Biobanking Market Research Report: By Product & Services (Equipment, Consumables, and Services), Sample Type (Blood Products), Storage Type (Manual Storage), Application (Regenerative Medicine) and End-User (Hospitals, Others) – Global Forecast till 2023
However, the biobanking market is also getting muddled by a lot of ethical questions owing to which the expected rise could drop a little during the forecast period.
The global biobanking market is expected to rise from its previous valuation of USD 950 million in 2017 with a 7.6% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) in their latest article on the market revealed these figures while thoroughly analyzing the market demography. Biobanking is primarily a kind of biorepository to store samples for future references. These samples impact researches such as genomics and personalized medicine sector. The data received from samples can often be used for several purposes. Rising demand for biosamples, tumor cells for clinical trials and others can provide substantial traction to the market. The increasing rate of investment from both the private and public sector can trigger impressive growth.
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Influential companies to impact the biobanking market are Thermo Fisher Scientific Inc., Greiner Holding AG, Hamilton Company, VWR Corporation, Tecan Trading AG, Becton Dickinson and Company, Ltd, Qiagen N.V., Merck KGaA, Brooks Automation, Inc., Chart Industries, Inc., Promega Corporation, Panasonic Healthcare Holdings Co., and others. MRFR enlists them for their strategic developments which can help the market in the expansion.
In 2019, the inauguration of the Cancer Phenome-Biobanking System and Biomonitoring Program or the Biobank facility at the Philippine General Hospital marked the development in cancer research status of the nation. The site is open to the University of the Philippines (UP) and other Philippine universities where they can conduct high-grade researches.
The Americas dominates the global biobanking market owing to the increasing prevalence of chronic diseases and presence of a well-developed healthcare sector within the region. Moreover, the increasing healthcare expenditure and presence of key players within the regional boundaries provide a favorable background for the market growth.
Europe is the second largest in the global biobanking market. Factors such as the increasing availability of funds for research and a huge patient population followed by a well-developed healthcare sector drive the market within the region.
Asia Pacific is estimated to be the fastest growing market for biobanking. This can be attributed to the presence of developing economies such as India and China. Moreover, the increasing healthcare expenditure and a rapidly developing healthcare sector boost the market growth within the region.
On the other hand, the Middle East and Africa has the least share in the global biobanking market due to low per capita healthcare expenditure and stringent government policies, especially within the Africa region. It is estimated that the Middle East holds a majority of the market within the Middle Eastern and African region.
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The global biobanking market is segmented on the basis of products and services, sample type, storage type, application, end-user, and region. Considering products and services, the market is segmented into equipment, consumables, services, and software. Equipment is further sub-segmented into storage equipment, sample analysis equipment, sample processing equipment, sample transport equipment, and others. Consumables are further sub-segmented into storage consumables, analysis consumables, processing consumables, collection consumables, and others. Services are sub-segmented into storage services, processing services, transport services, and supply services. By sample type, the market is segmented into blood products, human tissues, cell lines, nucleic acids, biological fluids, and others. Based on storage type the market is segmented into manual storage and automated storage. On the basis of application, the market is segmented into regenerative medicine, life science research, and clinical research. By end-user, the market is segmented into hospitals, diagnostic laboratory, research centers, and others. Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. The American region is segmented into North America and South America.
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