Advances in medical science has led to evolution in therapeutics and diagnostic process of diseases.
Advances in medical science has led to evolution in therapeutics and diagnostic process of diseases. Consequent upon such advances, rising popularity of personalized medicine, which involves storage of bio specimen, is key behind 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 the conventional medicines.
Production of such drugs involve 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 pattern and increasing demand for bio-specimen based drugs, collectively, are influencing growth of biobanking market.
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A report added by Fact.MR provides insights about various trends and drivers contributing to the growth of 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 bio specimens for longer duration, bio banks are required. Moreover, the medicines produced using bio specimens are also supposed to be stored in bio banks. Earlier, bio banks had limited usage. For example, it was used to store blood, vaccines, and organs for few days..
As the trend will grow, adoption rate of bio banks is likely to increase in parallel. This, in turn, is expected to expand biobanking market in coming years.
Further, shift in the process of clinical diagnosis is projected to impact biobanking market positively. Lately, medical practitioners are going for preventive approach, rather than curative approach. Hence, they are determining root of chronic diseases by studying cell structures. As a result, bio specimen is collected. And biobanks are required to preserve the specimens during the phase of research.
Although, use of bio specimens for therapeutics and diagnosis purpose is revolutionizing healthcare sector, implementation costs of bio banks are quite high. Also, cost associated with equipment, human resources, supplies, and infrastructure results in high operational cost of the model.
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For example, in Netherlands and France, operational cost of bio banks ranges between US $ 220,000 and US $ 880,000.
As a consequence of high operational cost, adoption rate of biobanks is decreasing. This, in turn, might restrain expansion of biobanking market.
Side effects Posed by Conventional Drugs Diverting Patients toward Bio-specimen based Drugs
Incidence of chronic diseases such as cardiovascular disease, diabetes, cancer, immunological disorders are increasing. And 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 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., National Institutes of health are funding more than 200 clinical trials. Moreover, in October 2017, National Institutes of Health sanctioned US$ 2.1 million to UK ME/CFS Bio bank for biomedical research purpose.
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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.
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Biobanking Equipment Market- Sales of biobanking equipment worldwide are estimated to surpass US$ 2,000 Mn in revenues by 2022-end.
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