Biobanking Equipment Market - Trends, Share, Trends, Outlook, and Opportunity Analysis, 2018-2026

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Biobanking is referred to a structured collections of biological samples, and associated data, stored for research purpose in future. The biobanks typically handle human biospecimens such as blood, tissue, and urine. They are established within academic medical or research institutions, pharmaceuticals or biotechnological companies or as a standalone organizations. Biobanks can be disease-oriented or population-based and they can contain a variety of samples such as blood, enzymes, organ tissue, urine, DNA, RNA, and cell lines.

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Increasing awareness and adoption of precision medicine are expected to favor the biobanking equipment market growth

Increase in research and development in molecular biology and precision medicine is also expected to favor growth of the biobanking equipment market. In 2014, the Biobanking and BioMolecular resources Research Infrastructure–European Research Infrastructure Consortium (BBMRIERIC), an organization for biobanking in Europe, was established to provide a focal point for biobanking activities in Europe. It also provides access to quality-controlled human biological samples and associated data for cross-biobanking research.

The biobanks also play a critical role in cancer research, as they provide access to the status of human genome. The complex networks of interactions between biomolecules and the clinical and functional consequences of their alteration can be studied on human genome instead of human biological specimens, which is easy for discovering new mechanisms involved in cancer. Biobanks are rapidly expanding in biomedical science domains including molecular pathology, molecular and genetic epidemiology, and pharmacogenomics.

Market Dynamics

Increasing application of biobanking in various field such as oncology, neurology, cardiology, and orthopaedics is expected to be a major factor driving growth of the biobanking equipment market. Moreover, increasing adoption of precision medicine with rising awareness about the stem cell treatment and bio-preservation is expected to augment the biobanking equipment market size during the forecast period. In 2016, the National Institutes of Health invested US$ 215 million in the precision medicine initiative to accelerate biomedical research and provide clinicians with new tools to select the innovative therapies tailored according to individual need.

However, low cost substitute techniques, tissue injury during freezing, stringent reimbursement policies, lack of standardization, confidentiality, and ethical issues are the major factors restraining the global biobanking equipment market growth. For instance, in emerging economies lack public awareness regarding biobanking. Socioeconomic factors such as the high level of poverty, caste and class hierarchies, low literacy rate, and gender inequality plays a key role in voluntary biobanking.

Some of the major players operating in the global biobanking equipment market include Thermo Fisher Scientific Inc., BioLife Solutions, Inc., Beckman Coulter, Inc., Panasonic Biomedical Sales, BioCision, Taylor-Wharton International, VWR International, So-Low Environmental Equipment Co. and Tecan AG.

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