A biorepository which stores biological samples is referred as biobank. Biobank preferable stores human biological samples for research purpose, also it stores samples or specimens of plant and animal. Biobank stores, process and deliver required samples for clinical as well as research applications.
Increasing focus on innovative drug development by leading pharmaceutical companies is a major factor driving growth of the global biobank market. Also, high failure rate in clinical research studies is an another factor supporting growth of the target market.
Moreover, increasing incidence and prevalence of various disease such as chronic disease, cancer, and many more resulting into growth of clinical research and drug development across the globe. Also, government authorities supporting clinical research trials which in turn expected to propel growth of the global biobank market in the near future.
The global biobank market has been segmented on the basis of product type, bio-preservation media type, application, end user and region.
On the basis of product type, the global biobank market has been segmented into equipment, consumables, and systems.
On the basis of bio-preservation media type, the global biobank market has been segmented into optimized pre-formulated media and non-optimized isotonic formulation media.
Application segment includes regenerative medicine, bio banking, and drug discovery (clinical research). Also, end user segment includes research organizations, diagnostic clinical centers, and others.
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Regional segmentation includes North America, Europe, Latin America, Asia Pacific and Middle East & Africa. North America contributes major market share and expected to maintain its dominance over the forecast period owing to well-developed healthcare sector and presence of healthcare research organizations in the region. Asia Pacific region is expected to witness rapid growth over the forecast period. Countries such as India, China are expected to support growth of the market, owing to increasing various disease cases resulting into increasing demand for innovation and effective drugs in the region.
Some prominent players in the global biobank market includes BioLife Solutions, Inc., Panasonic Biomedical Sales Europe BV., Thermo Fisher Scientific Inc., Beckman Coulter, Inc., BioCision, Taylor-Wharton International, VWR International, and So-Low Environmental Equipment Co.