Bio-banking Market was valued US$ 2.01 Bn in 2018 and is expected to reach US$ 3.66 Bn by 2026, at a CAGR of 7.78% during a forecast period.
Global Bio-banking Market
The global bio-banking market is witnessing an exponential growth due to the increasing occurrence of chronic diseases. Furthermore, bio-banks are also playing an important role in the development of new drugs,increasing number of genomics research, and government & private funding to support regenerative medicine research which is further boosting the market growth.
Additionally, 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 certified 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. Conversely, lack of high quality samples could pose a challenge to the growth of this industry. Also high cost of automation, ethical & legal issues related to bio-banking are restraining the market growth.
On the basis of specimen type, blood and blood products are the most collected specimens and are used as a source of DNA and RNA, this segment type expected to command the largest market share of 47.2% in 2026 due to the increasing prevalence of blood disorders and the rising demand for various types of blood products.
According to blood products segment, blood product was the prime segment of the global bio-banks market, due to greater use of blood products such as plasma and platelets for treating medical conditions. The human tissue bio-bank market and cells bio-bank market was the smallest segment with about 6% of the bio-banks market, worth nearly $3 billion in 2018.
The global bio-banking market is moderately consolidated. The market players are focusing on collaboration and partnership activities. As, Bio-Life Solutions and SAVSU collaborated to provide enhanced, cold-chain technologies for diabetes, lupus, pemphigus, and organ transplantation in October 2017.
Geographically, North America and Europe dominates the bio-bank market due to the presence of large players that are domiciled out of these nations. The US has the largest market share followed by the European market. However, Asia Pacific region is expected to emerge in the future due to existence of large population and increasing healthcare spending from government bodies.
Bio-banking market report will helps to decision maker, provides analyzes and forecasts market size and growth for the whole market, bio-banking market segments and geographies, bio-banking market trends, bio-banking market drivers and restraints, bio-banking market’s leading competitors’ revenues, profiles and market shares.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Bio-banking Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global Bio-banking Market.
Scope of Global Bio-banking Market
Global Bio-banking Market, By Product
- Refrigerators and Ice Machines
- Liquid Nitrogen Supply Tanks
- Cryogenic Storage Systems
Global Bio-banking Market, By Specimen Type
- Blood products
- Solid tissue
- Cell lines
Global Bio-banking Market, By Type of Bio-bank
o Population – based
o Genetic (DNA/RNA)
o Disease – based
Global Bio-banking Market, By Application
Global Bio-banking Market, By End User
- Diagnostic Clinical Centers
- Research Organizations
Global Bio-banking Market, By Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
Key Players Operating in Global Bio-banking Market
- VWR International LLC
- ASKION GmbH
- CTI BIOTECH
- Cureline, Inc
- Excilone SARL
- Firalis S.A.
- LabVantage Solutions, Inc.
- LGC Limited
- PrecisionMed, Inc.
- ProMedDx LLC
- Beckman Coulter Inc.
- New Brunswick Scientific Co. Inc.
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