Global Biobanks Market: Overview
The global biobanks market owes its conception to the rising need for replacement organs and the steady advancement in the replacement and transfusion technologies regarding a number of bodily substances. Though the technology and need to store organs and other bio-entities had been available for a long time, the global biobanks market took on a more important role in the healthcare sector following the increasing research in genomics. In the new millennium, the development of the personalized medicine field has been the vital driver for the global biobanks market. The likely advancement of the latter, thanks to helpful government regulations, is likely to make the crucial difference for the global biobanks market in the near future.
The steady technological advancement in the healthcare sector in the last few decades has now led to a scenario where the full potential of biobanks can be harnessed. As a result, the global biobanks market is projected to exhibit steady growth over the coming years.
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Global Biobanks Market: Key Trends
The rising interest in personalized medicine is the prime driver for the global biobanks market. Personalized medicine has only become a viable branch of modern medicine after steady research in genomics and the way various patients react to various medicines. The biobanks market has thus come into the spotlight thanks to their role as a steady supplier of human biomaterials for research as well as direct application. The increasing research in genomics following the findings of the Human Genome Project is thus likely to remain a key driver for the global biobanks market in the coming years.
The utilization of biobanks in stem cell research has been hampered in several regions by ethical concerns regarding the origin of stem cells. Nevertheless, the potential of stem cells in the healthcare sector is immense, and is likely to have a decisive impact on the trajectory of the global biobanks market in the coming years. Many countries have, in recent years, adopted a supportive stance towards stem cell research, aiding the growth of the biobanks market. Continued government support is thus likely to remain vital for the global biobanks market in the coming years.
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Global Biobanks Market: Market Potential
The leading role of the U.S. in the global biobanks market is unlikely to change in the coming years. The easy availability of government-supported healthcare infrastructure and the presence of several industry giants in the region has driven the biobanks market in the U.S.
Northwell Health, the largest healthcare provider in New York State, earlier in 2017 initiated a new biobank aimed at creating precision therapies against various types of cancer. Launched in collaboration with Indivumed, the biobank will provide catalogued biomaterials for research into lung, colorectal, breast, and pancreatic cancer. This would enable targeted, gene-specific studies of a variety of cancer samples, leading to a more comprehensive understanding of cancer. Such well-funded collaboration efforts are crucial for the developing biobanks market.
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Global Biobanks Market: Geographical Dynamics
Led by the fertile healthcare research scenario in the U.S., North America is likely to retain a dominant share in the global biobanks market in the coming years. Steady support from institutes such as the NIH is likely to be vital for the North America biobanks market.
Emerging Asia Pacific economies such as India and China could emerge with a significant share in the global biobanks market in the coming years. The healthcare sector in both countries has received steady public or private funding in the last few years. India is also a global leader in medical tourism and is likely to receive an increasing number of patients in the coming years, leading to promising prospects for the global biobanks market in the region.
Global Biobanks Market: Competitive Dynamics
Due to the dynamic nature of the global biobanks market, with advancements in diagnostic fields often determining the direction of the market, the market is heavily fragmented. It is likely to retain a significant degree of fragmentation in the coming years thanks to the diversity in the application segments of the biobanks market. The leading players in the global biobanks market include BioCision, Tecan Group, VWR, Beckman Coulter Inc., and Thermo Fisher Scientific.
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