(PharmaNewsWire.Com, November 06, 2019 ) Biobanking Market plays an integral role in advancing biomedical and translational research, through the collection and preservation of biological samples, such as blood, tissues, and nucleic acids, which are then made available for use in research to discover disease-relevant biomarkers; this is further used for diagnosis, prognosis, and predicting drug responses. Growth in the number of research activities in this segment forms a major driver for the market.
According to Latest Market research report Published by MarketsandMarkets the “Biobanking Market Size, Share, Demand and Growth Analysis, forecast” the Global Market is expected to reach $2.69 billion, at a CAGR of 7.8%
Key players in the biobanking devices market include Thermo Fisher Scientific Inc. (U.S.), Tecan Group Ltd. (Switzerland), Qiagen N.V. (Germany), Hamilton Company (U.S.), Brooks Automation (U.S.), TTP Labtech Ltd (U.K.), VWR Corporation (U.S.), Promega Corporation (U.S.), Worthington Industries [(Taylor Wharton, U.S.)], Chart Industries (U.S.), Becton, Dickinson and Company (U.S.), Merck KGaA (Germany), Micronic (Netherlands), LVL Technologies GmbH & Co. KG (Germany)
Major Drivers Impacting the Biobanking Market;
• Increase in Genomic Research Activities for Studying Diseases • Advances in Biobanking and Growing Trend of Conserving Cord Blood Stem Cells of Newborns • Government and Private Funding to Support Regenerative Medicine Research • Growing Need for Cost-Effective Drug Discovery and Development
On the basis of applications, the market is segmented into regenerative medicine, life science research, and clinical research. Regenerative Medicine is expected to account for the largest share of the market, growing research in regenerative medicine and the increasing demand for well characterized and quality bio samples for research are prime reasons for the growth of this market segment.
Critical questions the report answers:
• Where will all these developments take the industry in the mid to long term? • What are the upcoming industry applications for Biobanking Market?
Life Science Research:
In-house laboratories, repositories, and biobanks require primary cell cultures and cell lines for biomedical research, personalized medicine, cell-based research, and related segments. Due to the large turnover of highly sensitive samples in these research activities, it is critical to have a repository for the proper handling of samples. A biosample repository ensures appropriate long-term storage conditions for such samples. The samples are sorted, tracked, and made available to scientists to support life science research activities. A dedicated biobank helps curtail the recurring cost of continuous sample procurement from donor sites, thereby supporting targeted research in life sciences.
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