Biobanking equipment market predicted to garner US$ 3.2B by 2027 - Medical Buyer

Global Biobanking Equipment Market is approximated to have a market valuation of US$ 1,778.3 million in 2017 and is anticipated to manifest a CAGR of 7.5% over the forecast period of 2018-2026, as mentioned in a new report published by Coherent Market Insights.

Market Drivers:The advancement in R&D in precision medicine and molecular biology had anticipated driving the global biobanking equipment market growth. The association for biobanking in Europe, the Biobanking and BioMolecular resources Research Infrastructure–European Research Infrastructure Consortium (BBMRIERIC), was established in 2014 for fueling the biobanking movements in the European market. It permits quality-controlled human biological specimens and related data regarding the cross-biobanking analysis.

The biobanks are very important in cancer research studies, due to their access to the quality of the human genome. The intricate grids of interchanges between biomolecules and clinical and operational developments can be analyzed on the human genome, which makes this comfortable to discover new instruments to treat cancer. Such kinds of Biobanks are advancing in the biomedical science field contains pharmacogenomics, molecular pathology, and genetic epidemiology.

Market Restraints:The prime reason for biobanking is for ensuring the effectiveness and accessibility of biobanking specimens and relative medical records. The relationship between researchers and benefactors increases the donations of the biobanks.

Furthermore, the strict guidelines impact the market of biobanking equipment. For instance, in 2002, the U.S. Department of Health & Human Services had established the Privacy Rule for setting the regulations for protecting health information that influences employability, privacy, and insurance of the patient.

Regional Insights:Based on the regional market, the global biobanking equipment market had divided into North America, Africa, Asia Pacific, Middle East, Latin America, and Europe. For instance, the regional market of North America plays the main role in the global biobanking equipment market, which is later followed by the regional market of Europe. It is due to advanced attention and endeavors connected to the accuracy of medication in the regional market.

Likewise, based on the investigation issued in December 2015, by the National Center for Biotechnology Information (NCBI), the National Biobank of Korea (NBK) in collaboration with further 17 biobanks of university hospitals and 2 network-affiliated clinics in the regional market. They had collected the samples of DNA, human plasma, serum, and others from approximately 328,000 cases.

Key Players:Several major companies working in the global biobanking equipment market contains BioCision, So-Low Environmental Equipment Co., Panasonic Biomedical Sales, Tecan AG, Beckman Coulter, Inc., Thermo Fisher Scientific Inc., Taylor-Wharton International, BioLife Solutions, Inc., and VWR International. Medgadget