United States, Rockville, MD, April 11, 2022 (GLOBE NEWSWIRE) -- Manual storage systems are projected to register 64% share in the biobanking market by 2027, given their low capital requisites. However, players in the biobanking market are increasingly striving to transform the landscape through the introduction of advanced software, which helps in reducing manual errors. Automated storage systems offer high precision and time-efficiency, which is likely to significantly increase their adoption in the foreseeable future. Automated storage systems are projected to register a CAGR of 7% during the forecast period (2020-2027).
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Browse in-depth TOC on "Sales of Biobanking"
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80 Figures
170 Pages
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Key Highlights of Biobanking Market Study
- China shows strong growth prospects in the biobanking market with an estimated CAGR of around 8.6% during 2020-2027. The country has three biobanks – China Kadoorie Biobank, Zhongnan Biobank, and Cancer Centre Tissue Bank, which work towards investigating the genetic causes of infectious and chronic diseases.
- Demand for biobanking software and services is growing at a relatively high rate as compared to equipment and consumables, as these products are used to minimise errors and increase the accuracy of sample data. Biobanking software and services are projected to be deployed at the highest CAGR of around 7.5% in the biobanking market during the forecast period.
- Blood products are expected to remain key biospecimen in the biobanking market, exceeding the storage of other samples, as demand for blood transfusion and DNA is increasing for the diagnosis and treatment of chronic diseases.
- The set-up cost of a biobank can vary from US$ 3 Mn to US$ 6 Mn. Sample handling, storage management, human resources, instruments, consumables, and software further add up to the already high cost of biobanking, which is likely to act as a barrier to the growth of the biobanking market.
Product Innovation within the Boundaries of Environmental Sustainability
Product innovation is a key strategy adopted by players in the biobanking market. As biobanking of biospecimen requires freezing temperature for storage, leading players are, in turn, making a shift towards offering products with the least possible carbon footprints. Thermo Fisher Scientific, Inc. is an ideal company exhibiting this strategic move. In 2017, the company announced that it had received the ENERGY STAR certification for its temperature freezers from the U.S. Environmental Protection Agency to reduce energy consumption, while ensuring the protection of biospecimen.
Players operating in other tiers seek expansion in the fragmented biobanking market through collaborations, acquisitions, and partnerships, to achieve better exposure of their products.
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Drivers
- Rise in genomic research activities to study diseases is catalysing market growth.
- Progressions in biobanking and rising trend of preserving cord blood stem cells of newborns will be bolstering the growth of the biobanking market.
- Private and government funding to sustain regenerative medicine research will fuel market expansion.
- Rising need for cost-efficient drug development and discovery is boosting the global market.
- Rising trend of personalised medicines to diminish mortality rates triggered by chronic diseases is driving demand for biobanks.
Constraints
- Higher operational cost concerns foretell limited acceptance of biobank products
- Rising focus on the research & development of cell therapies to restrain the biobanking market.
High Operational Cost Concerns Portend Limited Adoption of Biobank Products
According to the study, technological advancements present a crucial challenge associated with cost. Integration of advanced technology means high cost of equipment and consumables, which, in turn, increases the operational costs of biobanks.
For instance, in France and the Netherlands, the annual operational cost of a biobank ranges from US$ 220,000 to US$ 880,000. Besides this, cost associated with infrastructure, equipment, human resources, and supplies further make it an expensive working model.
The high operational cost of biobanks reflects on the increasing price of storage for end users, which is leading to a low adoption rate of biobanks.
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Biobanking Market – Assessment of Key Segments
Authors of this comprehensive study have classified the biobanking market into key segments for an in-depth study of the biobanking market. Categorisation of the biobanking market is based on storage, application, biospecimen, product, and region.
This detailed study also offers information about the incremental opportunity present in the biobanking market during the forecast period. Key segments considered while studying the biobanking market include:
Storage
- Manual
- Automated
Application
- Therapeutics
- Clinical Diagnostics
- Drug Discovery & Development
- Others
Biospecimen
- Blood Products
- Human Tissues
- Cell Lines
- Nucleic Acids
- Others
Product
- Equipment
- Temperature Control Systems
- Freezers & Refrigerators
- Cryogenic Storage Systems
- Thawing Equipment
- Incubators & Centrifuges
- Alarms & Monitoring Systems
- Accessories & Other Equipment
- Consumables
- Cryovialsand Cryomolds
- Tubes
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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