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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A senior research analyst at Fact.MR opines, “Though the application of biospecimen for the development of therapeutics is growing, there will be a notable spurt in the adoption rate of bio-samples for clinical diagnosis to understand cell structure.”
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.
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Biobanking Market – Assessment of Key Segments
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Following Questions Answers Covered in the Report are:
- How will the global Biobanking Equipment Market perform during the forecast period? What will be the market size in terms of value and volume?
- Which segment will drive the global Biobanking Equipment Market? Which regional market will show extensive growth in the future? What are the reasons?
- How will the market dynamics change because of the impact of future market opportunities, restraints, and drivers?
- What are the key strategies adopted by players to sustain themselves in the global Biobanking Equipment Market?
- How will these strategies influence the market growth and competition?
Key players operating in the biobanking market
- Thermo Fisher Scientific Inc.
- Tecan Trading AG
- PHC Holdings Corporation (Panasonic Healthcare)
- Merck KGaA
- Hamilton Company
- Brooks Automation, Inc.
- Chart Industries, Inc.
- Greiner AG
- VWR International, LLC
- QIAGEN N.V.
The Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
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