Biobanks refers to the repository that collects, stores and distributes human biological materials including blood, plasma, saliva, purified DNA and other biospecimens. Biological banks keep a record of personal and health related information such as genetic information, health records, lifestyle, and family history for use it in health and medical research.
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Biological materials are stored in biobanks in an appropriate environment. It helps to detect human diseases and their causes; by various diagnostics tests that are conducted on these biological samples. Global biobanks market can be classified into various segments including human tissue banking, commercial biobanks, academic collections, stem cell banking, private cord banking and DNA and RNA storage. Biobanks helps in improvement of health of people by minimizing drug reactions and providing personalized medications.
North America, followed by Europe has the largest market for biobanks due to high government investments, rise in number of chronic diseases and increased number of research activities and drug discovery processes in the region. Asia is expected to show high growth rate in the biobanks market in next few years due to rise in investment from government and non-government organizations, large population base and increasing awareness about biobanking in this region.
Rise in incidence of chronic diseases, government initiatives, advancement in drug discovery, innovation of regenerative medicines, increasing healthcare expenditure and novelty in treatment of cell and tissue disorders are some of the key factors driving the global biobanks market.
In addition, increasing awareness about biobanks is expected to drive the market for biobanks. However, costly techniques, reimbursement concern, lack of standardization, economic downturn and ethical issues related are some of the major factors restraining the growth for global biobanks market.