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Biobanking Equipment Market Insights ,Trends And Growth
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The global biobanking equipment market was valued at US$ 1,778.3 million in 2017, and is expected to witness a robust CAGR of 7.5% over the forecast period (2018 – 2026).
The biobanks typically handle human biospecimens such as blood, tissue, and urine. They are established within academic medical or research institutions, pharmaceuticals or biotechnological companies or as a standalone organizations. Biobanks can be disease-oriented or population-based and they can contain a variety of samples such as blood, enzymes, organ tissue, urine, DNA, RNA, and cell lines.
The biobanks also help in precision medicine to discover several new treatments that are tailored for specific characteristic such as person’s genetic makeup or genetic profile of an individual tumor, which helps to transform the treatment. Precision medicine is effective in Alzheimer’s disease, arthritis, cardiovascular diseases, diabetes, oncology, psychiatric disorder, neurodegenerative disease, obesity, and pain. Furthermore, the biobanks are used to store the biological samples such as blood, cell lines, tissues, and DNA from patients with rare disease. For instance, Orphanet, the European portal for rare disease and orphan drugs developed a comprehensive disease coding systems and a database listing more than 100 rare disease biobanks in Europe.
Increase in research and development in molecular biology and precision medicine is also expected to favor growth of the biobanking equipment market. In 2014, the Biobanking and BioMolecular resources Research Infrastructure–European Research Infrastructure Consortium (BBMRIERIC), an organization for biobanking in Europe, was established to provide a focal point for biobanking activities in Europe. It also provides access to quality-controlled human biological samples and associated data for cross-biobanking research. The biobanks also play a critical role in cancer research, as they provide access to the status of human genome. The complex networks of interactions between biomolecules and the clinical and functional consequences of their alteration can be studied on human genome instead of human biological specimens, which is easy for discovering new mechanisms involved in cancer. Biobanks are rapidly expanding in biomedical science domains including molecular pathology, molecular and genetic epidemiology, and pharmacogenomics.
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Biobanking Equipment Market Restraints
One of the major challenges in biobanking is to ensure an effective and ethical access to biological samples and associated clinical data. Trust between donors and researchers must be built so that individuals would like to donate to biobanks. Moreover, the stringent regulatory policy affects the biobanking equipment market, as the ‘The Privacy Rule’ (2002) established by U.S. Department of Health & Human Services have set new standards and regulations to protect the patients from inappropriate disclosures of their protected health information that may affect a patient's access to insurance, employability, and privacy.
Biobanking Equipment Market - Regional Insights
On the basis of region, the global biobanking equipment market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. In 2018, North America accounts for the largest revenue share in the global biobanking equipment market, followed by Europe. This is mainly attributed to increased awareness and initiatives related to precision medicine in the region. In 2015, the U.S. government announced the launch of Precision Medicine Initiative, which aimed to revolutionize the treatment to improve the health.
Asia Pacific biobanking equipment market is expected to witness significant growth during the forecast period due to increasing biobanking related activities in the region. Asian countries, especially China, Japan, and Korea are very active in biobanking activities under the strategic plans coordinated by their governments. They also proactively established networks for biobanks of Asia to facilitate resource and expertise sharing. For instance, in 2014, for collection of human specimens, Japan’s Ministry of Education, Culture, Sports, Science and Technology (MEXT) and Ministry of Health, Labor, and Welfare (MHLW) collaborated in managing human biobank networks of BioBank Japan (BBJ), National Center Biobank Network (NCBN), and Tohoku Medical Megabank Organization (ToMMo) biobank project.
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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