Growing Focus on Precision Medicine to Create Lucrative Opportunities in Biobanking Market from 2019 to 2027: TMR

ALBANY, N.Y., Aug. 4, 2020 /PRNewswire/ -- Used to store human biological samples, biobanks are seen as essentials tools in biomedical research. And, their demand is growing in tandem with increasing research and development activities and growing focus on precision medicine around the globe.

"Over the period of 2019 to 2027, CAGR of about 7% will be charted by global biobanking market. This will take the market worth from about USD 2 billion in 2018 to approximately USD 3.6 billion by 2027. One of the most notable results of this growth will be emergence of incremental opportunities", notes Transparency Market Research.

Key Findings of Global Biobanking Market Study:

• Temperature control systems will be at the forefront of growth in the global biobanking market
• Players operating in the market are focusing upon launch of cryogenic storage systems, freezers and other such equipment
• Robotics, and AI-driven process automation will push biobanking market on to an upward growth trajectory
• Under the product segment, equipment would hold a sizeable share of market growth
• The human tissue segment under the biospecimen category would contribute notably to growth in the market

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Key Drivers of Growth in Global Biobanking Market:

A number of factors of growth are marking the landscape of global biobanking market, keeping it buoyant over the forecast period, notes Transparency Market Research. A glimpse into some of the notable trends and drivers taking the global biobanking market on an upward growth trajectory is provided below:

• Increase in research in the fields of genomics and proteomics is set to propel growth in the market
• Higher adoption of LIMS and notable advancement in technology will fuel market growth over the forecast period
• Incidence of life threatening diseases is increasing and this is set to push the market on a higher growth curve
• Growing focus on innovation is paving way for emergence of effective products, pushing market forward
• Automated equipment is witnessing an increase in its demand, boosting growth in market

For a detailed analysis of global biobanking market by product, application, and storage, visit TOC at https://www.transparencymarketresearch.com/report-toc/1568

Regional Analysis of Global Biobanking Market:

• North America will maintain a dominant position in the regional charts of global biobanking market
• Early adoption of novel products, well-structured healthcare industry, and presence of prominent names in the regional market will support dominance
• Asia Pacific (APAC) will grow at a notable compound annual growth rate, emerging as a lucrative regional market

Analyze global biobanking market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study https://www.transparencymarketresearch.com/sample/sample.php

Competitive Landscape of Global Biobanking Market:

The global biobanking market is competitive and some of the prominent names in the landscape who are setting high benchmarks are Thermo Fisher Scientific, Inc., PHC Holdings Corporation (Panasonic Healthcare), Hamilton Company, Chart Industries, Inc., VWR International, LLC (Avantor, Inc.), QIAGEN N.V., Greiner AG, Brooks Automation, Inc., Merck KGaA, and Tecan Trading AG, among others.

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A comprehensive profiling has been done by Transparency Market Research on the basis of financials, business segments, strategies, recent developments, and product portfolio.  It is significant to note here that key strategies being deployed by players in the global biobanking market include entering into synergistic alliances, developing advanced automated equipment, and launching novel products in the market.

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Global Biobanking Market: Segmentation 

Biobanking Market by Product

• Equipment
• Temperature Control Systems
• Consumables
• Software & Services

Biobanking Market by Biospecimen

• Blood Products
• Human Tissues
• Cell Lines
• Nucleic Acids
• Others

Biobanking Market by Application

• Therapeutics
• Clinical Diagnostics
• Drug Discovery & Development
• Others

Biobanking Market by Storage

• Manual
• Automated

Biobanking Market by Region

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Sweden
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa 

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SOURCE Transparency Market Research