Biobanks Market: Competitive Strategies, Regional Analysis Forecast 2024
Posted: Feb 11, 2019
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.
Obtain Report Details @
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.
Request Report Brochure @
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.
Enquiry for Discount on this Report @
Global Biobanks Market: Regional Analysis
Based on geography, the global market for biobanks can be segmented into Europe, North America, Asia Pacific, and the Rest of the World. North America presently leads the global market for biobanks, closely followed by Europe. The prominence of these regions can be attributed to the increasing incidence of chronic diseases, the imperative need to find effective treatments for them, large amounts of government investments in the area of biobanks, and growing number of research activities, together with drug discovery in the region.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The companyâ€™s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMRâ€™s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
My name is Pragya Tripathi and I work with the Digital Marketing and Editorial team of Transparency Market Research, a market intelligence firms based in India & Usa.