The global Biobanks Market size is expected to reach USD
74.54 billion by 2025 at a 4.5% CAGR over the forecast period, according to a
new report by Grand View Research, Inc. Growing need for sample collection to
support and facilitate clinical trials for novel therapies, which are developed
for treatment of chronic conditions, is anticipated to boost the market.
Different biospecimens stored at biobanks are witnessing
significant demand owing to advancements in cell-based research activities.
Rising demand from different end users has led to establishment of a
substantial number of population-based and disease-based banks in recent years.
Population-based banks are established to support precision medicine research
initiatives, whereas disease-specific biobanks provide resources to research
communities to enable a better understanding of disease etiology.
Furthermore, there has been a rapid increase in number of
biobanks over the recent past, which can be attributed to perpetual
developments in cell-based therapies, such as advent of stem cells and
regenerative medicine. Thus, competition among biobanks is observed within
for-profit biostorage entities that provide open access to researchers and
hospitals. Increase in efforts undertaken by life science industries for
collaboration with biobanks to support life science research programs is
expected to further boost the market.
In addition, regional biobank networks are being established
to enhance accessibility to biospecimens and promote international sharing of
these samples. Few examples of such networks are BBMIR-ERIC, Asian Network of
Research Resource Centers, and Asian Consortium for the Conservation and
Sustainable Use of Microbial Resources.
Increase in number of clinical trials for new drug
candidates has spurred demand for biobanking services. Major challenges in
biobanking operations include sustainability, limited access, and information
sharing. However, technology advancements aid in overcoming these hurdles.
Owing to introduction of novel applications of stored cells and biospecimens in
drug development, leading economies such as U.S. and U.K. are revising their
regulatory policies and guidelines pertaining to biobanking operations.
Further key findings from the report suggest:
- Biobanking equipment held the dominant share by product in 2017. High cost of equipment, coupled with rapid increase in number of biobanks, is attributive to its leading revenue share
- The LIMS segment is projected to witness lucrative growth over the forecast period owing to rise in efforts undertaken for improvement of sample quality to suit international standards
- North America dominated the global market in 2017 owing to high demand for biosamples. This increase in demand is attributive to rapid advancement of genomics, bioinformatics, and translational research
- Asia Pacific is projected to exhibit the fastest growth due to rapid progress of Asian countries in healthcare, drug discovery, and scientific research
- Some of the major companies offering biobanking products are QIAGEN; Thermo Fisher Scientific Inc.; Agilent Technologies, Inc.; and Merck KGaA. VMR International, Charles River, Lonza, Biovault, Thermo Fisher Scientific (Fisher BioServices), and Virgin Health Bank are among prominent companies engaged in offering biobanking services.
About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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