New York, NY -- (SBWire) -- 02/03/2020 --Regenerative medicines utilizes the body's growth and healing properties to repair or replace the damaged cells, tissues, or organs. The extensive research in stem cell, developmental biology, bioengineering, material science, and gene editing are important in development of regenerative medicines. Rising government and private funding for research of regenerative medicine is promoting the biobanking market. For instance, in 2017, National Institute of Dental and Craniofacial Research (NIDCR) invested around $52 million in basic, translational, and clinical regenerative medicine research. The increasing application of biobanking for development of regenerative medicines is also contributing in the market growth.
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Major key Players:
Thermo Fisher Scientific Inc., PHC Holdings Corporation, QIAGEN N.V., Becton, Dickinson and Company, Merck KGaA, Hamilton Company, Avantor, Inc.,Tecan Group Ltd.,BioCision,Promega Corporation among others.
Biobanking market Segmentation:
Product & Services:
-Equipment
-Consumables
-Services
-Softwares
Sample Type:
-Blood Products & Services
-Biological Fluids
-Cell Lines
-Human Tissues
-Nucleic Acids
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Storage Type:
-Automated
-Manual
Application:
-Clinical Research
-Life Science Research
-Regenerative Medicine
The preservation of cord blood stem cells is an emerging practice that promises a cure for more than 60 different types of diseases. Owing to increasing awareness about stem cell therapies, the large numbers of parents are choosing umbilical cord banks for their children. Moreover, many embryonic disorders can be investigated and treated through stem cell research. For instance, the transformation of early stem cells into different cell types helps to identify if there is any genetic error and can be resolved before the symptoms begin to manifest in the infant.
The main consideration limiting the development of the worldwide biobanking market is the significant expense of mechanization. In addition, the issues related with the obtainment of biospecimen test can hamper the development of biobanking market. For example, when the examples are moved starting with one area then onto the next area for preparing, the time interim among assortment and adjustment may prompt loss of some shaky markers. Also, there are sure moral issues for putting away the organic examples of human mishaps the general market development.
With 7.5% CAGR Biobanking Market to Witness an Outstanding Growth During 2019-2030 :Thermo Fisher Scientific Inc., PHC Holdings Corporation, QIAGEN N.V.
Irreproducibility of research is one of the major factor for the failure of translating basic research results into tangible solutions. For addressing the problem development of biobanks plays a vital role in providing necessary infrastructure for high quality assurance and control measures by providing safe & reliable spaces for storing material which can be used for repeated testing which in turn will lead to trustworthy scientific results. Hence the increasing awareness and concern for development of novel drugs with the support of biobanking is promoting the market growth.