Global Biobanking Market to be Worth USD 6,963.2 Million by 2021: Technavio

Technavio has published a new report on the global biobanking market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--According to the latest market study released by Technavio, the global biobanking market is projected to grow to USD 6,963.2 million by 2021, at a CAGR of close to 9% over the forecast period.

This research report titled ‘Global Biobanking Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

 
A biobank can be defined as an organized and programmed storage of biological materials and corresponding data that can be used in healthcare research. The global biobanking market is witnessing increasing demand with the rise in popularity of personalized medicine. Individuals are increasingly storing their tissues and stem cells for future treatments, thereby driving the growth of the market.

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Based on sample stored, the report categorizes the global biobanking market into the following segments:

  • Human tissues and tumor cells
  • Bio-fluids
  • Stem cells
  • DNA/ RNA
  • Others

The top three revenue-generating sample segments in the global biobanking market are discussed below:

Human tissues and tumor cells

There is a growing demand for specific and healthy human tissues in biomarker discovery and drug development process. The usage of human tissues in drug development and clinical trials is allowing a more accurate prediction of patient variability and clinical efficacy, thereby driving the growth of the market segment,” says Barath palada, a lead analyst at Technavio for life science research tools research.

The use of human tissue in the drug development process allows for the accurate establishment of disease phenotype and drug efficacy in the target tissue. This market segment dominated the global biobanking market, occupying 63% of the overall shares.

Bio-fluids

Bio-fluids include whole blood, serum, plasma, sweat, and sputum. Many biobanks use whole blood for preserving DNA, RNA, stem cells, and cord cells. Biobanks preserving stem cells and cord blood use customized and automated equipment for handling the samples. Most biofluids need to be stored at -20° C in cryobanks and analyzed at regular intervals – 180 days for both plasma and urine and 120 days for saliva. Forensic laboratories store and use these samples for up to a year during crime investigations. The varied uses and unique storage requirement of bio-fluids will create a high amount of revenue for the market segment.

Stem cells

Stem cells are a key component in regenerative medicine since they can be used in tissue regeneration, targeted cell therapy, and pharmacological testing on cells and tissues. Biobanks keep stem cells for long durations through different platforms to develop therapies for chronic ailments and research purpose,” says Barath.

The stem cell biobanking market is growing at a significant pace, driven by increasing investments in R&D and the rising incidences of degenerative diseases. Leading vendors have increased their R&D investments to develop innovative medical therapies, thereby driving the growth of the market.

The top vendors highlighted by Technavio’s research analysts in this report are:

  • Beckman Coulter
  • BioCision
  • Taylor-Wharton
  • Tecan Group
  • Thermo Fisher Scientific
  • VWR

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

According to the latest market study released by Technavio, the global biobanking market is projected to grow to USD 6,963.2 million by 2021, at a CAGR of close to 9% over the forecast period.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com