Wilmington, Delaware, United States, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The biobanking market is projected to expand at a CAGR of 5.9% during the forecast period from 2022 to 2031. Increasing funding for biobanking from private and government organizations, and expansion of application areas of bio-banked samples are fueling the growth of biobanking market.
Significant role of government bodies to support establishment of biobanks for health and medical research to influence biobanking market size. The establishment of Heart Failure Biobank as a key component of National Centre for Advanced Research and Excellence in Heart Failure developed by ICMR, India is a case in point.
A scrutiny of biobanking market trends underscores increasing availability of government funding for stem cell therapeutics, regenerative medicine, and cell & gene therapy is leading to increasing research in biobanking. Prospects of development of regenerative medicine, such as for advancements in orthopedic procedures using stem cells, to spell demand for biobanking.
Diversity of public participation is a key factor for success of biobanking. Collection of biospecimens with strict adherence to standardized collection methodologies ensuring reproducibility shapes future market demand for biobanking. Characteristically, design and use of biobanks is diverse, wherein information and samples are included from large-scale epidemiological collections, clinical trials of novel treatments, family studies, patients with a particular diseases, or patients with the disease in question.
North America held the leading share of biobanking market in 2021. The region is anticipated to remain highly lucrative during the forecast period. Increasing R&D in the healthcare sector for advancement of biobanking, and presence of leading players in the biobanking market ascribe growth in the region.
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Biobanking Market – Key Findings of the Report
- Equipment product segmented held the leading share of biobanking market in 2021. Use in biorepositories to store biological samples for research, and use by researchers to conduct tests or examine specimens stored in a biobank are some key areas of use of equipment. Rapid rise in demand for personalized medicine, due to high unmet medical requirement to develop effective therapies is a key factor propelling the equipment segment.
- Blood products biospecimen type segment held the leading share of biobanking market in 2021.
- Therapeutics application segment is anticipated to account for key share of biobanking market during the forecast period. Large repository of samples of biobanks, to serve the growing demand for precision medicine for critical applications in complex disease areas fuels the growth of therapeutic application segment
- Automated storage type segment is anticipated to rise at a rapid pace during the forecast period. Growing popularity of biobanking is leading biobanks to adopt automation to help maintain sample integrity, and for stringent specimen tracking standards. Improved access, cost, and throughput at various stages are some areas for which automation can be used.
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Biobanking Market – Growth Drivers
- Characteristic of biobanks to create multi-omics biobanks, wherein findings from genomics, metabolics, and proteomics could be combined for novel and individualized treatment approach spells demand
- Rising demand for personalized medicine, to broaden applications of biospecimen for ground-breaking treatment of complex diseases stimulates growth
Biobanking Market – Key Players
Some of the key players operating in the biobanking market are;
- Thermo Fisher Scientific inc.
- Hamilton Company
- VWR International LLC
- Greiner AG
- Merck KGaA
- PHC Holdings Corporation
- Chart industries Inc.
- QIAGEN N.V.
- Brooks Automation Inc.
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The biobanking market is segmented as follows;
Biobanking Market, by Product
- Equipment
- Temperature Control Systems
- Incubators & Centrifuges
- Alarms & Monitoring Systems
- Accessories & Other Equipment
- Consumables
- Cryovials & Cryomolds
- Tubes
- Others
- Software & services
Biobanking Market, by Biospecimen Type
- Blood Products
- Human Tissues
- Cell Lines
- Nucleic Acids
- Others
Biobanking Market, by Application
- Therapeutics
- Clinical Diagnostics
- Drug Delivery & Development
- Others
- Neuropathic Pain
Biobanking Market, by Storage Product
- Manual
- Automated
Biobanking Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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