Demand for Temperature Control Systems to Gain Strength in Biobanking Market
Growing trend of personalised medicines to reduce mortality rates caused by chronic diseases is fuelling demand for biobanks for the effective storage of numerous biospecimen, ranging from blood to tissues, cells, and nucleic acids.
Sales of equipment for storing biospecimen would surge, and temperature control systems are projected to cross the US$ 1 Bn mark by 2027.
A notable spurt in adoption of freezers for the preservation of biospecimen for their future use is likely to underpin growth of temperature control systems. However, a shift from manual to automated systems would boost opportunities for software and services during the forecast period (2020-2027).
A recent study on the biobanking market has been added to the broad repository of Fact.MR. According to the study, the biobanking market would advance at a healthy CAGR of 7% during the forecast period.
High Operational Cost Concerns Portend Limited Adoption of Biobank Products
According to the study, technological advancements present a crucial challenge associated with cost. Integration of advanced technology means high cost of equipment and consumables, which, in turn, increases the operational costs of biobanks.
For instance, in France and the Netherlands, the annual operational cost of a biobank ranges from US$ 220,000 to US$ 880,000. Besides this, cost associated with infrastructure, equipment, human resources, and supplies further make it an expensive working model.
The high operational cost of biobanks reflects on the increasing price of storage for end users, which is leading to a low adoption rate of biobanks.
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Therapeutics to Grow as Leading Application in Biobanking Market
There has been a shift in the healthcare sector from chemicals towards biospecimen for the development of therapeutics to treat chronic and rare disorders. This is gradually boosting demand for blood products, tissues, and human cells for the development of precision and regenerative medicines.
On account of this shift, therapeutics are expected to account for 38% share in the biobanking market by 2027.
However, as healthcare professionals are looking at preventive rather than a curative approach, use of biospecimen for clinical diagnosis is likely to increase at a CAGR of around 7% during the forecast period. Several research institutes help clinics by studying cell structures to determine the root of chronic diseases, which is projected to strengthen sales from the clinical diagnosis of biospecimen.
Asia Pacific Biobanking Market Surge Driven by China
There has been an increase in the number of biobanks in developing as well as developed countries of Asia Pacific, such as China, Japan, Singapore, South Korea, Thailand, and Australia.
A significant thrust to the Asia Pacific biobanking market is offered by China, on account of ongoing advancements in the pharmaceutical industry, which is likely to increase demand for biospecimen for producing therapeutics.
Government initiatives in the healthcare sector towards improving extant infrastructure through monetary aids, are, in turn, expanding the scope of the industry.
In addition, there has been an increase in the number of biobanks in China, which holds a high potential to drive the sales of biobank products. On the back of China’s notable performance in the biobanking market, Asia Pacific is expected to witness the highest CAGR of around 8% during the forecast period.
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Biobanking Market – Assessment of Key Segments
Authors of this comprehensive study have classified the biobanking market into key segments for an in-depth study of the biobanking market. Categorisation of the biobanking market is based on storage, application, biospecimen, product, and region.
This detailed study also offers information about the incremental opportunity present in the biobanking market during the forecast period. Key segments considered while studying the biobanking market include:
Revenue of the biobanking market has been evaluated in terms of US$ Mn for the period of 2020 to 2027. In addition to this, compound annual growth rate has been calculated for all key segments for the forecast period of 2020-2027, considering 2019 as the base year.
Biobanking Market – Scope Of The Study
The study on the biobanking market is an exclusive report published by Fact.MR, which brings to the fore crucial parameters that are driving the growth of the market.
This exclusive study provides incisive insights regarding recent developments in the biobanking market, by analysing the historical data for the period of 2017-2019, with the duration of 2020-2027 being considered as the forecast period.
Evaluation of the biobanking market’s revenue has been carried out in terms of value (US$ Mn). This research provides information into the key trends that are potential enough to influence the growth of the biobanking market.
Besides this, the study also includes several macroeconomic and microeconomic growth indicators complementing the growth of the biobanking market during the forecast period. This detailed study provides information into key dynamics, and their influence on the biobanking market during the forecast period.
The report also provides information about the key challenges and threats that could deter the growth potential of players in the biobanking market.
The study unveils profitable opportunities for manufacturers, which they can adopt to strengthen their position in the global biobanking market. With a view of aiding stakeholders in the biobanking market, the study comprises a detailed section on the competition analysis.
This exclusive study offers a dashboard view of the biobanking market, with detailed information about market players, based on overall revenue, key developments, and their market presence. Additionally, key strategies of players in the biobanking market have also been included in this comprehensive study.
Authors of this exclusive study on the biobanking market have analysed key players, based on their financials, products, and strategies, in order to provide key detailed information into the competitive landscape.
Key players operating in the biobanking market include 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, and QIAGEN N.V.
This exclusive study is produced to offer a detailed perspective of the biobanking market to stakeholders. The report is also aimed at offering crucial information about the biobanking market to new players.
Biobanking Market – Research Methodology
The primary objective of this exclusive study on the biobanking market is to offer precise estimates and forecasts of the market in terms of value (US$ Mn) for the period of 2020-2027.
The secondary objective includes analysis of key market segments exhibiting significant growth rates, leading strategies adopted by players in the biobanking market, and the adoption rate of biobanking in key regions across the world.
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