Cryogenic Biobanking Services Market: Increasing research and development activities serve as prominent growth factors
Cryogenic Biobanking Services Market: Overview
The cryogenic biobanking services market may climb the growth ladder across the forecast period of 2020-2030 on the back of the growing demand for storing varied biological samples such as organs, human blood, cells, and tissues. The preservation period is both short term and long term. The prime objective of the cryogenic biobanking is to maintain the stability and functionality of the biological samples within the specified preservation period.
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On the basis of type, the cryogenic biobanking services market can be segmented into cryogenic storage systems, freezers, ice machines, refrigerators, and alarms and monitoring systems. The cryogenic biobanking services market can be classified into regenerative medicine, biobanking, and drug discovery on the basis of application.
This upcoming report on the cryogenic biobanking services market provides a 360-degree analysis of the current market situation. The report covers components like competitive landscape, key players, regional analysis, and ongoing trends. The report also offers thorough research on how the COVID-19 pandemic will impact the cryogenic biobanking services market. The segmental study enables an individual to deeply understand the different aspects of the cryogenic biobanking services market systematically.
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Cryogenic Biobanking Services Market: Competitive Assessment
The cryogenic biobanking services market has numerous domestic and international players. These players compete with each other for obtaining the top position in terms of consumer loyalty and sales. Earlier, manual cryogenic biorepositories were present on a large scale but as technological advancements penetrated across the cryogenic biobanking services market, novel biobanks were designed keeping in mind the different protocols and advanced tracking procedures. Therefore, this aspect may bring expansive growth for the cryogenic biobanking services market.
Mergers, acquisitions, joint ventures, partnerships, and collaborations among the players of the cryogenic biobanking services market help them in expanding their foothold. This aspect eventually leads to adding extra stars of growth to the cryogenic biobanking services market. Some prominent players involved in the cryogenic biobanking services market are Customer Biogenic Systems, BioServe Biotechnologies, Sigma-Aldrich, and Stemgent.
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Cryogenic Biobanking Services Market: Key Trends
As the number of stored samples increases, the number of storage operations, and the need for cryogenic biobank automation also increases. Hence, the cryogenic biobanking services market may bank on the growing number of automated systems by various platforms. For instance, the INLANDYS platform integrates easily with any existing biobank equipment and can also be linked to the biorepository database software. Hence, such developments may sow the seeds of growth across the cryogenic biobanking services market.
The escalating adoption of in house sample storage system by biotech companies and pharmaceuticals may further help in enhancing the growth rate of the cryogenic biobanking services market. Investment across the cryogenic biobanking services market may also bring great growth opportunities. For instance, TMRW Life Sciences recently raised $25 mn for its cryogenic management platform. These factors may serve as robust growth pillars for the cryogenic biobanking services market.
Devices offering a hassle-free sample collection process in addition to a spill-proof design are gaining substantial momentum across the cryogenic biobanking services market. Such technologies may bring considerable growth opportunities for the cryogenic biobanking services market.
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Cryogenic Biobanking Services Market: Regional Dimensions
The cryogenic biobanking services market is spread across North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. North America may emerge as a champion among other regions in terms of growth. The growing investment in cryogenic biobanking services and the increasing research and development activities may serve as prominent growth factors for the cryogenic biobanking services market.
Europe may also bring substantial growth for the cryogenic biobanking services market throughout the forecast period of 2020-2030. The heightening demand for research and development activities of biospecimens related to cancer, diabetes, and other cardiovascular disorders may bring immense growth prospects for the cryogenic biobanking services market in the region.
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