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.
[164 Pages Report] Biobanking Market is expected to reach $2.69 billion, at a CAGR of 7.8%.
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Research Methodology : Biobanking Devices Market
Top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent submarkets. The overall market size was used in the top-down approach to estimate the sizes of other individual submarkets (mentioned in the market segmentation—by product and service, sample type, storage type, application, and region) through percentage splits from secondary and primary research. The bottom-up approach was also implemented (wherever applicable) for data extracted from secondary research to validate the market segment revenues obtained. Various secondary sources have been used to identify and collect information useful for this extensive commercial study of the market. Primary sources such as experts from related industries and suppliers have been interviewed to obtain and verify critical information as well as to assess prospects of the Biobanking.
Market Segmentation in Detailed:
By sample type, the Biobanking Market is classified into blood products, human tissues, cell lines, nucleic acids, human waste products, and biological fluids. Since blood and blood products are the most collected specimens and are used as a source of DNA and RNA, this segment type holds the largest share of the biobanking devices market.
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 in 2017 on the basis of applications. Growing research in regenerative medicine and the increasing demand for well characterized and quality biosamples for research are prime reasons for the growth of this market segment.
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The Global Biobanking Market is dominated by North America, followed by Europe. North America will continue to dominate the global market in the forecast period. However, Asia-Pacific is expected to witness the highest CAGR, with the growth in this market centered at Japan, China, and India. Improving life sciences research infrastructure in emerging economies and growing government investment in biomedical, pharmaceutical, and biotechnology industries are some of the factors propelling market growth in the Asia-Pacific region.
Major industry players launched innovative products to maintain and improve their position in the Biobanking Market. Hamilton Company (U.S.), Thermo Fisher Scientific Inc. (U.S.), Brooks Automation (U.S.), and Panasonic Healthcare Holdings Co. Ltd (Japan) have been identified as the top players in this market. These companies have a broad product portfolio with comprehensive features and have also launched innovative products. These leaders also have products for all end users in this market, a strong geographical presence, and they focus on continuous product innovations.