Market Synopsis
The biobanking market was valued at USD 950 million in 2017 and is expected to register a CAGR of 7.6% during the forecast period. The global biobanking market is majorly driven by the increasing applications in life sciences, increasing technical advanced devices, increasing demand for research activities in genomics for studying various diseases, and growing penetration by market players. Additionally, factors such as increasing government and private funding to support the regenerative medicine research are likely to boost the market growth during the forecast period.
However, factors such as higher cost of automation may hamper the growth of the market during the assessment period.
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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:
Region-specific analysis of the biobanking market leads to the inclusion of the Americas, Europe, Asia Pacific (MEA), and the Middle East & Africa (MEA). The regional market has two regions, North America and South America. North America’s entry depends mostly on the prospect associated mainly on the superlative infrastructure. The U.S. is one chief contributor of the region where growth in the number of hospital-based biobanks is driving the demand forward. Canada is expected to amass the maximum CAGR during the forecast period. The market is getting driven by cost-effective aspects.
The European Biobanking Market Growth is relying mostly on the investments granted for research and development from various organizations and governments. It is getting further aid from advanced technologies. Germany and the U.K. provide the maximum coverage for the regional market growth the market and is receiving substantial backup from the healthcare sector.
Asia Pacific’s growth is expected to be the fastest as the technology is getting increasingly adopted in the healthcare sector to meet the demands generated by chronic diseases. Early diagnosis and treatment are necessary in such cases which are driving the business growth ahead.
The MEA biobanking market can record a steady rise owing to the poor infrastructure. Researches are mostly taking place in the Middle East part where countries are investing money to get better healthcare benefits. In the African region, awareness about biobank facilities is fueling the growth of the market.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.
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