According to the latest Fact.MR analysis, the global biobanking market size would advance at a healthy CAGR of 7% during the forecast period.
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 equipment 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).
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.
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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 sales 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.”
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.
High Operational Cost Concerns Portend Limited Adoption of Biobank Products
According to the study, technological advancements present a crucial challenge associated with cost. Integration of advanced technology means high cost of equipment and consumables, which, in turn, increases the operational costs of biobanks.
For instance, in France and the Netherlands, the annual operational cost of a biobank products ranges from US$ 220,000 to US$ 880,000. Besides this, cost associated with infrastructure, equipment, human resources, and supplies further make it an expensive working model. The high operational cost of biobanks reflects on the increasing price of storage for end users, which is leading to a low adoption rate of biobanks.
Target Audience for this Report:
- 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
- Government associations
Competitive Landscape
Key players operating in the biobanking market include Thermo Fisher Scientific, Inc., Tecan Trading AG, PHC Holdings Corporation (Panasonic Healthcare), Merck KGaA, Hamilton Company, Brooks Automation, Inc., Chart Industries, Inc., Greiner AG, VWR International, LLC, and QIAGEN N.V.
Key Questions Covered in the Biobanking Market Outlook Report
- The report offers insight into Biobanking demand outlook for 2020-2027
- The market study also highlights projected sales growth for Biobanking market between 2020 and 2027
- Biobanking market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Biobanking market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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