Europe Biobanks Market - Segmented by Equipment, Media, Service, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Europe biobanks market is expected to register a CAGR of 6.1% during the forecast period of 2018–2023. Biobanks are the biorepository where various biomaterials are stored for research purposes. A few decades ago, biobanks were primarily restricted to established economies carrying out breakthrough research in biological sciences. The biobank industry has come a long way since then, with an increasing number of biobanking services and global presence.
Advancements in Stem Cell and Regenerative Medicine Research
Research in regenerative medicine is becoming more intense and advanced in the developed countries, especially in Europe. These advancements in regenerative medicine show considerable potential for disease reversal. Stem cells can treat many hitherto untreatable diseases and are likely to be the therapeutic option for many diseases in the future. Its therapeutic application in the treatment of amyotrophic lateral sclerosis (ALS), Alzheimer's disease, other autoimmune diseases, diabetes, musculoskeletal diseases, ocular diseases, rare genetic diseases, and cancer are being researched through clinical trials. Several of these studies have generated promising results. According to the EU Clinical Trials Register, currently, there are numerous studies registered for research on regenerative medicine. The increasing popularity of regenerative medicine research is attracting substantial funding from both public and private investors. This rise in regenerative medicine research has also driven the demand for biobanks, which act as the reservoir for stem cells and other biological samples that are used in regenerative medicine research. The other factors, such as rising incidences of chronic diseases, advances in drug discovery, and R&D funding and investments by government and non-governmental organizations are driving the European biobanks market.
Biobanks are under ethical oversight from independent reviewers, while the governance process is intended to be public. Oversight may come at the local level, or from an institutional review board, which includes research, particularly medical research. Specific institutional review boards enforce standards set by their respective country’s government. As of now, many countries use laws modeled upon various biobank governance recommendations, which have been proposed internationally. However, there are no internationally accepted set of governance guidelines, which can be designed to work with biobanks. Many existing biobanks typically adapt to the recommendations of guidelines that are accepted for human-subject research and include newer ones, as they are added to the existing guidelines. Some European countries have strict regulatory guidelines, which would eventually hinder the growth of the Europe biobank market. The other factor such as cost constraints is also hindering the growth of the market.
United Kingdom Leads the Market in Europe
The United Kingdom biobanks market held the largest market share in 2017, followed by Germany. European initiatives are leading the way in what's called harmonization or making sure that all biobanks follow evidence-based standards for collecting, storing, and handling of specimens.
Key Developments in the Market:
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