Advances in medical science have led to an evolution in therapeutics and diagnostic processes of diseases. Consequent to such advances, the rising popularity of personalized medicine, which involves the storage of biospecimens, is key behind the thriving biobanking market.
Earlier, people used to go for medicines consisting of different chemical composition. Recently, a shift has been observed in the pattern. Nowadays, people are opting for bio-specimens-based drugs for treatment, as they offer higher efficacy when compared to conventional medicines.
Production of such drugs involves the use of blood, human cells, and tissues. These medicines are regenerative in nature, and allow precise treatment of diseases and disorders. Also, it helps in effective management of chronic diseases in the long run.
Changing therapeutics patterns and increasing demand for bio-specimen based drugs, collectively, are influencing the growth of the biobanking market.
A report added by Fact.MR provides insights about various trends and drivers contributing to the growth of the biobanking market. Demand for biospecimen drugs are likely to fuel the adoption rate of biobanks. As a result, the global biobanking market is anticipated to chart at a moderate CAGR of 7% during the forecast period (2020-2027).
Biobanks Preserve Bio Specimens for Long Term Use
To store and preserve biospecimens for a longer duration, biobanks are required. Moreover, the medicines produced using biospecimens are also supposed to be stored in biobanks. Earlier, biobanks had limited usage. For example, it was used to store blood, vaccines, and organs for a few days. As the trend will grow, the adoption rate of biobanks is likely to increase in parallel. This, in turn, is expected to expand the biobanking market in the coming years.
Further, the shift in the process of clinical diagnosis is projected to impact the biobanking market positively. Lately, medical practitioners are going for a preventive approach, rather than a curative approach. Hence, they are determining root of chronic diseases by studying cell structures. As a result, bio-specimens are collected. Biobanks are required to preserve the specimens during the phase of research.
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Although use of bio-specimens for therapeutics and diagnosis purposes is revolutionizing the healthcare sector, implementation costs of biobanks are quite high. Also, cost associated with equipment, human resources, supplies, and infrastructure result in the high operational cost of the model.
For example, in the Netherlands and France, the operational cost of biobanks ranges between $220,000 and $880,000. As a consequence of high operational cost, the adoption rate of biobanks is decreasing. This, in turn, might restrain the expansion of the biobanking market.
Incidence of chronic diseases such as cardiovascular disease, diabetes, cancer, immunological disorders is increasing. And the use of conventional medicines is resulting in severe side-effects. Hence, people are trying to switch to bio-specimen based drugs. This, in turn, is providing growth opportunities for the biobanking market. Furthermore, samples from biobanks are used for various purposes such as clinical trials, research, drug development, and clinical trials. Registering the benefits, many government and non-government organizations are investing for the establishments of storage banks.
For example, in the U.S., the National Institutes of health are funding more than 200 clinical trials. Moreover, in October 2017, the National Institutes of Health sanctioned $2.1 million to UK ME/CFS Bio bank for biomedical research purpose.
Rising investment for establishment of bio banks is anticipated to expand biobanking market in forthcoming years.
Some of the key players operating in the biobanking market are LabVantage Solutions Inc., ASKION GmbH, Hamilton Company, ProMedDx LLC, Cureline Inc., PrecisionMed, CTI BIOTECH, Firalis S.A., LGC Limited, and Excilone SARL.