growth Boosting Factors: The Factors driving the growth of Biobanking Devices Market include the increasing number of genomics research activities for studying diseases; advances in biobanking and the growing trend of conserving cord blood stem cells of newborns; government & private funding to support regenerative medicine research; and the growing need for cost-effective drug discovery and development.

Revenue Growth Opportunities: The Biobanking Market is expected to reach USD 2.69 Billion, at a CAGR of 7.8%

Regenerative medicine applications for biobanking market will drive the market;

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. 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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By product and service;

Segmented into equipment, consumables, services and software. The equipment segment is expected to lead the global market in 2017. Factors such as the growth in the number of biobanks and number of biosamples to be stored are increasing the demand for market.

By sample type;

the Biobanking Devices 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 market.

On the basis of applications;

The biobanking 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 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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Geographical Scenario: 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.

Global Leaders: 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), Micronic (Netherlands), LVL Technologies GmbH & Co. KG (Germany), Panasonic Healthcare Holdings Co. Ltd (Japan), Greiner Bio One [Greiner Holding AG, Austria)], Biokryo GmbH (Germany), Biobank AS (Norway), Biorep Technologies Inc. (U.S.), Cell & Co Bioservices (France), RUCDR infinite biologics (U.S.), Modul-Bio (France), CSols Ltd (U.K.), Ziath (U.K.), and LabVantage Solutions Inc. (U.S.).

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Biobanking Market Growing at a CAGR of 7.8% - Increase in Genomic Research Activities for Studying Diseases