Northrook, IL -- (SBWIRE) -- 12/17/2019 -- The given report is about "Biobanking Market by Product and Service(Equipment, Consumables, Services, Software), Sample Type (Blood Products, Human Tissues, Cell Lines, Nucleic Acids), Application( Regenerative Medicine, Life Science, Clinical Research) - Global Forecast to 2022". The global biobanking market size is expected to reach USD 2.7 billion by 2022 from USD 1.8 billion in 2017, at a CAGR of 7.8%.

The key driver of this market includes the increasing number of genomics research activities, advances in the biobanking sector, and the growing vogue of conservation of cord blood stem cells of newborns; and support of both government & private funding for regenerative medicine research.

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The equipment segment is expected to lead the target market. An increase in the number of biobanks and the escalating number of biospecimens available out in the market are some of the major factors leading to the high demand for biobanking equipment. To carry out the respective procedure, we would definitely need the pieces of equipment. Thus, the equipment segment is evident to grow.

Another segment, the blood product segment, is also estimated to account for a large share of the biobanking market. Increasing instances of blood disorders in modern society and the increasing demand for various types of blood or associated blood products across the globe are major reasons for the blood segment to grow rapidly.

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The regenerative medicine industry is expected to grow the highest in the target year. The collection of samples from donors for use in research has become an important resource for regenerative medicine research. This is the major reason why the regenerative medicine sector is expected to boost the highest. Also, biobanking storage is a sector, which is stipulated to show a massive rise in the target year. Due to the large availability of highly sensitive samples in the research activities, it is crucial and evident to have a systematic and ordered storage for the proper handling of the samples. This would ensure appropriate long-term storage conditions for the samples and give them a longer life span. If a dedicated biobank is provided, it would largely curb the recurring costs of sample procurement from the donors, thus supporting the target research.

North America is estimated to have the largest share of the global biobanking market in 2017. The reason is associated with factors like:
(1) Increasing research in regenerative medicine
(2) The growing interest in personalized medicine and related products
(3) An increasing number of biotechnology companies
(4) The rising investments in genomics and proteomics research in the region as compared to other regions in the world.

Thermo Fisher Scientific Inc. from the USA, Tecan Group Ltd. From Switzerland, Qiagen N.V. from Germany, Hamilton Company from the U.S., Brooks Automation from the U.S., TTP Labtech Ltd from the U.K., are some of the companies with a significant presence in the global biobanking market.

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