North America Biobanks Market is expected to reach US$ 1,386.56 million by 2028

Equipment segment to dominate the North America Biobanks Market during 2021–2028

According to a new market research study on “North America Biobanks Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and Services, Sample, and Application” is expected to reach US$ 1,386.56 million by 2028 from US$ 875.19 million in 2021. The market is estimated to grow at a CAGR of 6.8% from 2021 to 2028. The report provides trends prevailing in the North America biobanks market along with the drivers and restraints pertaining to the market growth. Surging adoption of regenerative medicines, burgeoning funding and genomic research activities for studying diseases, and virtual biobanks are the major factor driving the growth of the North America biobanks market. However, higher cost of automation hinders the growth of North America biobanks market.

The COVID-19 pandemic was an once-in-a-lifetime occurrence that had far-reaching health-care, economic, and societal consequences around the world. The health-care system in North America faced an immediate issue in estimating the demographics of COVID-19's impact. In the absence of precise data, a lockdown was enforced early, putting the health-care system under even more strain to care for non-COVID-19 patients who needed immediate attention. The lockdown had an immediate impact on logistics and supply lines, which had an impact on health-care delivery in the region. In the early stages of COVID-19, biobanking activities in Canada were considered a non-essential health care service, but as necessary research operations began, COVID-19–related studies were permitted and launched. Biobanking became a necessary service as a result of this development, allowing for faster COVID-19 research and the continuation of critical research operations. During the epidemic, navigating the scarce and frequently competing health-care supply chains was critical for continuous operational demands. biobanks have had to purchase extra personal protective equipment (PPE) to safeguard their personnel from COVID-19, and even employees have had to be regularly checked for suspected COVID-19 symptoms. Biobanks had to communicate and search globally for the materials they required to quickly collect and store specimens. Biobanks are critical in collecting and preserving biosamples such as plasma, serum, DNA and RNA, clinical data, and genomic data due to the large number of clinical trials related to COVID-19.

The North America biobanks market is segmented on the basis of product and services, sample, application, and country. Based on product and services, the market is segmented into equipment, consumables, services, and software. In 2021, equipment segment held the largest share in the market, consumables is expected to be the fastest growing segment during the forecast period. Further, based on equipment, the market is segmented into storage equipment, sample analysis equipment, sample processing equipment, and sample transport equipment. In 2021, storage equipment delivery mode segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Based on consumables, the market is segmented into storage consumables, analysis consumables, processing consumables, and collection consumables. In 2021, storage consumables segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Based on services, the market is segmented into storage services, processing services, transport services, and supply services. In 2021, storage services segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on samples, the market is segmented into blood products, cell lines, human tissues, and others. In 2021, blood products segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into regenerative medicine, life science research, and clinical research. In 2021, regenerative medicine segment held the largest share in the market, life science research is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into the US, Canada, and Mexico. In 2021, the US held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.

THERMO FISHER SCIENTIFIC INC.; Tecan Trading AG; QIAGEN; Hamilton Company; Avantor, Inc.; MICRONICS JAPAN CO., LTD.; BD; Taylor-Wharton; Brooks Automation, Inc.; Promega Corporation; and SciSafe Inc. are among the leading companies in the North America biobanks market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, 2019, Tecan announced the acquisition of a long-term supplier to vertically integrate the manufacturing of critical precision-machined parts.

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