Biobanks Market Insights,Forecast to 2024 | Tecan AG, Panasonic Healthcare Holdings Co. Ltd, Thermo Fisher Scientific, Taylor-Wharton International LLC
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Biobanks are biorepository that accepts, processes, stores and distributes biospecimens and associated data for use in research to improve understanding of health & disease and clinical care. It covers collections of plant and animal, including human specimens. There has been a tremendous shift in bio-banking over the past 30 years. It started with small, predominantly university-based repositories that were developed to cater the research needs of specific projects. Thereafter, evolved institutional and government supported repositories, commercial (for-profit) biorepositories, population based biobanks and most recently, virtual biobanks. Population-wide biobanks is one of the most commonly found biobanks around the globe. It has been developed in several developed countries such as U.S, Canada, Singapore, Japan and many other countries. These population wide biobanks have been created in order to collect, analyze, store phenotypic and genetic information on representative samples of their source populations
The samples from biobanks are used for various purposes such as research, therapeutics, clinical trials, and drug development. Factors such as increase in genomic research activities for studying diseases in order to better understand the causes and mechanism of human diseases is a major factor driving the market growth. Also, growing incidence of chronic diseases coupled with increasing demand for cost effective drug to augment the market growth. Furthermore, growing trend of conserving cord blood stem cells of newborns is also boosting the market growth. High cost to maintain biobanks and lack of adequate legislative structures and governance frameworks that regulate the use and development of biobanks are some of the restraints that hinders the market growth. Developing biobanks through partnership with high income countries will help to expand the biobank market in near future.
Geographically, North America and Europe has the largest market share in bio-banking market respectively These regions have a large number of biobank owing to its plan to establish national genomics research programs. Also, there is huge investment and support from Government and Private Institutes for regenerative medicine research that facilitates growth in this region. The Asia Pacific is expected to be the fastest growing region during the forecast period. Huge population base and shifting focus towards development of healthcare infrastructure and growing pharmaceuticals & life sciences companies in emerging countries like China, India and other South East Asian countries can lead Asia Pacific region, to grow at a faster rate. Furthermore many cash-rich established biobank institute, prominently in developed countries are increasingly focused on emerging countries of Asia Pacific to increase its market presence.
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The report provides profiles of the companies in the global biobanks market such as, Tecan AG, Panasonic Healthcare Holdings Co. Ltd, Thermo Fisher Scientific Inc., Taylor-Wharton International LLC, Becton, Dickinson and Company, Merck KGaA, Beckman Coulter, Inc, BioLife Solutions, Inc, BioCision and LVL Technologies GmbH & Co. KG.
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