Biobanks Market: Key Drivers & On-going Trends 2016 - 2024
Posted: Dec 20, 2018
Global Biobanks Market: Overview
Technological advancements, introduction of innovative methods, and massive population base of the emerging economies such as China and India, will present substantial opportunities to the global market for biobanks.
A biobank is a storage bank for biological samples, such as blood, DNA, human tissue, that are used for medical research purposes, in order to find new treatments for diseases. Biobanks play a significant role in biomedical research. They aid in the determination of the general and unique features of the continuous cell line and whether contaminants are present or not, thereby aiding in the analysis of the raw materials from which a biological product is derived. The genetic and other traits such as gender, age, ethnicity, and blood type of the specimens are catalogued by a biobank.
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The global market for biobanks was pegged at USD 142 mn in 2011. It is expected to grow at a CAGR of 5.4% during the forecast period 2011-2018, attaining a revenue worth USD 216.3 mn by the end of 2018.
Global Biobanks Market: Drivers and Restraints
As biobanks help in providing personalized medications and minimizing drug side effects, thereby improving the overall health of patients suffering from various diseases, the demand for biobanks will augment worldwide. Some of the key factors driving the market for biobanks are advancement in drug discovery, rising prevalence of chronic disorders such as cancer, respiratory disorders, and cardiovascular diseases, increasing healthcare expenditure, and several government initiatives supporting the development of biobanks. Another growth driver of the global biobanks market is the gradual propagation of awareness about biobanks and their significance. A number of biotechnology and pharmaceutical companies have been using biobanks for developing new drugs, urging the growth of the global biobanks market.
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The market will face obstructions as a result of factors such as high costs of these techniques, absence of standardization, concerns about reimbursements, ethical issues, and recession periods. However, significant opportunities will be presented by the emergence of green banking directed at energy conservation and virtual biobanks.
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Companies Mentioned in the Report
Some of the major companies operating in the global market for biobanks mentioned in the report are Tecan AG, Panasonic Biomedical Sales Europe B.V., Thermo Fisher Scientific Inc., Taylor-Wharton International LLC, So-Low Environmental Equipment Co., BioCision, VWR International, LLC, Beckman Coulter, Inc., and BioLife Solutions, Inc. One can observe that several market players have been launching new products and emphasizing mergers and acquisitions, partnerships and collaborations, setting the scene for a constructive, competitive environment.
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