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Bio-Banks Market Stakeholders With Covid-19 Impact Analysis: Top Industry Trends & Segments Forecast 2020-2027
Bio-Banks Market
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Biobank acts as a biorepository for the storage of biological samples (usually of human origin) which can be used in scientific research. Biobank facilitates research in the field of personalized medicine and genomics.
COVID-19 scenario-
1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
The Global biobank equipment and media market is expected to show a sharp rise in emerging economies due to considerable investment in this sector by the government as well as non-governmental organizations. Globally, this market is driven by the increasing number of cases of chronic diseases, advances in regenerative medicines, advances in biobanking, public awareness and government funding. This market also faces some restraints and challenges, such as high cost techniques, regulatory issues, stability issues and storage problems. It has also raised questions regarding medical and research ethics. Standardizing preservation methods and improving storage and stability conditions could contribute to the growth of this market. Increased support from the government and public awareness could also help fuel the growth of this market.
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Global biobank equipment and media market by Equipment
The global biobank equipment and media market is segmented according to equipment into different categories such as Refrigerators, Ice Machines, Freezers, LN2 Supply Tanks, Alarm and Monitoring Systems, Cryogenic Storage Systems and Accessories. The demand for biobank equipment is growing due to an increase in the number of biobanks, high demand for superior equipment, which can efficiently handle stability and storage issues, and increased government funding.
Global biobank equipment and media market by Application
The global biobank equipment and media market is segmented according to application into three different categories: Biobanking, Regenerative Medicines and Drug Discovery. The strength of biobank equipment market lies in its applications such as regenerative medicines and drug discovery. However, harmonization and standardization of Biobanking practices are major challenges to this field.
Global biobank equipment and media market by Types
The global biobank equipment and media market is segmented according to biopreservation media types into two categories: Optimized Pre-Formulated Media and Non-Optimized, Isotonic Formulation Media. Home-Brew Media Solutions is the biggest player in the global biopreservation media market and accounts for the largest market share.
Global biobank equipment and media market by Geography
Geographically, the global biobank equipment and media market is segmented into North America, Europe, Asia-Pacific and LAMEA. North America dominates the global biobank equipment and media market. It is followed by Europe, Asia-Pacific and LAMEA. Asia-Pacific has an opportunistic biobank market due to government initiative and public awareness. There is also substantial investment by pharmaceutical and biotech companies in cell-based therapies.
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Competitive Landscape
The key players within the global biobank equipment and media market include Home-Brew media solutions, Teva Pharmaceuticals, Organ Recovery Systems, Genzyme, Thermofisher Scientific, VWR International, Beckman Coulter Inc. and Taylor-Wharton. Home-brew media solutions dominates the global biobank media market. Scientific, VWR International and Taylor-Wharton are close behind. Umbilical cord blood preservation and low temperature storage are the recent trends of this market.
High Level Analysis
Comprehensive analysis of the global biobank equipment and media market provides an overview of the market and its key concerns. The market segmentation section provides a deep-dive analysis of each segment and it would be helpful in understanding niche market trends. A closer look at market drivers, restraints and opportunities would simplify market dynamics. Porter’s Five Forces analysis would be helpful for strategists to determine market profitability. There is low product differentiation within the global biobank equipment and media market as a large number of small companies offer similar products. This increases the buyers’ bargaining power. These small companies also compete with some of the big players in the market for product pricing, advertising and customer services. In emerging economies, significant funding by the government as well as non-governmental organizations has created the threat of potential substitutes. Thus, industrial rivalry is intense in the global biobank equipment and media market.
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KEY BENEFITS:
• Far-reaching coverage of global biobank equipment and media market, including drivers, restraints and opportunities would assist professionals in understanding market behavior
• Comprehensive analysis of different segments would reveal potential business opportunities that lie within the global biobank equipment and media market
• Detailed analysis of the strategies of the key leaders, technological advances, mergers and acquisitions within the antibacterial drugs market would be informative for professionals in the corporate sector
• Porter’s Five Forces Framework examines the competitive structure of the global biobank equipment and media market and would be helpful for strategic industry analysis
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