Biobanking Market by Product, Services, Application, Storage Type and Forecast Report 2024
Biobanks are biological repository of human samples and related data which is utilized in biological research for investigating therapeutic approaches to ameliorate various diseases. Bio-specimens are characterized to determine the features of a continuous cell line, identification of contaminants and gaining profound knowledge of the raw materials utilized in the preparation of the bio-products. The process of collection of these specimens and extraction of useful information into a repository for research purposes is known as biobanking.
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The global biobanking market is expected to witness significant growth during the forecast period (2017-2023), on account of impact of various factors such as rise in on-going genomic research of several diseases, technological advancements with respect to biobanking, funding from government and private organizations, and the growing trend of cord blood repository of new born. However, sustaining the biobanks for a long term is a major challenge faced by the biobanking market.
The biobank market witnesses several drivers for its growth during the forecast period. These include the rise in on-going genomic and proteomic research of several diseases; technological advancement with respect to biobanking processing and storage; funding from government and private organizations to investigate the therapeutic efficacy of regenerative medicines; and the increasing trend of cord blood repository of new born. Moreover, the demand for personalized medication and need to opt for cost effective drug discovery procedures are also driving the growth of the biobanking market worldwide.
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Globally, North America is the largest market for biobanking followed by Europe, due to the involvement of government organization in funding research& development of regenerative medicines, cell and gene therapy. Additionally, growing research in the area of genomics and proteomics; inclination towards personalized medication and entry of new biotechnology and pharmaceutical companies also drives the growth of North America biobanking market. Further, the developing countries of Asia-Pacific such as Japan, China and India are expected to witness the highest growth during the forecast period. Major factors driving the growth of the Asia-Pacific biobanking market include rise in government initiatives to focus on the life-science research and funding for development of biomedical, pharmaceutical and biotechnological industry.
Key companies operating in the global biobanking market are forming partnerships, launching products, and enhancing their product portfolio to strengthen their global presence.
Some of the major key players operating in the biobanking market include Thermo Fisher Scientific Inc., PHC Holdings Corporation (Panasonic Healthcare Holdings Co. Ltd), Qiagen N.V., Merck KGaA, Brooks Automation. Inc., Hamilton Company, Becton, Dickinson and Company, Greiner Holding AG, BioLife Solutions, Inc., Promega Corporation.
Source: P&S Intelligence
