Manual storage systems are projected to register 64% share in the biobanking market by 2027, given their low capital requisites. However, players in the biobanking market are increasingly striving to transform the landscape through the introduction of advanced software, which helps in reducing manual errors. Automated storage systems offer high precision and time-efficiency, which is likely to significantly increase their adoption in the foreseeable future. Automated storage systems are projected to register a CAGR of 7% during the forecast period (2020-2027).
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A recent study published by Fact.MR examines the growth potential of the biobanking market, and projects CAGR to be above average during the forecast period.
Key Highlights of Biobanking Market Study
- China shows strong growth prospects in the biobanking market with an estimated CAGR of around 8.6% during 2020-2027. The country has three biobanks – China Kadoorie Biobank, Zhongnan Biobank, and Cancer Centre Tissue Bank, which work towards investigating the genetic causes of infectious and chronic diseases.
- Demand for biobanking software and services is growing at a relatively high rate as compared to equipment and consumables, as these products are used to minimise errors and increase the accuracy of sample data. Biobanking software and services are projected to be deployed at the highest CAGR of around 7.5% in the biobanking market during the forecast period.
- Blood products are expected to remain key biospecimen in the biobanking market, exceeding the storage of other samples, as demand for blood transfusion and DNA is increasing for the diagnosis and treatment of chronic diseases.
- The set-up cost of a biobank can vary from US$ 3 Mn to US$ 6 Mn. Sample handling, storage management, human resources, instruments, consumables, and software further add up to the already high cost of biobanking, which is likely to act as a barrier to the growth of the biobanking market.
A senior research analyst at Fact.MR opines, “Though the application of biospecimen for the development of therapeutics is growing, there will be a notable spurt in the adoption rate of bio-samples for clinical diagnosis to understand cell structure.”
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Product Innovation within the Boundaries of Environmental Sustainability
Product innovation is a key strategy adopted by players in the biobanking market. As biobanking of biospecimen requires freezing temperature for storage, leading players are, in turn, making a shift towards offering products with the least possible carbon footprints. Thermo Fisher Scientific, Inc. is an ideal company exhibiting this strategic move. In 2017, the company announced that it had received the ENERGY STAR certification for its temperature freezers from the U.S. Environmental Protection Agency to reduce energy consumption, while ensuring the protection of biospecimen.
Players operating in other tiers seek expansion in the fragmented biobanking market through collaborations, acquisitions, and partnerships, to achieve better exposure of their products.
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Find More Valuable Insights on Biobanking Market
Fact.MR, in its new offering, brings to the fore an unbiased analysis of the global biobanking market, presenting historical demand data (2017-2019), and forecast statistics for the period of 2020-2027. The study divulges compelling insights on the biobanking market on the basis of product (equipment, consumables, software & services), biospecimen (blood products, human tissues, cell lines, nucleic acids, and others), application (therapeutics, clinical diagnostics, drug discovery & development, and others), and storage (manual and automated), across five major regions.
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