Global Biobank Market Is Expanding Due To Rising Genomic Research Efforts And Growing Application Areas Of Biobank Samples

Biobank Market
Biobank Market 

Overview:

Biobanking is a process of storing, testing and analyzing biological samples. It is the stewardship of biological specimens by a public institution. This is done in a way that the interests of the donors are respected. A biobank is a place where people can donate or receive tissue samples for research. These samples can support investigations into rare diseases, cancer, or other conditions. They can also be used to assess multifactorial genetic biomarkers.

Biobanking has become a complex infrastructure. These complex units handle bio specimens that have been donated by humans. Creating a biobank requires specific funding and the capacity to maintain and operate it. Biobanks differ in their size, research topic, and procedures for collecting and processing samples. It is therefore critical to create a clear mission and objective for the project. Most biobanks started as local units supporting research projects. Most are funded bsy public research grants. Some biobanks are national, while others are regional.

Market Dynamics:

Increasing partnerships among key players is estimated to augment growth of the global Biobank Market during the forecast period.

For instance, Biogen, Inc., and Partners HealthCare and Broad Institute of MIT, collaborated in April 2020, for building a COVID-19 biobank. Moreover, growing ethical challenges and lack of standardization is anticipated to restrain growth of the global biobank for market during the forecast period.

Impact of COVID-19:

COVID-19 was first reported in 2019 and it was transmitted to many other countries globally. The number of COVID-19 cases were increasing the risk of storing, collecting and processing human bio specimens was also growing. As these biological materials could lead to further transmission of the virus. Several companies that were collecting human cell samples for treating caner found that the samples to be infected. This resulted in decreasing demand and affected the growth of the market. Thus, the pandemic impacted the global biobank for market in a negative manner.

Key Takeaways:

The global Biobank Market is expected to witness high growth, exhibiting CAGR of XX% over the forecast period, due to increasing product launches. For instance, new sample storage tubes were launched by Hamilton Storage in February 2020 at the SLAS 2020 International Conference and Exhibition.

Over the course of the forecast period, a rise in the number of products available on the market is anticipated to fuel the growth of the global Bovine Plasma Market.

Europe is anticipated to witness significant growth in the global biobank for market over the forecast period, owing to rising investment and increasing processing of large-scale datasets.

Major players operating in the global Biobank Market are Precision Cellular Storage Ltd., Thermo Fisher Scientific, Inc, PromoCell GmbH, Merck KGaA, Lonza, QIAGEN, Charles River Laboratories, Hamilton Company, Taylor-Wharton, Avantor, BioCision, Tecan Trading AG., Becton, Dickinson and Company, and Danaher Corporation.

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