SAN FRANCISCO, November 28, 2018
SAN FRANCISCO, November 28, 2018 /PRNewswire/ --
The global biobanks market size is expected to reach USD 74.54 billion by 2025 at a 4.5% CAGR over the forecast period, according to a new report by Grand View Research, Inc. Growing need for sample collection to support and facilitate clinical trials for novel therapies, which are developed for treatment of chronic conditions, is anticipated to boost the market.
Different biospecimens stored at biobanks are witnessing significant demand owing to advancements in cell-based research activities. Rising demand from different end users has led to establishment of a substantial number of population-based and disease-based banks in recent years. Population-based banks are established to support precision medicine research initiatives, whereas disease-specific biobanks provide resources to research communities to enable a better understanding of disease etiology.
Furthermore, there has been a rapid increase in number of biobanks over the recent past, which can be attributed to perpetual developments in cell-based therapies, such as advent of stem cells and regenerative medicine. Thus, competition among biobanks is observed within for-profit biostorage entities that provide open access to researchers and hospitals. Increase in efforts undertaken by life science industries for collaboration with biobanks to support life science research programs is expected to further boost the market.
In addition, regional biobank networks are being established to enhance accessibility to biospecimens and promote international sharing of these samples. Few examples of such networks are BBMIR-ERIC, Asian Network of Research Resource Centers, and Asian Consortium for the Conservation and Sustainable Use of Microbial Resources.
Increase in number of clinical trials for new drug candidates has spurred demand for biobanking services. Major challenges in biobanking operations include sustainability, limited access, and information sharing. However, technology advancements aid in overcoming these hurdles. Owing to introduction of novel applications of stored cells and biospecimens in drug development, leading economies such as U.S. and U.K. are revising their regulatory policies and guidelines pertaining to biobanking operations.
Browse full research report with TOC on "Biobanks Market Size, Share & Trends Analysis Report By Product (LIMS), By Service (Cold Chain), By Biospecimen Type, By Biobank Type (Virtual), By Application, And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/biobanks-industry
Further Key Findings From the Report Suggest:
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Grand View Research has segmented the global biobanks market on the basis of product, service, biospecimen type, biobank type, application, and region:
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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