Biobanking is the process of storage which acts like a biorepository which acts like a type of institution that is responsible for storage of biological samples that are at some point utilized in research activities. These banks provide valuable resources for complete genetic research activities and development of any personalized range of medicines. This repository/genetic library provides DNA samples for conducting genetic research and advancements of any therapeutics achieved with the development of these medicines.
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The main factors behind the growth of the market are:
- Increasing geriatric population: One of the major population groups that are known to suffer from a number of chronic, life-threatening disorders and their unfulfilled clinical requirements is the older individuals. These individuals’ healthcare needs are quite significant which are met by the development of highly personalized medicines and genetic treatment methods. This results in high levels of requirement for biological resources and samples for research purposes before any of the therapeutics can be deemed clinically efficient and effective
- Various researches in biological fields: With the advancements of scientific technologies and equipments a number of scientific organizations taking part in a number of research activities, and these researches require high quality of biological samples which can be fulfilled with accessing the wide-range of resources available with biobanks. The increasing number of scientific researches being conducted essentially translates to higher demands for larger number of biological samples.
The market is segmented on the basis of product as equipment, consumables; services as software; type of biobanks is segmented into population-based biobanks, disease-oriented biobanks; sample is categorized into human tissue, cell line, nucleic acid, blood products; application is categorized into clinical research, regenerative medicines, life sciences, therapeutic.
Some of the recent market developments are as follows:
- In January 2018, Indivumed announced that they had availed a USD 47.7 million loan which has been processed by the European Investment Bank (EIB). This loan will be used for the development and validation of biomarker assays which will be utilized in their biobank and technological platforms. This investment will also help in establishing a network of information helping in providing access to cancer patients and bioinformatics tools
- In March 2017, UK Biobank announced that they had entered into a research program with GSK and Regeneron Genetics Center for the generation of genetic sequence data sets with around 500,000 participants of UK Biobank. This initiative will help in the achievement of manufacturing and development of various therapeutic systems for chronic, life-threatening disorders
“According to Data Bridge Market Research, global biobanking market is growing at a substantial CAGR of 7% during the forecast period of 2018 to 2025”
Some of the major players operating in the market are ProMedDx LLC, ASKION GmbH, Hamilton Company, PHC Holdings Corporation, Thermo Fisher Scientific Inc., QIAGEN, Cell & Co Bioservices, VWR International. LLC, LVL technologies GmbH & Co, Greiner Bio One International GmbH, Firalis S.A., RUCDR infinite biologics , Brooks Automation, Inc., Worthington Industries, Modul-Bio, LabVantage Solutions. Inc, Tecan Trading AG, TTP Labtech, Excilone SARL and Ziath Ltd among others.
One of the major growth opportunities available to the major players dealing in biobanks is the abundance of regions wherein the prevalence of biobanks are very limited and this creates a significant geographical area where these market players can expand their capabilities and services to create a wide-scope of service capabilities and offerings. Many of the market players are adopting the strategy of expansion of their geographical presence by establishing different facilities and institutions that cater to the unmet biological needs of these regions.