Biobanking is the process of storage which acts like a biorepository which acts like a type of institution that is responsible for storage of biological samples that are at some point utilized in research activities. These banks provide valuable resources for complete genetic research activities and development of any personalized range of medicines. This repository/genetic library provides DNA samples for conducting genetic research and advancements of any therapeutics achieved with the development of these medicines.
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The main factors behind the growth of the market are:
The market is segmented on the basis of product as equipment, consumables; services as software; type of biobanks is segmented into population-based biobanks, disease-oriented biobanks; sample is categorized into human tissue, cell line, nucleic acid, blood products; application is categorized into clinical research, regenerative medicines, life sciences, therapeutic.
Some of the recent market developments are as follows:
“According to Data Bridge Market Research, global biobanking market is growing at a substantial CAGR of 7% during the forecast period of 2018 to 2025”
Some of the major players operating in the market are ProMedDx LLC, ASKION GmbH, Hamilton Company, PHC Holdings Corporation, Thermo Fisher Scientific Inc., QIAGEN, Cell & Co Bioservices, VWR International. LLC, LVL technologies GmbH & Co, Greiner Bio One International GmbH, Firalis S.A., RUCDR infinite biologics , Brooks Automation, Inc., Worthington Industries, Modul-Bio, LabVantage Solutions. Inc, Tecan Trading AG, TTP Labtech, Excilone SARL and Ziath Ltd among others.
One of the major growth opportunities available to the major players dealing in biobanks is the abundance of regions wherein the prevalence of biobanks are very limited and this creates a significant geographical area where these market players can expand their capabilities and services to create a wide-scope of service capabilities and offerings. Many of the market players are adopting the strategy of expansion of their geographical presence by establishing different facilities and institutions that cater to the unmet biological needs of these regions.
Global Biobanking Market – Industry Trends and Forecast to 2027