Biobanking Equipment Market to Surpass USD 3.2 Billion by 2026

The global biobanking equipment market is estimated at USD 1778.3 million in 2017, and is projected to exhibit a CAGR of 7.5 percent from 2017 – 2026. Biobank potentially hold key to the future of breakthroughs in scientific research, drug discovery, and clinical and translational medicine. Biobanking is an important tool in understanding the pathophysiology of various illness. Genetic studies based on biobanking are increasing, as researchers recognize the need for large amounts of samples to identify the genetic basis of susceptibility to common complex diseases. Large scale population biobanking projects link genetic data with information on health status, lifestyle, and environmental factors. The government is focusing on building biobank due its increased demand and application. For instance, in February 2018, the Thailand Center of Excellence for Life Sciences (TCELS), Thailand Research Fund (TRF), and Ramathibodi Hospital’s Center for Medical Genomics collaborated with Shenzen-based BGI Genomics, one of the world’s genome sequencing centers, to collect the entire genome sequence for Thais. The five-year pilot project will collect the whole 19,000 genome sequencing of 10,000 Thai volunteers. The results of the pilot project would then form the initial data as a national ‘bio-bank’ for Thais.

Manufacturers in the biobanking equipment industry are focused on innovating the product for safe sample storage. For instance, in September 2017, Micronic launched a new screw cap recappers to the company’s sample handling equipment line. In December 2017, the company launched high volume storage tube to optimize the sample traceability during clinical research. Furthermore, in October 2017, the Panasonic Biomedical Sales Europe B.V. introduced a new VIP ECO Ultra low temperature upright freezer for storing the sample. Furthermore, extensive development of personalized treatments by research organizations to develop effective therapies using biological samples is expected to propel the demand for biobank market. For instance, in 2016, Illumina signed 4 biobank deals, with Partners HealthCare, Montreal Heart Institute, University of Colorado, and Vanderbilt University with an objective to improve healthcare and develop personalized medicines. – Coherent Market Insights