by Biobanking Transforming Personalized Medicine Ecosystem with Data on Biomarkers
The collected terabytes of biological data and its associated information are revolutionizing healthcare infrastructure across nations. Likewise, stakeholders in the biobanking market are increasing their focus on personalized medicines to meet the growing demand for the specific diagnosis for rare-case diseases. In 2017, North America topped the list of major countries in the world, and contributed ~17% of its GDP towards healthcare spending. Correspondingly, North America is projected to dominate market revenue throughout the forecast period in the biobanking market.
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Healthcare companies are seeking result-oriented outcomes in personalized medicine space though the development of new drugs. This is being made possible with the help of high-quality biospecimens from biobanks. Thus, stakeholders in the biobanking market and healthcare companies are closely related, as the early detection and prevention of diseases is heavily dependent upon the data received by companies on specific biomarkers. Growing awareness about the types of cancer, cardiovascular diseases, and neurological disorders are paving the way for emanant development of a personalized medicine ecosystem.
Stakeholders Shifting Focus from Sample-driven to Data-driven Strategies
The digital revolution is contributing to the growth of precision medicine research. Likewise, precision medicine research and clinical data are closely related. Although, in many cases, there are instances of weak associations between the two variables. This works as a profitable opportunity for stakeholders in the biobanking market, as the availability of data on well-characterized and high quality samples is of primary importance to healthcare companies.
In order to create strong associations between precision medicine research and clinical data, stakeholders in the biobanking landscape are introducing artificial intelligence (AI) and big data analytics. This has helped in faster research, which has positively influenced the delivery of new drugs in the healthcare space. Thus, there is the growing need for increasing informatics capabilities in the biobanking market.
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Modern biobanking requires the gathering and administration of large amounts of sample data, so that medical researchers can meet the fundamental endpoints of precision medicine. This trend is creating profitable opportunities for information technology (IT) companies in the value chain, to efficiently manage large terabytes of data with advanced software systems.
EMR Systems and Policy-making Serve as Backbone of Biobanking Infrastructure
There is a growing need for advanced technology along with the need to streamline the process infrastructure of biobanks in developing economies. It is even more challenging for stakeholders in the biobanking market to support the infrastructure in developing countries due to the inadequacy of essential requirements such as basic Internet connectivity and stable electricity supply. As such, individuals and healthcare professionals in developing economies are making collective efforts to formulate policies that safeguard the infrastructure of biobanks, so that researchers can continue to deliver valuable contributions in the healthcare landscape.
Other challenges that are affecting the smooth flow of events in the biobanking market arise from the timely collection of samples and the question about ownership and consent to access specimens and data. To overcome these challenges, stakeholders are introducing electronic medical record (EMR) systems, where researchers across the globe can request and access samples & clinical data associated with biospecimens.
Analysts’ Viewpoint of Biobanking Market
The biobanking market is anticipated to grow at a CAGR of ~7%. This healthy growth rate has promising incremental opportunities for stakeholders in this market space. AI-driven process automation, data analytics, robotics, and the Internet are emerging as advanced technologies for developing virtual biobanks. However, the lack of privacy and security to safeguard patient data, samples, and specimens is an ongoing challenge for stakeholders. To overcome this challenge, they are collaborating with IT companies to avoid the risks of unethical utilization of data. Since therapeutics accounts for the highest revenue in the biobanking market, stakeholders should increase their focus on disease understanding, drug discovery, and development to support the healthcare infrastructure.
Biobanking Market: Overview and Insights
The global biobanking market was valued at ~US$ 2 Bn in the year 2018.
Growing at a CAGR of ~7%, the global biobanking market is projected to reach a value of ~US$ 3.6 Bn by the year 2027.
Biobanks are places that store human biological samples for future use. These are also known as bio-resources or bio-repositories.
A biobank is an essential tool that aids biomedical research in understanding the complex molecular and cellular mechanisms of various diseases. This, in turn, enables improving interventions for human health.
Increase in the demand for biobanks in genomics and biomedical research boosts the growth of the global biobanking market.
Different types of samples or biospecimen are stored in a biobank, such as blood products, human tissue, cell lines, and nucleic acid.
Different types of instruments, equipment, and software & services are utilized in a biobank.
Biobank samples are used in the production of pharmaceutical products, diagnosis of various diseases, drug development, and others.
In terms of equipment, temperature control systems are anticipated to be the leading segment, as major manufacturers are focusing on the launch of freezers & refrigerators, cryogenic storage systems, and other equipment for the storage of biobank samples. Increase in the number of biobanks in various countries and demand for advanced biobanking equipment in biobanks are the major drivers of the equipment segment.
Temperature control systems are anticipated to lead the biobanking market, as major manufacturers are focusing on the launch of freezers & refrigerators, cryogenic storage systems, and other equipment for the storage of biobank samples.
Biobanking Market: Drivers
A biobank is an essential tool in biomedical research, which helps understand the complex molecular and cellular mechanisms in the development of various diseases. This also enables to improve interventions for human health.
Rise in genomic and proteomics research to study and identify genomic variations for rare diseases is projected to boost demand for biobanks in the next few years, as such, surging the biobanking market over the forecast period.
Biobanks help identify new biomarkers and clarify the etiology of complex diseases.
Advancements in biobanking are likely to fuel the growth of the biobanking market during the forecast period. The adoption of laboratory information management systems (LIMS) by researchers for the storage and retrieval of samples has increased in the past few years, which also acts as a driver for the growth of the global biobanking market.
Rise in the prevalence of life-threatening diseases such as cancer, heart diseases, neurological disorders, and several hematological disorders has increased the demand for blood-derived cell products. Furthermore, increasing number of biobanks in developed regions such as North America and Europe is likely to fuel the growth of the biobanking market.
New innovative product launches and advancements in biobanking are the major growth strategies adopted by market players in the biobanking market.
Rise in the preference for automated equipment boosts the growth of the automated equipment segment in the global biobanking market.
Biobanks are facing increased cost pressure for the storage of samples. As the cost increases, biobanks are looking for flexibility in their automation solutions that could connect with numerous competing instrument platforms, offering more testing that biobanks require in the long term. Through automation, biobanks are likely to cut down on costs in the long term.
Biobanking Market: Major Players
- Leading players analyzed in the report on the biobanking market are
- Thermo Fisher Scientific, Inc.
- PHC Holdings Corporation (Panasonic Healthcare)
- Hamilton Company
- Chart Industries, Inc.
- VWR International
- LLC (Avantor, Inc.)
- QIAGEN N.V.
- Greiner AG
- Brooks Automation, Inc.
- Merck KGaA
- Tecan Trading AG.
Key Questions Answered in the Biobanking Market Report
- What is the sales/revenue expected to be generated by biobanks across all regions during the forecast period?
- What are the opportunities in the biobanking market?
- What are the major drivers, restraints, and threats in the biobanking market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which product segment is expected to generate the highest revenue, globally, in 2027? Which segment is projected to expand at the highest CAGR during the forecast period?
- What is the market position of different companies operating in the global biobanking market?
Global Biobanking Market – Segmentation
Product
- Equipment
- Consumables
- Software & Services
Biospecimen
- Blood Products
- Human Tissues
- Cell Lines
- Nucleic Acids
- Others
Application
- Therapeutics
- Clinical Diagnostics
- Drug Discovery & Development
- Others
Storage
- Manual
- Automated
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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