About Biobanking For Medicine
Due to advancements in regenerative medicine, the rising incidence of chronic diseases, advances in drug discovery and development, and R&D funding and investments by government and non-governmental organizations, the global Biobanking For Medicine market is expected to see high demand during the forecasted period. Biospecimens and associated data are collected, processed, stored, and distributed by the TA biobank for use in fundamental, translational, and clinical research. As the world's population ages, long-term storage of healthy tissue is becoming more popular. Healthy tissue, such as embryonic stem cells from cord blood, can be biobank and used to rebuild damaged tissue. Furthermore, the emergence of COVID-19 has positioned biobanks at the forefront of pandemic preparedness efforts, leading in market organic revenue growth.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 8.2% |
Due to the presence of significant competitors in the industry, the global Biobanking For Medicine market appears to be highly competitive. To keep ahead of the competition and increase their worldwide reach, the top players use mergers & acquisitions and product innovation as a crucial strategy. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Biobanking For Medicine market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Thermo Fisher Scientific Inc. (United States), Tecan Group Ltd. (Switzerland), Qiagen N.V. (Germany), Hamilton Company (United States), Becton, Dickinson and Company (United States), Merck KGaA (Germany), Brooks Automation (United States), TTP Labtech Ltd (United Kingdom), VWR Corporation (United States), Promega Corporation (United States), Worthington Industries (United States) and Chart Industries (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Micronic (Netherlands), LVL Technologies GmbH & Co. KG (Germany), Panasonic Healthcare Holdings Co. Ltd (Japan), Greiner Bio One (Austria), Biokryo GmbH (Germany), Biobank AS (Norway), Biorep Technologies Inc. (United States), Cell & Co Bioservices (France), RUCDR infinite biologics (United States), Modul-Bio (France), CSols Ltd (United Kingdom), Ziath (United Kingdom) and LabVantage Solutions Inc.(United States).
Segmentation Overview
AMA Research has segmented the market of Global Biobanking For Medicine market by , Application (Regenerative Medicine, Life Science Research and Clinical Research) and Region.
On the basis of geography, the market of Biobanking For Medicine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2021. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Product and Service, the sub-segment i.e. Equipment will boost the Biobanking For Medicine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sample Type, the sub-segment i.e. Blood Products will boost the Biobanking For Medicine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Biobank, the sub-segment i.e. Population-based Biobanks will boost the Biobanking For Medicine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Storage Type, the sub-segment i.e. Manual Storage will boost the Biobanking For Medicine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 24th February 2021, QIAGEN and INOVIO Pharmaceuticals has announced an extension of their partnership with a new master collaboration agreement to develop liquid biopsy-based companion* diagnostic products based on next-generation sequencing (NGS) technology to complement INOVIO’s therapies.
On 14th September 2020, Thermo Fisher Scientific, the world leader in serving science, today announced new collaborations of the Thermo Fisher Precision Medicine Science Center (PMSC) with AstraZeneca and the University of Nebraska Medical Center as part of its ongoing development of innovative solutions for unmet needs in clinical biomarker discovery.
HIPAA and HITECH, Both the Health Insurance Portability and Accountability Act of 1996 (HIPAA) and the Health Information Technology for Economic and Clinical Health Act (HITECH) regulate how companies in the U.S. collect, store, use and disclose any individually identifiable health information, such as electronic health records. Biobanks must encrypt all Protected Health Information and securely store this information in HIPAA and HITECH-compliant data centers, such as biobank management software., 21 CFR Part 11 and CFR stands for Code of Federal Regulations. 21 CFR Part 11 regulates the authenticity and confidentiality of electronic records and electronic signatures used by biobanks, and other life science organizations, in the U.S. Requirements include system validations, operational systems checks, limited user access, authority checks and regular audits with complete audit trails. Compliant biobank management software can help companies abide by 21 CFR Part 11.
Market Drivers
- Increased Genomic Research Activities for Disease Studying have resulted in a high rate of adoption.
- Advances in Biobanking and the Growing Trend of Preserving Newborn Cord Blood Stem Cells
Opportunities
- High Demand for Emerging Countries
- Increasing Focus on the R&D of Cell Therapies
Restraints
- The Growing Concern of High Cost of Automation
- Increasing Issues Related to Biospecimen Sample Procurement
Challenges
- Long-Term Sustainability of Biobanks
Key Target Audience
Biobanking associations, Research & consulting firms, Distributors of research products, Contract manufacturers of biobanking equipment and consumables, Research institutes and clinical research organizations (CROs), Venture capitalists and Government associations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.