Biobanking Market worth $2.69 Billion – Thermo Fisher Scientific Inc. (U.S.), Becton, Dickinson and Company (U.S.) are Leading Key Players

PUNE, India, 2021-May-26 — /EPR Network/ — 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, at a CAGR of 7.8%.

Regenerative medicine applications for biobanking market will drive the market;

Biobanking Devices 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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The equipment segment is expected to dominate the market;

By product and service, the biobanking market is segmented into equipment, consumables, services, and software. The equipment segment is expected to dominate the global biobanking devices market in 2017. Rising number of biobanks and the increasing number of biospecimens are factors increasing the demand for biobanking equipment.

Geographical View 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.

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), LVL Technologies GmbH & Co. KG (Germany), Panasonic Healthcare Holdings Co. Ltd (Japan),

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Thermo Fisher Scientific Inc. (U.S.) accounted for the largest share of the biobanking market in 2016. The company caters to the 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.

Becton, Dickinson and Company (U.S.) accounted for the third-largest market share in 2017. The company is one of the leading players focusing on sample analysis equipment and a broad range of consumables. It has a global presence and provides automated solutions to prominent end users. The company launched innovative cell sorter and cell analyzer systems and associated consumables over the last three years. The end users that the company caters to are pharmaceutical and biotechnology companies, biobanks, hospitals and clinical diagnostic laboratories, universities, research institutions, and government agencies.