Equipment & Consumables Product Segment to Dominate the United States Biobanks Market
Rise in demand for affordable drugs and
ongoing research and development activities is expected to drive the demand for
United States biobanks market for the forecast period.
According to TechSci Research report, “United
States Biobanks Market By Type (Population Based Biobanks v/s Disease
Oriented Biobanks) By Ownership (National/regional agency, Non-profit
Organization, Universities, and Private Organization) By Product (Equipment
& Consumables, Media, Software & Services) By Specimen Type (Blood Products,
Solid Tissue, Cell Lines, Nucleic Acid, Others) By Application (Therapeutic v/s
Research) By End User (Academic Institutes, and Pharma & Biotech Companies,
Others), By Region, Company Forecast & Opportunities, 2026”, The United
States biobanks market is expected to witness significant growth for the next
five years. Biobanking is a procedure that is used to collect and preserve
biological specimens which are used for diagnosis, research activities, and
biodiversity studies. The presence of different types of biobanks such as
disease-oriented biobanks, tissue banks, blood banks, among others are
encouraging consumers to preserve their samples in biobanks which are
bolstering the market growth. The rise in genomic research activities coupled
with the expansion of application areas for bio-banked samples is driving the
market growth for the forecast period. An increase in the incidence of auto
immune diseases such as cancer and blood disorders in addition to the surge in
the population suffering from chronic diseases is contributing to boost the
market growth. The surge in popularity for personalized medicine and genetic
testing is considered the key driver responsible for the market growth. An
increase in the number of established stem cell biobanks along with the growing
application of stem cells in cell therapy, toxicology, drug development,
developmental biology is leading to the rapid rise in the number of stem cell
banks, thereby creating lucrative opportunities for the biobank market growth.
The occurrence of COVID-19 outbreak across the
world which has been declared as a pandemic by the World Health Organization
has affected several countries adversely. Leading authorities in the United
States imposed lockdown restrictions and released a set of precautionary
measures to contain the spread of novel coronavirus. Coronavirus-affected
patients started suffering from shortness of breath along with coughing and
sneezing along with the other symptoms. United States authorities increased the
capacity of hospitals as a greater number of patients were getting affected
daily and getting admitted into the hospital facilities. To contain the spread
of novel coronavirus, high-quality COVID-19 specimens are required for
diagnostic and research purposes which can be stored and preserved in biobanks.
Biobanks are supporting the drug discovery process to ensure effective
treatment along with providing quality samples for the clinical research
process which in turn is fueling the growth of the market in this period.
However, the high cost involved in automation
may create a hindrance in the growth of the biobanks market.
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United States biobanks market is segmented into type,
ownership, product, specimen type, application, end user, regional
distribution, and company. Based on specimen type, the market can be divided
into blood products, solid tissue, cell lines, nucleic acid, and others. The
blood products specimen type segment is expected to account for major market
share in the next years as it is the most collected specimen used for
diagnostic purposes. The surge in the prevalence of hematological diseases and
other blood disorders is leading to accelerating the market demand. Also, these
are the source for DNA and RNA which can provide insight into the lineage and
history of the person. Based on application, the market can be bifurcated into
therapeutic and research. The therapeutic segment is expected to hold a
significant share in the biobanks market in the forecast period. Regenerative
medicines are in high demand owing to fueling demand for high-quality
biosamples and growing research in regenerative medicine is fostering the
market growth.
Thermo Fisher Scientific Inc., Hamilton Company, Brooks
Automation, Inc., VWR Corporation, LLC, Promega Corporation, Becton, Dickinson,
and Company, RUCDR Infinite Biologics, LabVantage Solutions Inc., US Biolab
Corporation, Inc., ProteoGenex, Inc., Cureline, Inc., Bay Biosciences LLC,
Geneticist Inc, BioLifeSolutions Inc. are the leading players operating in United
States biobanks market. Manufacturers are increasingly focusing on research and
development process to fuel higher growth in the market. To meet evolving
customer demand with respect to better efficiency and durability, several biobanks
service providers are coming up with their technologically advanced offerings.
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“High-end
investments by the major players to upgrade the existing infrastructure to
advance the platform and tools used in genetic studies are significant factors
contributing to the market growth. Technological advancements such as the use
of 3-D printing for tissue samples and mini-organ creation are also
contributing to propel market growth. Adoption of virtualization,
digitalization, and precision medicine to provide effective treatment coupled
with the launch of novel products by the major players is boosting the growth
of the market in the forecast period till 2026” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“United States
Biobanks Market By Type (Population Based Biobanks v/s Disease Oriented
Biobanks) By Ownership (National/regional agency, Non-profit Organization,
Universities, and Private Organization) By Product (Equipment &
Consumables, Media, Software & Services) By Specimen Type (Blood Products,
Solid Tissue, Cell Lines, Nucleic Acid, Others) By Application (Therapeutic v/s
Research) By End User (Academic Institutes, and Pharma & Biotech Companies,
Others), By Region, Company Forecast & Opportunities, 2026” has evaluated the
future growth potential of United States biobanks market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the of United States biobanks market.
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