The global biobanking market is likely to exhibit a robust CAGR of 7% during the assessment period (2020-2027). The growing need for disease-specific biosamples, particularly tumor cells to fast-track precision medicine research, is projected to fuel the market in the foreseeable future. The rising focus on the expansion of novel therapies, for instance personalized medicine, is likely to fuel the market.
“Although the biospecimen application for the expansion of therapeutics is rising, there would be a noteworthy spurt in the implementation rate of bio-samples for clinical diagnosis to apprehend cell structure” says a Fact.MR analyst.
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- Asia Pacific will be recording the maximum CAGR of about 8% over the projected period.
- Software & services will be deployed at the utmost CAGR of about 7.5% in the market.
- Blood products will remain vital biospecimen in the global market throughout the assessment period.
- Therapeutics application is likely to come out as a dominant segment in the biobanking market
- Automated storage systems will reflect a CAGR of 7% during 2020-2027.
- Rise in genomic research activities to study diseases is catalysing market growth.
- Progressions in biobanking and rising trend of preserving cord blood stem cells of newborns will be bolstering the growth of the biobanking market.
- Private and government funding to sustain regenerative medicine research will fuel market expansion.
- Rising need for cost-efficient drug development and discovery is boosting the global market.
- Rising trend of personalised medicines to diminish mortality rates triggered by chronic diseases is driving demand for biobanks.
- Higher operational cost concerns foretell limited acceptance of biobank products
- Rising focus on the research & development of cell therapies to restrain the biobanking market.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 outbreak has brought prominence of biobanks to the forefront across the globe. Therefore, quick establishment of a COVID-19 biobank are being foreseen all over the world to prospectively gather research biospecimens as well as corresponding patient provided and clinical data from COVID-19 patients with long-established infection with the COVID-19 virus to allow high-quality research.
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Major players identified in the biobanking market are Tecan Trading AG, Thermo Fisher Scientific, Inc., PHC Holdings Corporation (Panasonic Healthcare), Hamilton Company, Merck KGaA, Brooks Automation, Inc., Greiner AG, Chart Industries, Inc., QIAGEN N.V. and VWR International, LLC. Players are engaged in expansion of cryopreservation and temperature control systems to upkeep biobanking operations. Moreover, players are focusing on strengthening their market presence by extending their offerings to biobanking services.
More on the Report
The Fact.MR’s market research report provides in-depth insights into the Biobanking market. The market is scrutinized on the basis of product (equipment, consumables, software & services), biospecimen (blood products, human tissues, cell lines, nucleic acids, and others), application (therapeutics, clinical diagnostics, drug discovery & development, and others), and storage (manual and automated), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).