The Biobank Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Biobank Market is estimated to be $180.2 USD million and predicted to rise to $ 259.91 USD million with a CAGR of 7.6%. The market is segmented by Product Type (Equipment’s (Temperature control systems, Incubators, Centrifuges, Alarm and Monitoring Systems, Accessories and Other Equipment) and Consumables) by Sample Type (Human Tissues, Stem Cells, DNA or RNA, Bio-fluids and Others) by Application (Therapeutic Applications, Research Applications and Clinical Trials). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
The major drivers for the market include increasing healthcare expenditure, growing demand for preserving new-born’s stem cells, increasing R&D spending on research, and increasing demand for regenerative medicine. Many pharmaceutical and biotech companies are using biobanks to develop new drugs for the treatment of chronic diseases which occur due to unhealthy diets, physical inactivity, alcohol consumption, and smoking. However, high cost of technologically advanced products and stability issues of specimen’s acts as a restraint for new entrants in the market.
The Research biobanks market dominates the overall biobanks market in terms of share. The presence of a wide application base for Research based biobanks in the field of drug discovery and development attributes to its high market share.
North America has the largest market share, followed by the European market. Recent developments in this market have also contributed to the growth of the emerging markets. Growth in the Asia pacific region is increasing rapidly and driven by the rise in population and increasing healthcare spending from government bodies.
The key players in the bio preservation market are Beckman Coulter, Tecan group, Taylor- Wharton, Panasonic biomedical, Teva pharmaceuticals, Biolife solutions, Custom biogenic systems, Princeton cryotech, Fluidx, Tissue solutions, Wildcat laboratory solutions, Micronik and Brooks life science systems.
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