Biobank Equipment Market - Growth, Trends, and Forecast (2020 - 2025)

Stem cell practices are on the rise, globally, and are contributing to the development of new solutions for various diseases. Several advancements have been made in regenerative medicine through stem cell technology over the past decade. These practices have become one of the vital treatment methods for diseases, such as Alzheimer's, diabetes, cancer, and rare genetic diseases. In order to benefit from the existing therapies, umbilical cord cells and other stem cells are preserved in biobanks. Private storage has achieved the storage of almost 1 million cord blood units and there is continuous support from the medical community and governments across the world. Biobanks not only aid in the therapies for genetic diseases, but also in medical research on rare genetic disorders. Increasing awareness about stem cell therapies and innovation in the field of regenerative medicine are driving the growth of the market studied.

Key Market Trends

Alarm Monitoring Systems Segment is Expected to Show Better Growth Over the Forecast Period

Based on equipment, it is segmented into cryogenic storage system, alarm monitoring systems and other equipments. Stem cell banking is considered as one of the most promising and emerging fields. With advancements in technology and the rising trend of adoption of automated storage systems, there is a high demand for alarm monitoring devices. Alarms are used at various stages, from filling to continuous monitoring of temperature. Temperature monitoring is one of the most important tasks carried out using alarm monitoring systems. Hence, with advanced storage and automated devices, steady growth is expected for this segment of the market studied.

North America holds the Largest Share in the Biobank Equipment Market

The biobank equipment market holds the largest share in the North America region due to increasing government initiatives, in terms of funding and developing the biobanks market in the United States. Different companies and research institutes are utilizing biobanks for the storage of DNA, tissue, serum, blood, cells, etc. According to the Hastings Center, a non-profit organization, 300 million biospecimens have been stored in the United States in various public and private biobanks. Furthermore, with the rising applications of biobanking processes in various fields, such as drug discovery and personalized medicine, the biobank equipment market is expected to grow over the forecast period.

Competitive Landscape

The global players into the biobank equipment market are Becton, Dickinson and Company, Bio-Techne Corporation, Brooks Automation, Hamilton Company, Merck KGaA, Lonza Group, QIAGEN N.V., Stemcell Technologies Inc., Tecan Group Ltd. and Thermo Fisher Scientific.

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