The global biobanking market is expected to register a strong 7.6% CAGR over the forecast period from 2018 to 2023, according to the latest market research report from Market Research Future (MRFR). The global biobanking market is mainly driven by the growing demand from the medical research sector, where biobanking plays a vital role by supplying a steady stream of human tissues for performing studies. Growing awareness of the importance of research into the genetic makeup of diseases and human genomics has led to growing government as well as private support for genetic research. This has driven the biobanking market strongly in the historical review period and is likely to remain a key driver for the market over the forecast period.
The growing usage of genetics research in disease treatment is likely to be a major driver for the global biobanking market over the forecast period. Genetics research has led to the development of more intricate branches of medicine such as personalized medication, which has transformed the cancer treatment research landscape, giving it a whole new direction to work in. The growing popularity of personalized medicine, which personalizes medication based on the patient’s unique genetic proclivities for certain conditions and inherent reactivity to certain chemicals, making the medicine safer and more effective than mass-produced pills or tablets. This has driven research into the process, as it provides more effective treatment and longer lasting effects. This is likely to be a major driver for the global biobanking market over the forecast period.
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Growing government support and private investment is also likely to be a key factor for the global biobanking market in the coming years, as the highly advanced research environment required in the biobanking sector requires considerable expenditure for purchase as well as maintenance. The growing support for genetic and genomics research in developed countries such as the U.S., the UK, France, and Germany is likely to be a major driver for the global biobanking market over the forecast period.
The global biobanking market is segmented on the basis of product type, sample type, storage type, application, end use, and region.
By product type, the global biobanking market is segmented into equipment, consumables, services, and software.
By sample type, the market is classified as blood products, cell lines, human tissues, biological fluids, nucleic acids, and others.
By storage type, the global biobanking market is segmented into manual and automated. The higher costs of automated storage systems have held back their demand in the global biobanking market, leading to steady dominance of manual storage systems.
By application, the global biobanking market is segmented into clinical research, life sciences research, and regenerative medicine.
By end use, the global biobanking market is segmented into hospitals, diagnostic laboratories, research centers, and others.
The global biobanking market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa. The U.S. is the dominant regional market in the global biobanking market due to the strong presence of medical research facilities in the region and the growing demand for effective treatments for chronic neurodegenerative diseases such as Parkinson’s and Alzheimer’s disease. The growing healthcare expenditure from the government in the U.S. is also likely to be a major driver for the global biobanking market. Biobanking also remains with private investors in North America due to its potential applications in the healthcare sector.
Europe has also seen incremental investment in clinical research in the areas of disease treatment in recent years, with the UK and Germany leading the way. These two countries have two of the largest social healthcare systems in the world and have been at the forefront of medical research in recent years, leading to strong growth prospects for the biobanking market in the region over the forecast period.
Asia Pacific is expected to exhibit the fastest growth over the forecast period due to the increasing prevalence of chronic diseases and increasing awareness about biobanking and its various applications and benefits.
Leading players in the global biobanking market include Hamilton Company, Promega Corporation, Merck KGaA, Tecan Trading AG, Panasonic Healthcare Holdings Co. Ltd., Brooks Automation Inc., Chart Industries Inc., Qiagen N.V., Thermo Fisher Scientific Inc., VWR Corporation, Becton Dickinson and Company, and Greiner Holding AG.
In March 2019, A2LA launched a new ISO 20387 biobank accreditation program.
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