Global Biobanks Market - Segmented by Equipment, Media, Service, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global biobanks market is expected to register a CAGR of 6% 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 the United States and 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 clinicaltrials.gov, currently, there are around 196 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 global 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.
The idea of establishing a powerful national population blood-based resource for researchers was first proposed in 1999. Since then, many detailed protocols, ethics, and other government regulations have been developed, while subjecting biobanks to the very highest degree of scrutiny, consultation, and review. However, lack of parity in international sets of guidelines has led to regulatory issues in many countries.Some countries have strict regulatory guidelines, which would eventually hinder the growth of the global biobank market. Therefore, this lack of a defined set of regulations and guidelines, and the irregular regulatory frameworks among the underdeveloped and developing countries are restraining the expansion of the global biobank market. The other factor, such as cost constraints is also hindering the market.
United States Leads the Market in North America
The United States biobanks market held the largest market share in 2017 in North America due to the presence of high-quality healthcare system. The biobanks market has recently started in the emerging nations, wherein major investments are expected to happen. In the Asia-Pacific sector, China and South Korea have been identified as potential emerging markets due to high R&D investments.
Key Developments in the Market:
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