NEW YORK, Dec. 09, 2019 (GLOBE NEWSWIRE) -- The global biobanking market was valued at USD 23,253.6 million in 2018, which will grow at a CAGR of 6.7% during the forecast period. Globally, the biobanking industry is driven by factors such as Increasing prevalence of chronic diseases, increasing demand for value-based care, increasing investment for genomic research, increasing awareness, robust pipeline for cell therapy.

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The market for biobanking is witnessing growth due to growing awareness on the therapeutic potential of stem cells, increasing approval of clinical trials in using cord blood cells, advances in biobanking. The increasing government funding for regenerative medicines and development of novel technologies for stem cell preservation, storage and processing offer market players immense opportunities for biobanking industry revenue growth.

Automated biobanking storage to grow at a higher rate, globally

Based on storage type biobanking market is categorized into manual and automated, on the basis of product. Among the two categories, the demand for automated biobanking storage is growing at a higher rate. The trend is anticipated to continue in the coming years due to the increasing need for automation, advancements in technology, need for storage of contamination free samples.

Based on offering, the biobanking market is segmented into consumables, equipment, services, and software. Consumables hold the largest share in the biobanking market, globally primarily due to the frequent purchases during the years. The market for biobanking services is anticipated to grow significantly during the forecast period as new players are emerging to provide biobanking services with novel approaches.

Explore key industry insights in 65 tables and 40 figures from the 127 pages of report, “Global Biobanking Market - Analysis and Forecast  (2019-2024) Industry insights by Storage Type (Manual and Automated), by Offering (Consumables, Equipment, Services, and Software), by Applications (Clinical Research, Life Science and Medical Research, and Regenerative Medicine), by Utility Needs (Research, Routine, and Epidemiology ), by Geography (U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Japan, China, India, Australia, South Korea, Brazil, U.A.E, Saudi Arabia, South Africa, South Africa)

Based on application the market is categorized into life science and medical research, clinical research, and regenerative medicine. Of all the categories, biobanking is mostly used for clinical research purposes as the need for value-based treatments for various therapeutic areas is on the rise significantly across the globe. Also, with the advancements in cell therapy, the market for regenerative medicines is also growing at a significant rate.

Based on utility needs, the market is categorized into routine, research, and epidemiology. The biobanking market is anticipated to hold the significant share for research due to the increasing research funding by the large biopharmaceutical companies across the globe.

Geography Insight

Geographically, North America has accounted for the largest share in biobanking market, globally and is predicted to grow significantly during the forecast period. Some of the key factors leading to the growth of the North American market are technological advancement in the field of preservation and collection technique, availability of federal funding for research, and ongoing approvals for regenerative medicines.

Asia-Pacific is expected to witness the fastest growth during the forecast period due to the high potential of China. The growth in the region is centered in China, Japan and India as these countries have been developing their lifesciences industry infrastructure with the increasing research funding.

Competitive Insight

Some of the key players operating in the global biobanking market are BioLifeSolutions Inc, Becton, Dickinson and Company, Atlanta Biologicals Inc., Merck KGaA, Thermo Fisher Scientific Inc., STEMCELL Technologies Inc., Qiagen NV, Chart Industries Inc., VWR International LLC, Hamilton Company, PHC Holdings Corporation, Avantor Inc, and AlphaCord LLC.

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Key Takeaway from the Report:

  • The demand for automated biobanking storage is growing at a higher rate
  • Consumables hold the largest share in the biobanking market
  • Biobanking is mostly used for clinical research purposes as the need for value-based treatments for various therapeutic areas is on the rise significantly across the globe.
  • U.S. remains the largest market globally primarily due to the advancements in technology and increasing research and development funding.

The Report Offers:

  • Historical market estimate for the years 2014–2018, and forecast for the years 2019–2024
  • Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
  • Market insights by in-depth segmentation with industry dynamics.
  • Competitive analysis and benchmarking of the industry leaders and their product offerings
  • Profiles of leading players and innovators, their financial overview and product portfolio
  • Analysis of key industry trends and recent developments
  • Competitive analysis of major players

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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million). The report segments the global biobanking market on the basis of type, offering, application, utility needs, and region.

Global Biobanking Market Coverage

Type Insight and Forecast 2014-2024

  • Manual
  • Automated

Offering Insight and Forecast 2014-2024

  • Consumables
  • Equipment
  • Services
  • Software

Application Insight and Forecast 2014-2024

  • Clinical Research
  • Life Science and Medical Research
  • Regenerative Medicine

Utility Needs Insight and Forecast 2014-2024

  • Research
  • Routine
  • Epidemiology

Geographical Segmentation

Biobanking Market by Region

North America

  • By Type
  • By Offering
  • By Application
  • By Utility Needs
  • By Country – U.S., Canada, and Mexico

Europe

  • By Type
  • By Offering
  • By Application
  • By Utility Needs
  • By Country – Germany, U.K., France, Italy, Spain, and Rest of Europe

Asia-Pacific (APAC)

  • By Type
  • By Offering
  • By Application
  • By Utility Needs
  • By Country – China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Type
  • By Offering
  • By Application
  • By Utility Needs
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E. and Other Countries

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