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(Health-NewsWire.Net, July 10, 2020 ) 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. This is primarily attributed to the increasing number of biobanks and rising number of biosamples around the world, due to which the demand for equipment remains high.
The Applications will drive the growth of Biobanking Devices 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.
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Market Segmentation in Depth:
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 market in 2017. Rising number of biobanks and the increasing number of biospecimens are factors increasing the demand for biobanking equipment.
The biobanking market is segmented by sample type into blood products, human tissues, nucleic acids, human waste products, cell lines, and biological fluids. The blood products segment is expected to account for the largest share of the biobanking market, by sample type. Rising incidence of blood disorders and the increasing demand for various types of blood products across the globe are driving the growth of this segment.
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Geographical Regions Mapped in Report:
Based on region, 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 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.
Major Key Players Mapped in Research Report:
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)
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