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Biobanking Market was Valued at US$ 2202.01 Mn in 2020 Owing to Growing Genomic Research Activities for Studying Diseases

Published On 29 Sep 2021 08:39 AM


According to the recent report published by Absolute Markets Insights (AMI), the global biobanking market stood at a valuation of US$ 2202.01 Mn in 2020 and is estimated to witness enormous growth rate during the forecast period (2021-2029). AMI anticipates the market will grow at 7.1% owing to increasing government and private funding to support regenerative medicine research. Furthermore, increasing research and development initiatives contributed by the rising prevalence of the coronavirus disease, is estimated to proliferate the market growth over the period of next eight years.

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Equipment & Accessories Segment held the Largest Market Share in 2020

According to Absolute Markets Insights report, equipment & accessories segment held the largest market share in 2020 in the global biobanking market owing to advancements in technology and increasing uses of freezers, refrigerators, and thawing equipment in biobanks. Some of the major equipment and accessories include cold storage equipment, sample storage tubes and equipment, alarm monitoring devices and others. Market participants are increasingly investing towards product innovations and geographical expansion of business operations, which is supplementing the market growth. For example, Thermo Fisher Scientific provides ultra-low and cryogenic freezers designed to safeguard sensitive samples in biobanking. In order to maximise sample storage capacity within the biobank's footprint, the company's portfolio includes a wide selection of ultra-low upright and chest freezers, as well as LN2 auto- and manual-fill freezers.

Sample Analysis and Data Management and Sample Transportation Segments to Encounter Substantial Growth Rate over the Forecast Period

According to AMI, sample analysis and data management and sample transportation segments are estimated to witness fastest growth rate over the forecast period. A biobank information management system facilitates in the creation of a disease profile, which includes fields for recording the disease's characteristics and stages. It also makes monitoring and tracking disease progression easier. Biobanking software also assists in the creation of unique data-entry forms depending on a patient's disease profile. Companies have also developed software solution according to the requirements of users demand. For instance, Brooks Life Sciences developed “Biobankpro biobanking sample management system”. The system enables to strengthen workflow and optimise operations. BiobankPro saves both time and money, while streamlining inventory management activities.

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Biobank segment held the Highest Market Share in 2020

Due to increased investment towards technological advancement across biobanks, along with increased research and development activities by major players in the space, the biobank segment held the largest market share in 2020. Modern biobanks enable large-scale analysis for identifying specific disease biomarkers based on biological or digital material with well-annotated clinical and biological data. Major players have launched new biobanks in order to take advantage of numerous technological advancements that have made sample storage and collection easier. For instance, the Québec COVID-19 Biobank started operation in Canada in April 2020. Genome Québec and the Fonds de recherche du Québec launched this biobank. These developments are expected to fuel the growth of biobanking market over the future years.

Drug Discovery Segment accounted for the Highest Share in Biobanking Market in 2020.

According to AMI, drug discovery segment accounted for the highest market share in biobanking market in 2020. This is due to the increased need for bio-samples for new drug testing in clinical studies. Furthermore, the exponential rise in the number of COVID-19 cases around the world has increased the demand for vaccine research. Several investigations are being carried out in order to accelerate research in this field, which is fueling the growth of global biobanking market.

Government investment in the biomedical, pharmaceutical will drive the most rapid growth in the Asia Pacific region

Asia-Pacific is projected to grow at the fastest rate in the global biobanking market, with Japan, China, and India leading the region’s growth. Improving life sciences research infrastructure in emerging economies, as well as increased government investment in the biomedical, pharmaceutical, and biotechnology industries, are among the factors driving market expansion in the Asia-Pacific region. Furthermore, in China, IBBL announced that their Proficiency Testing programme in May 2019 had produced positive results. The findings point to a global increase in the standardisation of biobanking and laboratory practises.

Some key players in the global biobanking market are Agilent Technologies, Inc., Becton, Dickinson and Company, Brooks Life Sciences, CloudLIMS.com, Cryo Bio System, Hamilton Company, LabVantage Solutions Inc., LabWare, LiCONiC AG, PHC Corporation, QIAGEN, Thermo Fisher Scientific Inc., and other market participants.

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Global Biobanking Market:

  • By Offering
    • Equipment & Accessories
    • Consumables
    • Software
      • On-Premise
      • Cloud
    • Services
  • By Function
    • Sample Collection
    • Sample Preparation
    • Sample Analysis and Data Management
    • Sample Storage
    • Sample Transportation
    • Others
  • By Application
    • Drug Discovery
    • Clinical Research
    • Life Science Research
    • Others
  • By Biological Sample Type
    • Blood Products
    • Human Waste
    • Cell Lines
    • Human Tissue
    • Others
  • By End Users
    • Biobanks
    • Pharma and Biotech Companies
    • Contract Research Organizations
    • Academic and Research Institutions
    • Others
  • By Distribution Channel
    • Online
    • Offline
  • By Region
    • North America
      • U.S.
      • Canada
      • Mexico
      • Rest of North America
    • Europe
      • France
      • The UK
      • Spain
      • Germany
      • Italy
      • Nordic Countries
        • Denmark
        • Finland
        • Iceland
        • Sweden
        • Norway
      • Benelux Union
        • Belgium
        • The Netherlands
        • Luxembourg
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • New Zealand
      • Australia
      • South Korea
      • Southeast Asia
        • Indonesia
        • Thailand
        • Malaysia
        • Singapore
        • Rest of Southeast Asia
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Egypt
      • Kuwait
      • South Africa
      • Rest of Middle East & Africa
    • Latin America
      • Brazil
      • Argentina
      • Rest of Latin America

For More Information Click: https://www.absolutemarketsinsights.com/reports/Global-Biobanking-Market-2021---2029-920

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Company: Absolute Markets Insights
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Press Release Provided By: Absolute Markets Insights