Global biobanks market is expected to increase at a CAGR of 7.6% in the forecast period of 2016-2021

The Global biobanks market is expected to increase at a CAGR of 7.6% in the forecast period of 2016-2021 and reach a value of USD 259.91 million by 2021 from USD 180.2 million in 2016. Biobank is basically a type of biorepository which stores the biological samples (mainly human samples) used for research purposes or even for treatment. Biobanks play a vital role in the field of biomedical research. The wide range of bio specimens includes samples of blood, saliva, plasma, and purified DNA which can be described as libraries of the human organism. Before biobanks came into the market doctors use to collect the samples only for their own research purpose but the biobanks gave researchers access to data representing a large amount of people.

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Dependence of researchers from all scientific realms on biobanks increased tremendously for providing samples. For the industrial development of diagnostics and therapeutics as well as for medical research biological material and related data have become an important resource. There is an inclination in the market for Bio preservation systems due to increase in demand for tissue banking, stem cell banking and umbilical cord banking.

The key driver for the market is poor productivity rate of the pharmaceutical industry with respect to the new drug approvals. The vision of personalized medicine is also endorsed for the growth of this market. These storage solutions can reduce the testing time and costs for manufacturers, as a testing laboratory can take up to 3 days for testing but if the hospital themselves have the storage bank the time can reduce to 3 hours. The major drawbacks involve storage and handling problem, regulatory issues and cost competitive procedures.

This market is segmented majorly on the basis of sample type and product type. Sample type includes human tissues, stem cells, DNA or RNA, Bio-fluids and Others whereas product type is subdivided into types of equipment’s (Temperature control systems, Incubators, Centrifuges, Alarm and Monitoring Systems, Accessories and Other Equipment) and consumables. Based on Application they are divided into Therapeutic Applications, Research Applications and Clinical Trials. The human tissues section is expected to account for the highest market share of approximately 65% during the forecast period. Preference for human tissue specimens is increasing over animal tissue samples due to unavailability of appropriate animal models for some specific neurological and psychiatric disorders.

Geographically the market is segmented into North America (U.S.A. and Canada), Europe (U.K., Germany, Italy, France, and Spain), Asia-Pacific (India, China, Australia, South Korea and Japan), Latin America, Middle east and Africa. The US has the largest market share followed by the European market while growth in the Asia pacific region is increasing rapidly and driven by the rise in population and increasing healthcare spending from government bodies. Asia pacific region is predicted to show tough competition with the developed regions.

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The key players in the bio preservation market are Beckman Coulter, Tecan group, Taylor- Wharton, Panasonic biomedical, Teva pharmaceuticals, Biolife solutions, Custom biogenic systems, Princeton cryotech, Fluidx, Tissue solutions, Wildcat laboratory solutions, Micronik and Brooks life science systems.

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