Global Biobanking Equipment Market, By Product (Equipment, Consumables, Software, and Services), By Sample Type (Blood Products, Human Tissues, Umbilical cord blood stem cells, DNA, and Cell Lines), By Application (Regenerative Medicine, Drug Discovery & Clinical Research, and Diagnostics), By End User (Pharmaceutical Companies, Biobanks, Hospitals, and Contract Research Organizations (CRO)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 2.98 Billion in 2023 and is expected to exhibit a CAGR of 11.4% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting growth strategies such as the launch of new products, which will drive the global biobanking equipment market growth. For instance, in November 30, 2022, the International Livestock Research Institute (ILRI) established a biorepository to support livestock sample storage and data management in Uganda.
Global Biobanking Equipment Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of things from one place to another.
COVID-19 had a positive impact on the global biobanking equipment market. For instance, according to the data published by the National Center for Biotechnology Information (NCBI) in September 1, 2023, biobanks are mediators between clinical practice and research and are responsible for biospecimen collection, processing, storage, and distribution as well as associated health information management. Key benefits provided by biobanks are existing collections of samples and data, extensive expertise in sample preparation, storage, bioethics, and project coordination.
Global Biobanking Equipment Market: Key Developments
On December 20, 2019, The Finnish Biobank Cooperative has launched a new service that will allow researchers to search through the biobank resources, obtain access to genomic and health data, and potentially, recall participants for follow-on studies. Using the free service, called Fingenious, researchers would be able to access genomic data generated by the FinnGen project, which aims to genotype 500,000 Finns.
On May 13, 2022, BC Platforms (BCP), a global healthcare data management and analytics, announced that it had secured a multi-year contract, following a competitive procurement, to work with three Finnish Hospital District owned Biobanks (Clinical Biobanks) on improving access to, and automated management of, phenotypic, genomic, and clinical data.
Browse 44 Market Data Tables and 40 Figures spread through 170 Pages and in-depth TOC on “Global Biobanking Equipment Market”- Forecast to 2030, Global Biobanking Equipment Market, By Product (Equipment, Consumables, Software, and Services), By Sample Type (Blood Products, Human Tissues, Umbilical cord blood stem cells, DNA, and Cell Lines), By Application (Regenerative Medicine, Drug Discovery & Clinical Research, and Diagnostics), By End User (Pharmaceutical Companies, Biobanks, Hospitals, and Contract Research Organizations (CRO)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Link: https://www.coherentmarketinsights.com/market-insight/biobanking-equipment-market-2365
Key Takeaways of the Global Biobanking Equipment Market:
- The global biobanking equipment market is expected to exhibit a CAGR of 11.4% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global biobanking equipment market.
- Among product type, the equipment segment is expected to hold a dominant position in the global biobanking equipment market during the forecast period and this is attributed to the launch of new products. On October 11, 2021, Thermo Scientific, a U.S.-based supplier of analytical instruments, life sciences solutions, specialty diagnostics, laboratory, pharmaceutical, and biotechnology services, launched New Blood Bank Refrigerator Range.
- Among region, North America is expected to be the dominant region in the global biobanking equipment market, owing to the key players focusing on organic strategies to start new product launches
- Major players operating in the global biobanking equipment market are Thermo Fisher Scientific, Brooks Automation, TTP Labtech, VWR International, Chart Industries, Sigma-Aldrich, Panasonic Healthcare, Thermo Fisher Scientific, Qiagen, and Hamilton Storage Technologies.
