Biobanking Market worth $2.69 Billion - Applications and Growing Focus on the R&D of Cell Therapies

(IT-NEWSWIRE.COM, April 28, 2021 ) The report "Biobanking Market by Product and Service(Equipment, Consumables, Services, Software), Sample Type (Blood Products, Human Tissues, Cell Lines, Nucleic Acids), Application( Regenerative Medicine, Life Science, Clinical Research) - Global Forecast", the biobanking devices market is expected to reach USD 2.69 Billion, at a CAGR of 7.8%

# Application will drive the growth of Biobanking Market:

Regenerative Medicine;

Regenerative medicine is the process of creating living, functional tissues to repair or replace tissue or organ function lost due to age, disease, damage, or congenital defects. The archiving of biological specimens from donors for use in research has become an important resource for regenerative medicine research. High-quality and well-annotated tissue sample collections stored in dedicated biorepositories have become an essential tool in regenerative medicine for developing diagnostic, prognostic, and therapeutic applications to advance human health.

Life Science Research;

In-house laboratories, repositories, and biobanks require primary cell cultures and cell lines for biomedical research, personalized medicine, cell-based research, and related segments. Due to the large turnover of highly sensitive samples in these research activities, it is critical to have a repository for the proper handling of samples. A biosample repository ensures appropriate long-term storage conditions for such samples. The samples are sorted, tracked, and made available to scientists to support life science research activities. A dedicated biobank helps curtail the recurring cost of continuous sample procurement from donor sites, thereby supporting targeted research in life sciences.

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Regenerative medicine applications for biobanking market will drive the market;

Biobanking Market plays an integral role in advancing biomedical and translational research, through the collection and preservation of biological samples, such as blood, tissues, and nucleic acids, which are then made available for use in research to discover disease-relevant biomarkers; this is further used for diagnosis, prognosis, and predicting drug responses. Growth in the number of research activities in this segment forms a major driver for the market. The availability of government funding for regenerative medicine, stem cell therapeutics, and cell & gene therapy is supporting research activities in this segment. Apart from this, the increasing trend of cord blood banking will also aid growth of this market segment. Future prospects including advancements in orthopedic procedures with the use of stem cells are expected to further support market growth for regenerative medicine.

Geographical View in-detailed:

The biobanking market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is expected to dominate the biobanking devices market, this is attributed to factors like increasing research activities in regenerative medicine, cell and gene therapy; growing interest in personalized medicine and biomarker discovery; increasing number of biotechnology and pharmaceutical companies; and rising investments in genomics and proteomics research in the region as compared to other regions.

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Global Key Leaders:

Key players in the biobanking market include Thermo Fisher Scientific Inc. (U.S.), Tecan Group Ltd. (Switzerland), Qiagen N.V. (Germany), Hamilton Company (U.S.), Brooks Automation (U.S.), TTP Labtech Ltd (U.K.), VWR Corporation (U.S.), Promega Corporation (U.S.), Worthington Industries [(Taylor Wharton, U.S.)], Chart Industries (U.S.), Becton, Dickinson and Company (U.S.), Merck KGaA (Germany).

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Biobanking Market worth $2.69 Billion - Applications and Growing Focus on the R&D of Cell Therapies