Global Biobanking Equipment Market Analysis, Trends, Growth & Competition Tracking Review 2017 to 2022

Bio banking equipment are equipment used in the biorepository, which stores biological samples for research purposes. Using biobanking equipment, researchers conduct tests, or perform analysis on specimens stored in a biobank. Along with equipment, consumables, software and services play an important role in helping researchers to study various types of diseases.

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A major factor driving growth of the biobanking equipment market is growing demand for personalized medicine, which can be attributed to high unmet medical requirements for developing effective therapies. Personalized medicine implies treatments based on preferences, needs, and characteristics of patients. Individuals across the globe have been witnessed to bank their tissues and stem cells, in case any future treatment is required. Development of personalized medicine critically needs individual samples with annotated pathological and clinical data. Several research organizations are focusing on exploring ways for developments in personalized treatments with the help of biological samples. For example, in the previous year, Illumina signed 4 deals, related to biobanking, with the Vanderbilt University, Partners HealthCare, the Montreal Heart Institute, and the University of Colorado, with an aim of developing personalized medicines, and improving the overall healthcare system. This will positively impact growth of the global biobanking equipment market. Other factors influencing the market growth include growing need for discovery and development of cost-effective drugs, rise in private as well as government funding for supporting research on regenerative medicine, surging genomics research activities to study diseases, and advancements in biobanking.

Key Estimations on Future of Biobanking Equipment Market

1. Based on product type, equipment will continue to be dominant in the global market, with sales estimated to surpass revenues worth US$ 1,300 Mn by 2022-end. Between software & services and consumables, the former will exhibit a comparatively higher CAGR through 2022.
2. Biobanking equipment are expected to find the largest application in regenerative medicine. However, sales of biobanking equipment for clinical research-related application will register the fastest expansion through 2022.
3. Although manual storage will remain preferred for biobanking equipment, sales of automated storage are poised to exhibit a higher CAGR in the market through 2022.
4. North America is anticipated to remain the largest market for biobanking equipment, with sales projected to expand at a CAGR of 7.6% through 2022. In addition, biobanking equipment market in Latin America and Japan will exhibit a parallel expansion through 2022.
5. Blood will remain sought-after among samples in the global biobanking equipment market. Sales of blood samples will hold the largest market revenue share, and register the fastest expansion through 2022. In contrast, tissues will register the lowest CAGR in sales through 2022.

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Competition Tracking
The report has profiled key players operating in the global biobanking equipment market, which include Becton, Dickinson and Company, Brooks Automation, Inc., Chart Industries, Inc., Greiner Holding AG, Hamilton Company, Merck KGaA, Panasonic Healthcare Holdings, Promega Corporation, Tecan Trading AG, Qiagen N.V., Thermo Fisher Scientific Inc., and VWR Corporation.

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This release was published on openPR.