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Biobanking Market Overview
Biobanks are biological repository of human samples and related data which is utilized in biological research for investigating therapeutic approaches to ameliorate various diseases. Bio-specimens are characterized to determine the features of a continuous cell line, identification of contaminants and gaining profound knowledge of the raw materials utilized in the preparation of the bio-products. The process of collection of these specimens and extraction of useful information into a repository for research purposes is known as biobanking. The global biobanking market is expected to witness significant growth during the forecast period (2017-2023), on account of impact of various factors such as rise in on-going genomic research of several diseases, technological advancements with respect to biobanking, funding from government and private organizations, and the growing trend of cord blood repository of new born. However, sustaining the biobanks for a long term is a major challenge faced by the biobanking market.
The biobanking market is segmented on the basis of product and service, sample type, application and storage type. On the basis of product and service, the market comprises of equipment, consumables, services and software. The equipment segment, due to the considerable increase in number of biobanks with relatable increase in the volume of bio-samples, is expected to witness the fastest growth during the forecast period in the biobanking industry. Based on sample type, the market is segmented into blood product, cell line, human tissue, nucleic acid, biological fluid and human waste product. The blood product segment holds the largest share of the biobanking market, due to its high collection rate over other type of samples. The blood products are used to extract human DNA and RNA, which further aids in its largest share in the global market. Based on application, the biobanking market is categorised into regenerative medicine, life-science research, and clinical research. Regenerative medicine is expected to hold the largest market share during the forecast period (2017 – 2023). Factors such as rising research interest in regenerative medicine and the growing demand for proper characterization and good quality bio-samples for research study are driving the growth of this market segment. Based on storage type, the biobanking systems are segmented as manual or automated. Manual storage systems are estimated to account for the largest share in biobanking market, while the automated storage is expected to have the highest CAGR during the forecast period.
Biobanking Market Dynamics
Growth Drivers and Restraints
The biobank market witnesses several drivers for its growth during the forecast period. These include the rise in on-going genomic and proteomic research of several diseases; technological advancement with respect to biobanking processing and storage; funding from government and private organizations to investigate the therapeutic efficacy of regenerative medicines; and the increasing trend of cord blood repository of new born. Moreover, the demand for personalized medication and need to opt for cost effective drug discovery procedures are also driving the growth of the biobanking market worldwide.
However, biobanking processing and storage requires well equipped instruments and the cost of biobanking instrumentation is high. Further, the extraction of bio-specimen is a difficult process which hinders the growth of the global biobanking market.
Opportunities
The rising technological innovations in the area of cell therapy presents lucrative opportunities for the key players in the biobanking market. Additionally, the unexplored market in the Asia-Pacific region, with countries such as Japan, China, India, provide ample opportunities to the key players to increase their market size and share in biobanking industry.
Biobanking Market Insights by Geography
Globally, North America is the largest market for biobanking followed by Europe, due to the involvement of government organization in funding research& development of regenerative medicines, cell and gene therapy. Additionally, growing research in the area of genomics and proteomics; inclination towards personalized medication and entry of new biotechnology and pharmaceutical companies also drives the growth of North America biobanking market. Further, the developing countries of Asia-Pacific such as Japan, China and India are expected to witness the highest growth during the forecast period. Major factors driving the growth of the Asia-Pacific biobanking market include rise in government initiatives to focus on the life-science research and funding for development of biomedical, pharmaceutical and biotechnological industry.
Biobanking Market Competitive Landscape
Key companies operating in the global biobanking market are forming partnerships, launching products, and enhancing their product portfolio to strengthen their global presence.
In July 2017, BioLife Solutions, Inc. (BioLife Solutions) announced its supply agreement with Celyad SA for the use of BioLife Solutions’ CryoStor in Natural Killer receptor based T-cell platform to target solid tumours and blood cancer. Earlier, in June 2017, BioLife Solutions announced its supply agreement with Adaptimmune Therapeutics Plc. (Adaptimmune). Under the agreement, BioLife Solutions’ CryoStor clinical grade cell freeze media is to be used in Adaptimmune's manufacturing process for its SPEAR T-cells.
In December 2016, Hamilton Company announced the enhancement of features to its Verso automated sample storage system, that will provide secured documentation and tracking of stored samples. The company also announced the enhancement of its product portfolio by launching SAM HD, that offers a reliable, low capacity automated sample management system for biobanking. Earlier in November 2016, Hamilton Company partnered with Thermo Fisher Scientific Inc. (Thermo Fisher) to offer their customers with flexible and automated Thermo Fisher’s Decapper 500 and 550 series tube capping systems.
Some of the major key players operating in the biobanking market include Thermo Fisher Scientific Inc., PHC Holdings Corporation (Panasonic Healthcare Holdings Co. Ltd), Qiagen N.V., Merck KGaA, Brooks Automation. Inc., Hamilton Company, Becton, Dickinson and Company, Greiner Holding AG, BioLife Solutions, Inc., Promega Corporation.
MARKET SEGMENTATION
By Product and Service
By Sample Type
By Application
By Storage Type
By Region
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