Key Players in the Biobanking Market Focus on New Product Launches
The biobanking market is expected to reach USD 2.69 Billion by 2022 from USD 1.85 Billion in 2017, at a CAGR of 7.8%. Factors driving the growth of this market include the increasing number of genomics research activities for studying diseases; advances in biobanking and the growing trend of conserving cord blood stem cells of newborns; government & private funding to support regenerative medicine research, and the growing need for cost-effective drug discovery and development.
The biobanking market is consolidated in nature due to the presence of a large number of players. The key players in the market are Thermo Fisher Scientific Inc. (U.S.), Tecan Group Ltd. (Switzerland), Qiagen N.V. (Germany), Hamilton Company (U.S.), Brooks Automation (U.S.), TTP Labtech Ltd (U.K.), VWR Corporation (U.S.), Promega Corporation (U.S.), Worthington Industries [(Taylor Wharton, U.S.)], Chart Industries (U.S.), Becton, Dickinson and Company (U.S.), Merck KGaA (Germany), Micronic (Netherlands), LVL Technologies GmbH & Co. KG (Germany), Greiner Bio One [Greiner Holding AG, Austria)], Biokryo GmbH (Germany), Biobank AS (Norway), Biorep Technologies Inc. (U.S.), Cell & Co Bioservices (France), RUCDR infinite biologics (U.S.), Modul-Bio (France), CSols Ltd (U.K.), Ziath (U.K.), and LabVantage Solutions Inc. (U.S.).
The key strategy followed by most companies in the biobanking market are product launches. This strategy accounted for the largest share of the overall growth strategies mapped from 2015 to 2017.
Thermo Fisher Scientific Inc. (U.S.) accounted for the largest share of the biobanking market in 2016. The company caters to the biobanking market through its Laboratory Products and Services segment. It offers products to pharmaceutical and biotechnology companies, hospitals and clinical diagnostic laboratories, universities, research institutions, government agencies, and environmental & process control industries. The company offers a broad range of products and services covering all segments of the biobanking market. Thermo Fisher Scientific Inc. adopted product launches as its key strategy to maintain its competitive position in the market. For instance, the company launched the automated decapper system in association with Hamilton Company (U.S.) to enhance its product portfolio.
Panasonic Healthcare Holdings Co. Ltd. (Japan) accounted for the second-largest market share of the biobanking market in 2016. The company offers a wide range of sample storage systems. The company also adopted product launches as its key strategy to maintain its significant position in the biobanking market. The company launched advanced products in categories ranging from ultra-low temperature freezers to incubators used in biobanks. In 2016, the company launched ultra-low freezer MDF-DU900V VIP extending their sample storage systems product line in the biobanking market. The end users of the company are pharmaceutical and biotechnology companies, biobanks, hospitals and clinical diagnostic laboratories, universities, research institutions, and government agencies.
Becton, Dickinson and Company (U.S.) accounted for the third-largest market share in 2017. The company is one of the leading players focusing on sample analysis equipment and a broad range of consumables. It has a global presence and provides automated solutions to prominent end users. The company launched innovative cell sorter and cell analyzer systems and associated consumables over the last three years. The end users that the company caters to are pharmaceutical and biotechnology companies, biobanks, hospitals and clinical diagnostic laboratories, universities, research institutions, and government agencies.
Related Reports:
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
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