The Global Biobanking Devices Market is expected to reach $ 2.69 billion, at a CAGR of 7.8%
Factors driving the growth of this market include the increasing number of genomics research activities for studying diseases; advances in biobanking market 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.
The Biobanking Devices Market segment is accounted for the largest share of the market in 2017. This is primarily attributed to the increasing number of biobanks and a rising number of biosamples around the world, due to which the demand for equipment remains high.
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Biobanking devises Market segmentation:
· based on product and service.
· based on the sample type.
· based on storage type.
· based on application.
· based on regions.
Regenerative medicine and life science research application will drive the growth of Biobanking Devices Market
Regenerative Medicine:
Regenerative medicine is the process of creating living, functional tissues to repair or replace tissue or organ function lost due to age, disease, damage, or congenital defects. The archiving of biological specimens from donors for use in research has become an important resource for regenerative medicine research. High-quality and well-annotated tissue sample collections stored in dedicated biorepositories have become an essential tool in regenerative medicine for developing diagnostic, prognostic, and therapeutic applications to advance human health.
The Major Players Operating in the Biobanking Devices Market:
Major industry players launched innovative products to maintain and improve their position in the Biobanking Devices Market. Hamilton Company (U.S.), Thermo Fisher Scientific Inc. (U.S.), Brooks Automation (U.S.), and Panasonic Healthcare Holdings Co. Ltd (Japan) has been identified as the top players in this Biobanking Devices Market. These companies have a broad product portfolio with comprehensive features and have also launched innovative products.
Geographical Detailed Analysis for Biobanking Devices Market:
Global 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 Biobanking Devices Market growth in the Asia-Pacific region.
The high cost of automation and issues related to biospecimen sample procurement are expected to restrain the market growth to a certain extent.
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