Biobank is a type of repository which collects and store biological samples for biomedical research. The human biological materials include blood, purified DNA, saliva, serum, and other specimens. Preservation of cells and tissues samples is done by cryopreservation at -1960C or using chemicals. The biobanks keep a health related records of genetic information, lifestyle, and family history. Biobank help researchers to detect human diseases and their unspecified causes by conducting various tests on the samples. Biobanks are largely used to access variety of data representing a large number of people for providing personalized medications, minimizing drug reactions, stem cell research, updating age demographic databases. The bio-repositories play a fundamental role in research and development, which is associated with drug development and discovery. Biobanks also provide inevitable assistance in gaining prospective to orphan diseases associated with genome wide studies via single nucleotide polymorphism (SNP).
Development of personalized medicine to develop effective therapies drives the global biobank market
Poor productivity rate of the pharmaceutical industry with 90% failure of proposed drugs during clinical trials, the adherence of human tissue samples, and stem cells to execute pre-clinical trials for reducing high cost associated drug failures are the factors expected to drive the growth of biobank market. Additionally, novelty in cell and tissue disorder treatments, drug discovery, rising incidence of chronic diseases and government initiatives for innovation of regenerative medicines are the key factors driving the global biobank market. The extensive development of personalized treatments by research organizations to develop effective therapies to satisfy medical needs using biological samples is expected to fuel the demand for biobank market during the forecast period. For instance, Illumina signed 4 biobank deals in 2016, with Partners HealthCare, Montreal Heart Institute, University of Colorado and Vanderbilt University with an objective to improve healthcare and develop personalized medicines. However, cost competitive techniques, tissue injury during freezing, reimbursement concerns, lack of standardization, confidentiality and surveillance issues, economic downturn, and ethical issues are the major factors restraining the growth for global biobank market.
Increasing funds from National Institute of Health, USA is expected to dominate North America in the global biobank market
Regional segmentation of the global biobank market by Coherent Market Insights comprises North America, Latin America, Europe, and Asia-Pacific. According to the research conducted by BioMed Central, United States, stored 270 million specimens in biobanks in 2008, with the rate of new samples collected being 20 million every year. North America is expected to dominate the global biobank market with the increasing funds from healthcare organizations like National Institute of Health (NIH) and National Cancer Institute, which facilitate biobanks across the U.S. in October 2017, National Institutes of Health granted $2.1 million to the UK ME/CFS Biobank, which represents a huge investment in biomedical research. Thus, rise in funds for biobanks is expected to fuel the biobanking market size. Additionally, the rising interest in biotechology has facilitated collaborations of biobanks which is expected to augment the global biobank market in the forecast period. Asia-Pacific is expected to have an opportunistic biobank market owing to the rise in diseases, government initiative to finance the cell-based therapies, substantial investment by pharmaceutical, high number of biotechnology companies, and public awareness.
Automation of storage processes is the latest trend adopted by the key players
Key players operating the global biobank market includes Thermo Fisher Scientific Inc., BioLife Solutions, Inc., Beckman Coulter, Inc., Panasonic Biomedical Sales and Tecan AG. New product launches, increasing collaborations, mergers and acquisitions and partnerships among the market players are some of the strategies observed in global biobanks market.
For instance in April 2019, Thermo Fisher Scientific Inc. expanded its analytical instruments portfolio by introducing Thermo Scientific Vanquish MD High Performance Liquid Chromatography (HPLC) system, the Thermo Scientific TSQ Altis MD Series mass spectrometer, and the Thermo Scientific Quantis MD Series mass spectrometer. These instruments have a wide application in processing of cells and tissues obtained from biobanks.
In March 2019, Becton, Dickinson and Company launched automated flow cytometry sample preparation instrument with CE-IVD certification known as, BD FACSDuet. This instrument helps in understanding the characteristics of cell as well as counting.
Furthermore, in February 2019, Promega Corporation launched Maxwell RSC miRNA plasma and serum kits, which help in the purification of nucleic acids for researchers in the field of oncology. These kits can be specifically utilized in processing samples and specimens obtained from biobanks.
Moreover, Biomatrica, IntegenX, radiofrequency identification, and micro electromechanical systems are the innovative reagents and products launched for the storage and stabilization of DNA and RNA at room temperature. The other companies operating in the global biobank market are BioCision, Taylor-Wharton International, VWR International and So-Low Environmental Equipment Co. among others.
Establishment of drug efficacy contributes to the dominance of target tissue segment
The global biobank market is segmented on the basis of bio preservation media types, products, analysis, applications, end user and geography.
On the basis of bio preservation media types, the global biobank market is segmented into:
On the basis of products, the global biobank market is segmented into:
On the basis of analysis, the global biobank market is segmented into:
On the basis of application, the global biobank market is segmented into:
On the basis of end-user, the global biobank market is segmented into:
On the basis of region, the global biobank market is segmented into: