The US Biological Sample Handling market is expected to grow at a CAGR of around 8.2% during the forecast period. The US is the leader in the biological sample handling market attributed to the presence of major life science companies such as Thermo Fisher Scientific, Inc., Abbott Laboratories, Inc., Becton, Dickinson and Co., and rising R&D spending in the region. For instance, total federal R&D funding proposed for Health and Human Services is $24,742 million in 2019. This funding is provided to various agencies that include the Administration for Children and Families, CDC, FDA, Health Resources and Services Administration, NIH, and Departmental Management. The penetration and rising applications of the biological sample handling in drug discovery and other research such as proteomics and biomarker study are the major factors that are driving the growth of the market in the US.
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Moreover, the growing demand for personalized medicine has been creating significant opportunities for the biological sample handling market. Advancement in personalized medicine through genomics including proteomics, and diagnostics has increased the demand for biological sample handling instruments. Pharmaceutical and biotechnology companies are known to identify and develop medicines through these proteomics-based research efforts. The major benefits of these personalized medicines are that they are designed to work for individual patients on the basis of the specific molecular characteristics of their disease along with their genetic makeup stored in sample handling instruments. Hence, the growth in personalized medicine will augment the market growth for biological sample handling.
Further, the remarkable presence of biobanks in the US has contributed significantly to the biological sample handling market. More than 300 million biospecimens are stored in the US in public and private biobanks also known as repositories. These biospecimens include human blood, surgical tissue, and so on, containing genetic material that can be analyzed to identify gene variations associated with human diseases.
US Biological Sample Handling Market- Segmentation
By Storage Type
- Cold Storage
- Room Temperature Storage
By Application
- Drug Discovery
- Forensic Investigation
- DNA Extraction
- Proteomics and Genomics Studies
- Others
By Ownership
- Commercial
- Academic/Research
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
