Biobanking Market Worth $2.69 billion | Growth Drivers and Applications | Impact of Covid 19 Detailed Analysis

PUNE, India, 2020-Aug-11 — /EPR Network/ —

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 Market is expected to reach $2.69 billion, at a CAGR of 7.8%, the equipment segment is estimated to account for the largest share of the market.

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

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.

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Regenerative medicine applications for biobanking market will drive the market

Biobanking 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.

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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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.

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).