Global Bio-Banking market Research and Forecast 2018-2023

Posted by Orion Market Research on August 1st, 2018

Global Biobanking market is expected to grow at a CAGR of 7.2% during 2018-2023. A biobank is a biorepository that is used to store biological samples of human to be used in research. Most of the bio-banked samples are used by research groups for the development of new tests and effective treatment of cancer. The growth of the market has been propelled by cohesive government policies and funding from government and private ventures in biobanks. Large biobanks were supported by government and charitable organizations while private funding maintains the pharmaceutical biobanks. For an instance, in the US, Cancer Human Biobank, Bethesda, MD (the caHUB) was developed and supported by the National Cancer Institute (NCI) for the preservation of high-quality human cancer tissue samples for medical research.

Related Reports: Healthcare Industry Research

Moreover, the other factors contributing to the growth of the market include development in genomic research and other research programs such as clinical proteomics tumor analysis consortium. Additionally, increasing demand for cost-effective drug discovery, and advancement in biobanking are contributing significantly into the growth of the market. However, issues regarding biospecimen sample procurement and strict regulatory framework may affect the growth of the global biobanking market.

Browse full report at: Global Bio-Banking market Research

Geographically, the global biobanking market has been divided into North America, Europe, Asia Pacific and Rest of the World. North America has been predicted to dominate the global bio banking market owing to increasing research in cell and gene therapy, and regenerative medicine. The companies contributing to the growth of global biobanking  are Abbott Laboratories, Bayer Schering Pharma AG, Cancer genetics, Eli Lilly and Company, GlaxoSmithKline, Johnson & Johnson Ltd., Merck & Company, Inc., Novartis AG, and Pfizer Inc. Majority of the biobanking market players have focus on various strategies such as acquisition or entering into strategic alliance with other major players to stay competitive and enhance their presence. Recently in March, 2017, UK biobank has taken an initiative with GSK and the Regeneron Genetics Center (RGC). Such strategies provides valuable insights to the researchers supporting the advancements in the development of new medicines for life threatening diseases.