The biobanking market was valued at USD 950 million in 2017 and is expected to register a CAGR of 7.6% during the forecast period. The global biobanking market is majorly driven by the increasing applications in life sciences, increasing technical advanced devices, increasing demand for research activities in genomics for studying various diseases, and growing penetration by market players. Additionally, factors such as increasing government and private funding to support the regenerative medicine research are likely to boost the market growth during the forecast period.
However, factors such as higher cost of automation may hamper the growth of the biobanking market during the assessment period.
Biobanking Market Segmentation
The global biobanking market is segmented on the basis of products and services, sample type, storage type, application, end-user, and region. Considering products and services, the market is segmented into equipment, consumables, services, and software. Equipment is further sub-segmented into storage equipment, sample analysis equipment, sample processing equipment, sample transport equipment, and others. Consumables are further sub-segmented into storage consumables, analysis consumables, processing consumables, collection consumables, and others. Services are sub-segmented into storage services, processing services, transport services, and supply services. By sample type, the market is segmented into blood products, human tissues, cell lines, nucleic acids, biological fluids, and others. Based on storage type the market is segmented into manual storage and automated storage. On the basis of application, the market is segmented into regenerative medicine, life science research, and clinical research. By end-user, the market is segmented into hospitals, diagnostic laboratory, research centers, and others. Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas region is segmented into North America and South America.
Biobanking Market Regional Market Summary
The American biobanking market is segmented into two regions, namely, North America and South America. North Americas, being the largest market, is mainly driven by the increasing number of research activities in genomics, growing investments in healthcare, and increasing patient population suffering from chronic diseases. Furthermore, the U.S. is the largest market in North America owing to the presence of a large number of hospitals-based biobanks and increasing awareness about biobanks. Canada is expected to be the fastest growing market which is driven by the overall increasing demand for cost-effective drug development. South America is expected to be the fastest growing market due to technologically advanced devices for diagnosis and increasing demand for treatment options for chronic diseases.
The European biobanking market exhibits growth with an increasing emphasis on research and developmental activities for improvement in diagnosis and treatment methods. Moreover, Germany and the U.K. are the major contributors to the growth of the market. Additionally, the increasing expenditure in healthcare by major countries in Europe also accelerates the growth of the market.
Asia Pacific is expected to be the fastest growing market whose growth is attributed to the increasing burden of chronic diseases and increasing focus on early diagnosis and treatment of rare diseases. Furthermore, other factors contributing to the growth of the market are lifestyle changes, the influence of western culture among the adults, and addiction to smoking. Additionally, the increasing environmental pollution and exposure to harmful chemicals also attribute to the growth of the market.
The Middle East and African market for biobanking exhibits a steady rise with an increase in the number of healthcare facilities providing treatment for chronic conditions and the flourishing growth of the medical device sector especially diagnostic devices. In the African region, the awareness about biobank facilities is fueling the growth of the market.
FIGURE 1: Global Biobanking Market, by Region, 2016 (%)
Source: Centers for Disease Control and Prevention, World Health Organization, population reference bureau, Statistics Canada, StatsCan, Centers for Medicare & Medicaid Services, U.S. Census Bureau, Organization for Economic Co-operation and Development, Expert Interview, Market Research Future Analysis, Annual report, White paper, Company Presentation
Biobanking Market Segmentation & Key players
Biobanking Market, by Products & Services
Biobanking Market, by Sample Type
Biobanking Market, by Storage type
Biobanking Market, by Application
Biobanking Market, by End-User
Biobanking Market, by Region
Middle East and Africa
Source: World Health Organization, Centers for Disease Control and Prevention, European Society of Clinical Microbiology and Infectious Diseases, U.S. National Library of Medicine, National Organization for Rare Disorders, The American Autoimmune Related Diseases Association, The International Society for Human and Animal Mycology, Expert Interview Market Research Future Analysis, Annual report, White paper, Company Presentation
Frequently Asked Questions (FAQ) :
Biobanking Market valuation was USD 950 million.
Biobanking Market is projected to grow with 7.6% CAGR during the forecast period of 2018-2023.
The high cost of automation can hold back market growth.
The American market had the rule and is expected to retain it in the coming years as well.
The Asia Pacific market has the fastest growth rate.