Market Research Report
Global Biobanking Services Market - 2019-2026
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|Global Biobanking Services Market - 2019-2026|
|Published: February 2, 2020||Content info:||
Biobanking Services Market Overview
The global Biobanking Services market was worth US$XX billion in 2018 and is forecasted to reach US $XX billion by 2026, at a CAGR of XX% during the forecast period.
A biobank is a type of biorepository which helps in storing the biological samples (usually human) such as blood, urine, and others for use in research. Researchers can access the data of a large number of people through biobanks. Multiple researchers use samples in biobanks and the data derived from those samples for research studies and other purposes. Growing usage of these biobanks for various purposes is expected to boost the global biobanking services market over the forecast period (2019-2026).
Global Biobanking Services Market - Market Dynamics
Growing prevalence of chronic diseases, such as cancer and cardiovascular diseases and use of these blood biomarkers for the detection of various types of cancers is one of the major factors driving the global biobanking services market. According to the Leukemia & Lymphoma Society, in 2017, approximately every 3 minutes, one person in the United States (US) is diagnosed with blood cancer.
Additionally, these samples from biobanks are used for various purposes, such as research, therapeutics, clinical trials, and drug development. This has led to an increase in funding by many non-profit and government organizations for the establishment of more public storage biobanks. For instance, in 2017, National Institutes of Health funded $2.1 million to the CFS biobank, which represents a considerable investment in biomedical research. Thus, the rise in funds for biobanks is expected to propel the biobanking market growth.
However, factors like cost constraints, limited access, and information sharing are hampering the global biobanking services market.
Global Biobanking Services Market - Segment Analysis
Based on the sample type, the global biobanking services market is broadly segmented as blood products, human tissues, cell lines, nuclei acids. Among all these blood products accounted for a major market share in 2018 and is expected to grow at a significant pace during the forecast period (2019-2026). It is owing to the rising incidence of blood disorders and the increasing demand for various types of blood products worldwide. According to the Leukemia & Lymphoma Society, in 2018, an estimated total of 174,250 people in the US are diagnosed with leukemia, lymphoma, or myeloma. Thus, growth blood disorders is expected to drive the blood products segment in the global biobanking services market.
Global Biobanking Services Market - Geographical Analysis
The global Biobanking Services market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America region accounted for major market share in 2018 and is projected to grow at a high CAGR over the forecast period (2019-2026). It is owing to factors like growing research activities in regenerative medicine, cell, and gene therapy. Additionally, the United States has the largest expenditure for R&D and better healthcare infrastructure in the world. Different pharmaceutical/ biotech companies, academia, and research institutes are utilizing biobanks for the storage of DNA, RNA, tissue, serum, blood, plasma, cells, etc. According to the Hastings Center, in 2017, 300 million bio specimens have been stored in the United States in various public and private biobanks.
Global Biobanking Services Market - Competitive Analysis
Significant players of the global biobanking services are Alpha Cord Inc., Autogen Inc., BioCision, Biokryo GmbH, BioLife Solutions Inc., Biomatrica Inc., BioStorage Technologies Inc., Cells4Life Ltd., Cryo Bio System, and others. Majority of these prominent players are adopting few organic and inorganic strategies such as product launches, collaboration, and product agreements, and other key developments to enhance their product portfolio in the biobanking services market. For instance, in February 2019, The Stanford Biobank launched state-of-art biospecimen management system.
In 2018, AutoGen, Inc., one of a leading provider of nucleic acid extraction equipment, installed 13 advanced automated DNA extraction solutions.
In May 2015, BioCision, LLC, and Brooks Automation, announced the launch of CryoPod™ Carrier, a jointly developed liquid nitrogen (LN2)-based system for the safe, reliable and protected handling and transport of cryogenic biospecimens.