Growth of the Biobanking Market - Top Key Players are Promega Corporation, Hamilton Company, Avantor, PHC Holdings Corporation, AutoGen, Inc., BioLife Solutions, Inc.

It has been estimated that the global disease burden of chronic diseases would increase to 57% by 2020, which was about 46% in 2001, as per the World Health Organization. It is further predicted that chronic diseases would account for three-quarters of all deaths globally by 2020. Majority of the deaths related to chronic diseases are attributable to cardiovascular diseases, and more cases of diabetes and obesity are being observed. Risk factors such as obesity, high blood cholesterol, and high blood pressure are common causes of four major chronic diseases: cancer, cardiovascular diseases, chronic obstructive pulmonary disease, and type 2 diabetes. Further, unhealthy lifestyle habits, such as tobacco smoking, sedentary lifestyle, alcohol abuse, and poor nutrition, lead to the development of such diseases. Therefore, with the increasing burden of many life-threatening diseases, research activities for finding a cure for these diseases as well as treatment using unconventional therapies, such as organ transplantation, tissue grafting, regenerative medicine, are witnessing a rise, thereby resulting in the high demand for biobanking methods for the preservation and utilization of cord blood cells and stem cells.

Global Biobanking Market Key Players are:
1- Promega Corporation
2- Hamilton Company
3- Avantor
4- PHC Holdings Corporation
5- AutoGen, Inc.
6- BioLife Solutions, Inc.

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A biobank is a repository which stores, analyses, processes, and transports samples and specimens, such as tissues, biological fluids, cell lines, and human waste products. These samples and specimens are used for clinical diagnosis, research studies, and regenerative medicine. A P&S Intelligence study showed that the biobanking market generated revenue of $25.8 billion in 2018 and is predicted to witness a 6.2% CAGR in the coming years.

Biobanking is used for various applications, such as regenerative medicine, clinical research, and life science & medical research. In the past, the highest demand for biobanking facilities was generated from the clinical research domain due to the requirement for specimens for establishing the safety and efficacy of medication and therapies.

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The biobanking ecosystem includes software, consumables, services, and equipment. In 2014-2018, the highest demand was for the consumables, as they are required for analysis of each sample. Consumables are used for storage, analysis, and processing of the samples and specimens. Storage consumables are used for storing the samples; commonly utilized consumables are reagents, such as methanol, ethanol, and formaldehyde and storage units, such as vials and test tubes. Maxwell RSC tissue DNA kit, plasma or serum kits are used for analyzing samples. In fact, in the coming time, consumables are expected to continue generating the high demand due to their wide application in research activities.

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