Biobanks provide certain assistance
in obtaining solutions to diseases including nucleotide polymorphisms, through
genome association studies. Increase in occurrence of various chronic diseases
across the globe including cancer, neurovascular, cardiovascular, respiratory
and diabetes disease. These diseases are caused by various activities such as
smoking, alcohol consumption, unhealthy diets, lack of physical activity and
genetic disorders. These factors are expected to increase the demand for
biobanks in need for advanced and innovative medical drugs with high
performance and high healing effect.
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Global Bio Banks Market is
expected to grow at a significant CAGR in the estimated period. A
bio-repository which preserves biological specimen for research is known as a
biobank. Bio-samples form a significant part in research and development events
linked with development and drug discovery. Government funding particularly in
healthcare sector can be attributed as the key factor for the Bio Banks Market
growth in emerging economies. High investment in research and development is
necessary to develop new drugs and offer better healthcare to the patients and
for Public awareness. However, the Bio
Banks Market has been face challenges from various factors including lack of
quality and standardized bio specimens Failure rate of clinical trials also act
as a major factor restraining the growth of market. High cost incurred in such
failures is expected to decrease the demand for biobanks.
However, researchers and
scientists are continuously innovating and developing stem cell human tissue
samples to carry out pre-clinical trials. These initiatives are expected to
provide growth opportunities for the market over the forecast period. Growing
demand for stem cell and tissue samples is expected to propel the market growth
for the biobanks market. In addition, increasing adoption of stem cell
procedures coupled with application of initiatives for standardization of
biobanking procedures is anticipated to boost the Bio Banks Market growth On the basis of product type, the global
market has been segmented into bio preservation media and equipment. The bio
preservation equipment is further classified into Temperature Control Systems,
Centrifuges, Incubators, Alarms & Monitoring Systems, and Accessories.
Temperature control systems is expected to have the largest share in the global
market Controlling and monitoring temperature for preserved bio specimens is
considered to be very critical. It is crucial for sample viability and quality.
Minor temperature variations during transit of these samples from one region to
another can affect the entire research.
On the basis of end use
segment, the global market has been segmented into biobanks, gene banks, and
hospitals. Gene and biobanks are expected to have the largest market share
owing to use of these specimen and preserved samples for research and
development in hospitals they are widely used for Disease Phenotyping. The
global Bio Banks Market can be segmented into different sectors including population
banking, commercial biobanks, stem cell banking, academic collections, private
cord banking, along with other facilities such as RNA and DNA storage. The
future of the Bio Banks Market will be fueled majorly by factors such as the Automation of storage procedures through
micro electromechanical systems and RFID technologies coupled with launch of
new products such as IntegenX and Biomatrica is expected to steer the market
demand in the next seven years. These reagents are widely used to better storage
abilities of RNAs and DNAs at standard room temperature through stabilizing the
reagents.
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