The biobanking market has been estimated to experience novel growth opportunities in the forthcoming years.
The biobanking market has been estimated to experience novel growth opportunities in the forthcoming years. The growth avenues in the global market are attributed to numerous factors, for instance, the rising number of biobanks around the world. In addition to this, increasing number of biosamples across the world because of which the requirement for the equipment remains high. Thus, based on these factors, the global market has been projected to grow at a significant speed in the near future.
In recent years, there has been a noteworthy increase in the research activities that are related to genomics in order to study diseases. Along with this, the rising trend to conserve the cord blood stem cells of newborns has also been estimated to fuel the growth avenues in the global market. Growing advances in biobanking along with an increasing requirement for the cost-effective process for the discovery and development of drugs are also bolstering the expansion avenues in the global market during the forecast period.
Biobanking Market – Key Drivers
There has been a noteworthy increase in the funding from the private and government bodies in order to support regenerative medicine research. Along with this, biobanking also plays a vital role to advance translational and biomedical research with the help of collection as well as preservation of the biological samples, for instance, nucleic acids, tissues, and blood. It is further used for research purposes in order to discover disease-relevant biomarkers and for prognosis, diagnosis, and predicting drug responses. Further, an increasing number of research activities for product development is predicted to boost the growth avenues in the global market in the coming years.
On the flip side, the high cost of automation and various issues about biospecimen sample procurement are predicted to curtail the growth opportunities in the biobanking market in the near future.
Biobanking Market – Recent Developments and Key Players
The nature of the biobanking market is fragmented in nature with the presence of numerous small and large-scale firms that are spread around the world. These market players are incorporating various growth strategies in order to develop novel expansion avenues in the following years. Expansion of company network, mergers and acquisitions, novel product launches, and partnerships or agreements are some pivotal strategies to develop the growth impetuses in the global market. Further, the companies have been using mergers and acquisitions for the utilization of strength, for example, enhancing company portfolio, capturing the untapped markets, broadening distribution network, developing novel products, and some intense R & D activities. The research report on the market provides an extensive competitive analysis as well as profiles of the prominent players.
Some of the key players operating in the biobanking market are:
- Thermo Fisher Scientific Inc.
- Merck KGaA
- Tecan Group Ltd.
- Qiagen N.V.
- Chart Industries
- Hamilton Company
- Brooks Automation
- Promega Corporation
- TTP Labtech Ltd.
- VWR Corporation
- Becton
- Micronic
- Biobank AS
- Worthington Industries
- Dickinson and Company
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Biobanking Market – Regional Assessment
The biobanking market is divided into five major regions including North America, the Middle East & Africa, Europe, Latin America, and Asia Pacific on the basis of geographical locations. North America is expected to hold a noticeable dominance in the regional market in the following years. The global dominance is attributed to the well-established healthcare and research infrastructure in the region. In addition to this, increasing government investment in different healthcare industries is also propelling the growth avenues in the North America market in the near future.
Asia Pacific region is also estimated to grow at the highest CAGR with noticeable growth in India, China, and Japan. This regional growth is on the back of improvement in the life sciences research infrastructure along with growing government investment in biotechnology, pharmaceutical, and biomedical industries.
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