Biobanking is the process of storage of body fluids or tissues for research purpose in order to understand health and diseases. Blood and urine are the most common types of sample stored for further research. Other than these, spinal fluid, fat samples, umbilical cord blood, and saliva are also collected for various studies. Increasing initiatives by private and government organizations for funding research is a major driver of the global biobanking equipment market. Increase in cases of chronic diseases also boosts market growth. North America have witnessed significant growth in the past few years. Several bioscience companies have headquarters and research centers for hosting a large number of drug discovery and research activities in these two regions. However, high cost of automation and ethical & social issues related to biospecimen sample procurement is projected to hamper the growth of the market in these regions in the near future.
Global Biobanking Equipment Market: Dynamics
Increase in Genomic Research Activities to Study Diseases
The number of people suffering from chronic disorders is increasing due to climatic conditions, heredity, changes in lifestyles, and personal habits. Genomic medicine is an emerging medical discipline that involves using genomic information about an individual as part of clinical care for treatment or therapeutic decision-making. Genomic research is also being utilized for the preparation of personalized medicine for complex diseases.
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Biobanks are useful and efficient resource in genomic research. Biobanking plays an integral role in advancing biomedical, genomic, and translational research through the collection and preservation of biological samples including blood, tissues, and nucleic acids. These are made available for use in research to discover disease-relevant biomarkers for diagnosis, prognosis, and predicting drug responses.
Increase in pharmaceutical R&D budgets by governments and private players is anticipated to support research activities, thereby boosting the growth of the global biobanking equipment market.
High Cost of Techniques Hampering Market Growth
Biobanks are becoming an important component of the routine practice of pathology. However, the creation of a high quality biobank requires significant amount of efforts, capital funding, and infrastructure. The budget of biobanking includes the cost of consenting, procuring, processing, and preserving high quality biospecimens. To offer high quality biobanking, technologically advanced automated devices are also required. Hence, high cost of automation and sampling processing techniques hamper the growth of the global biobanking equipment market.
Global Biobanking Equipment Market - Competitive Landscape
Major players operating in the global biobanking equipment market include Thermo Fisher Scientific Inc., Tecan Trading AG, QIAGEN, Hamilton Company, Brooks Automation, Inc., TTP Labtech Ltd., Promega Corporation, Worthington Industries, Chart Industries, Becton, Dickinson and Company, Merck KGaA, LVL Technologies GmbH & Co. KG, PHC Holdings Corporation, and Greiner Bio-One International GmbH.
Thermo Fisher Scientific, Inc.
Thermo Fisher Scientific is a world leader in serving science through a range of technologies, products, and services. The company strives to make the world healthier, cleaner, and safer by accelerating life sciences research, solving complex analytical challenges, improving patient diagnostics, delivering medicines to market, and increasing laboratory productivity. It operates through four major business segments: life sciences solutions, laboratory products & services, specialty diagnostics, and analytical instruments. Majority of the company’s revenue is generated from North America, followed by Europe. Thermo Fisher Scientific offers a range of products for sample collection, sample preparation, sample analysis, sample storage, and sample transport.
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QIAGEN is a global leader in sample to insight solutions that transform biological samples into valuable molecular insights. The company offers its product and services for molecular diagnostics, applied testing, pharma, and academia. QIAGEN markets its products in over 130 countries through various subsidiaries. The company offers a range of tools to provide customers with direct access to technical support, inform them of new product offerings, and enhance reputation for technical excellence, high-quality products, and commitment to service. QIAGEN offers automated solutions including QIAcube, BioRobot, QIAsymphony, and Autopure LS for biobanking.
Global Biobanking Equipment Market: Segmentation
The global biobanking equipment market can be segmented based on:
- Product Type
- Sample Type
In terms of product type, the global biobanking equipment market can be classified into:
- Temperature Control Equipment
- Freezers & Refrigerators
- Cryogenic Storage Systems
- Thawing Equipment
- Incubators & Centrifuges
- Alarms & Monitoring Systems
Based on sample type, the global biobanking equipment market can be categorized into:
- Blood Products
- Human Tissues
- Cell Lines
- Nucleic Acids
- Biological Fluids
- Human Waste Products
In terms of application, the global biobanking equipment market can be divided into:
- Regenerative Medicine
- Life Science Research
- Clinical Research
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