Biobanking Market Growing at a CAGR of 7.8% - In Depth Analysis of Applications and Recent Developments

(IT-NEWSWIRE.COM, March 19, 2021 ) A number of factors such as increasing number of Genomics research activities for studying diseases, advances in biobanking and growing trend of conserving cord blood stem cells of newborns and government & private funding to support regenerative medicine research in biobanking are expected to drive the growth of this market.

According MarketsandMarkets™ Research - The 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", is expected to reach USD 2.69 Billion, nearly at a CAGR of 7.8%

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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Regenerative medicine and life science research application will drive the growth of biobanking market.

Regenerative Medicine;

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.

Life Science Research;

In-house laboratories, repositories, and biobanks require primary cell cultures and cell lines for biomedical research, personalized medicine, cell-based research, and related segments. Due to the large turnover of highly sensitive samples in these research activities, it is critical to have a repository for the proper handling of samples. A biosample repository ensures appropriate long-term storage conditions for such samples. The samples are sorted, tracked, and made available to scientists to support life science research activities. A dedicated biobank helps curtail the recurring cost of continuous sample procurement from donor sites, thereby supporting targeted research in life sciences.

Geographical View in-detailed:

The biobanking devices market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is expected to dominate the biobanking 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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Global Key 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)

Thermo Fisher Scientific Inc. (U.S.) accounted for the largest share of the biobanking market. The company caters to the biobanking devices 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 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.

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Biobanking Market Growing at a CAGR of 7.8% - In Depth Analysis of Applications and Recent Developments