Biobanking Market to Grow at 7.6% CAGR Between 2018 and 2023


Market Overview:
Biobanking is defined as a process by which samples of bodily fluid or tissue are collected for research. The collected sample is meant to improve the doctor's understanding of health and disease. A new report on the global Biobanking Market, published by Market Research Future (MRFR), concludes that this market can view gains at 7.6% CAGR  between 2018 and 2023.
The most important market drivers for the global biobanking market growth are increasing applications in life sciences and increasing demand for research activities in genomics for studying various diseases. The increasing research & development (R&D) is strengthening the global biobanking market. Other market drivers that are responsible for the global biobanking market growth include increasing government as well as private funding to support the regenerative medicine research, growing penetration by market players, and increasing technical advanced devices. Today the medical sector is growing in both developed as well as developing countries. However, factors like the higher cost of automation can restrain the global biobanking market growth.
Key Players
·         Becton Dickinson & Company
·         Brooks Automation Inc
·         Chart Industries Inc
·         Greiner Holding AG
·         Hamilton Company
·         Merck KGaA
·         Panasonic Healthcare Holdings Co
·         Promega Corporation
·         Qiagen N.V.
·         Tecan Trading AG
·         Thermo Fisher Scientific Inc
·         VWR Corporation
Market Segmentation
·         The global biobanking market segmentation encompasses application, end-use, product & services, sample type, and storage type. MRFR’s take on the market marks various facets of the market in-depth.
·         The application-based segmentation of this market covers clinical research, life science research, regenerative medicine, and others.
·         Based on end-use, the market has been segmented into diagnostic laboratory, hospitals, research centers, and others.
·         Based on the sample type, the market has been segmented into biological fluids, blood products, cell lines, human tissues, nucleic acids, and others.
·         Regarding storage type, the market has been segmented into automated storage and manual storage.
·         The products & services segment has been segmented into consumables, equipment, services, and software. The consumables segment has been sub-segmented into analysis consumables, collection consumables, processing consumables, and storage consumables. The services segment has been sub-segmented into processing services, storage services, supply services, and transport services.
Regional Segmentation
A geographical outlining of the global biobanking market covers the Americas (North America & South America), Asia Pacific, Europe, and the Middle East & Africa (MEA).
The Americas is the largest regional market as North America alone has the potential of becoming a powerful regional market. Due to the advanced medical facilities being available in the USA and the presence of key market players, North America is a larger regional market segment compared to South America. In North America, other factors leading to market growth include growing investments in healthcare, the increasing number of research activities in genomics, and surging patient population suffering from chronic ailments. The USA has the presence of the largest number of hospitals-based biobanks, and increasing awareness about biobanks makes the USA the biggest country-specific market. Due to the increasing demand for cost-effective drug development can become the fastest-growing country-specific market in North America during the forecast period. In South America, the market can grow faster during the forecast period due to increasing demand for treatment options for chronic ailments and the availability of technologically advanced devices for diagnosis.
In Europe, the biobanking market is growing due to the increasing emphasis on R&D activities for improvement in diagnosis and treatment methods. The increasing expenditure in the healthcare sector by major countries in Europe is also accelerating market growth. Due to the reasons the same as in The Americas, Western Europe is a bigger market compared to Eastern Europe. Germany and the UK are the biggest revenue contributors to the European market. Other important country-specific markets in Europe are France, Italy, and Spain.
During the forecast period, the Asia Pacific region can the fastest growing regional market due to the increasing burden of chronic ailments, increasing focus on early diagnosis, the influence of western culture among the adults, the increasing environmental pollution, exposure to harmful chemicals, increasing healthcare expenditure, lifestyle changes, growing healthcare sector, and treatment of rare diseases. The presence of developing economies like China and India is also boosting the market growth as the medical sector is progressing in both countries. Other great country-specific markets in this region are Australia, Japan, and South Korea.
In the MEA region, the market can grow steadily due to the flourishing growth of the medical device sector, especially diagnostic devices. An increase in the number of healthcare facilities providing treatment for chronic conditions also boosts the market. The influential country-specific markets in this region are Kuwait, Oman, Saudi Arabia, Qatar, and the UAE.
Latest Industry News
·         The Matrix Gemini Biobank Management System from Autoscribe Informatics is now offering users, greater versatility by including environmental monitoring and equipment calibration. The new system also offers maintenance monitoring capabilities. 20 AUG 2019

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