Global Biobanking Market to Witness a CAGR of 6.2% Over 2019-2024 - Surging Genomic Research Activities Aids Market Growth

Wednesday, 25. September 2019 10:24

Dublin, Sept. 25, 2019 (GLOBE NEWSWIRE) -- The "Biobanking Market Research Report: By Offering, Sample Type, Storage Type, Application, Utility, Regional Insight - Industry Analysis and Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The market was valued at $25.8 billion in 2018 and is expected to grow to $36.8 billion by 2024, at a 6.2% CAGR during the forecast period (2019-2024).

The major drivers for the biobanking market include the need for cost-effective drug discovery and development, rising prevalence of chronic diseases, increasing funding, and surging genomic research activities.

On the basis of offering, the worldwide biobanking market is categorized into equipment, consumables, software, and services. Among these, the consumables category dominated the market during the historical period (2014-2018) and is predicted to continue its dominance throughout the forecast period with an over 40% revenue share in 2024. The reason for this is that consumables have to be purchased regularly, whereas software and equipment are only purchased once.

Clinical research, regenerative medicine, and life science and medical research are the primary applications of biobanking. Among these, clinical research generated 49.2% of the total revenue for the biobanking market in 2018, and it will still be the largest application during the forecast period. This is ascribed to the increasing need to established the safety and efficiency of drugs, medical devices, and other products used in the healthcare sector. The fastest growth in the forecast period is expected to be witnessed by the regenerative medicine application.

A key driver for the growth of the market is the increase in the incidence of chronic diseases. Obesity, high cholesterol, poor nutrition, tobacco consumption, lack of physical activity, and elevated blood pressure have been tied to four of the most rampant chronic diseases - cancer, cardiovascular diseases, chronic obstructive pulmonary disease, and type 2 diabetes. As per the Centers for Disease Control and Prevention, almost 60% of the total population in the U.S. has at least one chronic disease.

Market Segmentation by:

Offering

  • Consumables
  • Equipment
  • Services
  • Software

Sample Type

  • Blood Products & Genetic Material
  • Human Tissues
  • Cell Lines
  • Biological Fluids
  • Human Waste Products

Storage Type

  • Manual
  • Automated

Application

  • Clinical Research
  • Life Science & Medical Research
  • Regenerative Medicine

Utility

  • Research
  • Routine
  • Epidemiology

Companies Mentioned

  • Thermo Fisher Scientific Inc.
  • Merck KGaA
  • Promega Corporation
  • Becton, Dickinson & Company
  • Hamilton Company
  • Avantor Inc.
  • Tecan Group Ltd.
  • QIAGEN N.V.
  • PHC Holdings Corporation
  • Brooks Automation Inc.
  • AutoGen Inc.
  • BioCision
  • BioLife Solutions Inc.
  • AlphaCord LLC
  • Cells4Life Group L.L.P.
  • BioKryo GmbH
  • LGC Biosearch Technologies

For more information about this report visit https://www.researchandmarkets.com/r/p495m1

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