(EMAILWIRE.COM, February 01, 2019 ) Factors driving the growth of this market include the increasing number of genomics research activities for studying diseases; advances in biobanking and the growing trend of conserving cord blood stem cells of newborns; government & private funding to support regenerative medicine research, and the growing need for cost-effective drug discovery and development.

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The high cost of automation is a major factor restraining the growth of the market. Biospecimen storage instruments are equipped with advanced features and functionalities and are thus priced at a premium. Moreover, since the cost of biobanking operations are not limited to automation, organizations have to consider various factors on which their overall financial stability is dependent before moving towards automation. The equipment segment is expected to dominate the Biobanking Market.

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Regenerative medicine application of biobanking will drive the market

Biobanking plays an integral role in advancing biomedical and translational research, through the collection and preservation of biological samples, such as blood, tissues, and nucleic acids, which are then made available for use in research to discover disease-relevant biomarkers; this is further used for diagnosis, prognosis, and predicting drug responses. Growth in the number of research activities in this segment forms a major driver for the market. The availability of government funding for regenerative medicine, stem cell therapeutics, and cell & gene therapy is supporting research activities in this segment.

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Biobanking Market Major Key Players:

Thermo Fisher Scientific Inc. (U.S.), Tecan Group Ltd. (Switzerland), Qiagen N.V. (Germany), Hamilton Company (U.S.), Brooks Automation (U.S.), TTP Labtech Ltd (U.K.), VWR Corporation (U.S.), Promega Corporation (U.S.), Worthington Industries [(Taylor Wharton, U.S.)], Chart Industries (U.S.), Becton, Dickinson and Company (U.S.), Merck KGaA (Germany), Micronic (Netherlands), LVL Technologies GmbH & Co. KG (Germany)

Thermo Fisher Scientific Inc. (U.S.) accounted for the largest share of the biobanking market in 2016. The company caters to the biobanking market through its Laboratory Products and Services segment. It offers products to pharmaceutical and biotechnology companies, hospitals and clinical diagnostic laboratories, universities, research institutions, government agencies, and environmental & process control industries.

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