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 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™.
Revenue Growth Opportunities and Growth Drivers?
The Biobanking Market is expected to reach $2.69 billion, at a CAGR of 7.8%
Growth Boosting Factors:
- 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 applications for biobanking devices 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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Leading Key Players in the Worldwide Industry:
Major industry players launched innovative products to maintain and improve their position in the market. Hamilton Company (U.S.), Thermo Fisher Scientific Inc. (U.S.), Brooks Automation (U.S.), and Panasonic Healthcare Holdings Co. Ltd (Japan) have been identified as the top players in this market. These companies have a broad product portfolio with comprehensive features and have also launched innovative products. These leaders also have products for all end users in this market, a strong geographical presence, and they focus on continuous product innovations.
Geographical Regions Mapped in Report:
Based on region, 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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Market Segmentation in Detailed:
By sample type, 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, 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 biobanking market segment.