(PharmaNewsWire.Com, August 26, 2021 ) The Key Growth Elements in Detailed?
The Factors driving the growth of Biobanking Market include the increasing number of genomics research activities for studying diseases; advances in biobanking and the growing trend of conserving cord blood stem cells of newborns; government & private funding to support regenerative medicine research; and the growing need for cost-effective drug discovery and development.
Worldwide Growth Opportunities in Terms of Revenue:
The Biobanking Market is expected to reach USD 2.69 Billion, nearly at a CAGR of 7.8%
Regenerative medicine applications for biobanking will drive the market;
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. The availability of government funding for regenerative medicine, stem cell therapeutics, and cell & gene therapy is supporting research activities in this segment. Apart from this, the increasing trend of cord blood banking will also aid growth of this market segment. Future prospects including advancements in orthopedic procedures with the use of stem cells are expected to further support market growth for regenerative medicine.
The biobanking devices market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is expected to dominate the biobanking market in 2017, this is attributed to factors like increasing research activities in regenerative medicine, cell and gene therapy; growing interest in personalized medicine and biomarker discovery; increasing number of biotechnology and pharmaceutical companies; and rising investments in genomics and proteomics research in the region as compared to other regions.
Major Key Players Mentioned in the research report are:
The Key players in the biobanking 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),
Thermo Fisher Scientific Inc. (U.S.) accounted for the largest share of the biobanking market in 2016. The company caters to the biobanking devices market through its Laboratory Products and Services segment. It offers products to pharmaceutical and biotechnology companies, hospitals and clinical diagnostic laboratories, universities, research institutions, government agencies, and environmental & process control industries. The company offers a broad range of products and services covering all segments of the biobanking. Thermo Fisher Scientific Inc. adopted product launches as its key strategy to maintain its competitive position in the market. For instance, the company launched the automated decapper system in association with Hamilton Company (U.S.) to enhance its product portfolio.
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