Biobanking Market Introduction & Overview

Biobanking is a biorepository for receiving and storing biological specimens such as plant, animal, and microbe; which can be later used for supporting many types of contemporary research associated with genomics, healthcare research, medical care, and drug discovery. In addition, biobanking also permits large-scale analysis for individuation of specific disease biomarkers which will facilitate the development of personalized medicine. For promoting the health and well-being of the community there is a need for proactive participation from medical institutions, especially community medical centers. There are several types of biobanks currently established for supporting medical research such as population biobanks, disease-oriented biobanks and specialized cancer-oriented biobanks. There are several organizations that participate in creating written biobanking guidelines such as World Medical Association, Council for International Organizations of Medical Sciences, Council of Europe, Human Genome Organization, World Health Organization, and UNESCO.

The increasing demand for high quality, high-specificity treatments for diverse pathologies including neurodegenerative diseases, cardiovascular diseases, cancer, obesity, diabetes, and autoimmune diseases is attributed to promote the growth of biobanking market. However, the lack of consistent funding and high cost attributed to equipment management is hampering the market growth.

The global biobanking market is segmented by product & service, sample type, storage type, application and region.

Biobanking Market by Product & Service

On the basis of product & service, the biobanking market is segmented into equipment, consumables and services & software. The equipment segment is estimated to account for the largest share in the global biobanking market. The large share of this segment can be attributed to the wide scale development of biobanks for collection and processing of samples.

Biobanking Market by Sample Type

On the basis of sample type, the market can be segmented into blood products, biological fluids, cell lines, human tissues, nucleic acids and others. In terms of market share, the segment of blood products is estimated to account for the largest market share, owing to the high blood collection rate for analyzing diseased state of an individual.

Biobanking Market by Storage Type

Similarly, in terms of storage type, the biobanking market can be segmented into automated storage and manual storage. The automated storage segment is estimated to grow at a robust CAGR during the forecast period owing to the increasing technological advancement for providing more accurate & reliable data it becomes easier with automated storage to preserve samples and maintain accurate data.

Biobanking Market by Application

On the basis of application, the market can be segmented into clinical research, life science research and regenerative medicine. In terms of market share, the segment of regenerative medicine is estimated to account for the largest market share, owing to extensive funding provided by several government and private organizations for use of therapeutic stem cells, tissue engineering to develop regenerative medicines.

Biobanking Market by Region

The global biobanking market can be segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). North America dominated the market of biobanking market, followed by Europe and Asia Pacific. North America dominated the global biobanking market owing to the factors such as technological advancement in field of life science, increasing adoption rate of new technologies and extensive Research & Development by key players in this region. However, Asia Pacific is expected to witness the highest CAGR, with the growth of the market centered at China, Korea and Japan. Factors such as rising concern for development of novel drugs to combat the emerging diseases and increasing government & private funding for translational research are attributed for the growth of biobanking market in this region.

Biobanking Market Prominent Players

Some prominent players in the biobanking market include Thermo Fisher Scientific Inc., PHC Holdings Corporation, QIAGEN, Becton, Dickinson and Company, Merck KGaA, Hamilton Company, Tecan Trading AG, Cell&Co, Promega Corporation and Brooks Life Sciences among others.