According to the study, the biobanking market would advance at a healthy CAGR of 7% during the forecast period 2020 - 27.
— Biobanks are a type of repository which is used in the storage of biological samples, including human and animal tissues, which primarily find use in research applications. Consequently, the process of biobanking has become a very important part of medical research and has played a major role in modern science fields such as personalized medications, and genomics.
The global biobanking market is expected to grow at a healthy CAGR of ~ 7 per cent through the end of the forecast period in 2027. This growth will account for the sales of relevant equipment to reach a value of USD 1 billion during this period. The growth is also expected to be supported by the ongoing transition from manual to automated systems within the industry.
Rapid Growth in Asia Pacific Led by Activities in China
The countries in the Asia pacific region have been witnessing a substantial growth in the number of biobanks under development. Major contributors to the industry are coming from Australia, China, Thailand, Japan, South Korea, and Singapore.
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Most of the push into biobanking in the region in recent times is coming from China, which can be attributed to regional advances in terms of the pharmaceutical industry, which has resulted in a greater demand for biospecimens for the development and production of therapeutics.
In turn, the governments have also set up initiatives towards improvements of existent infrastructure with the aid of additional funding, which will play a major role in the expanding scope of the industry. Further China is also witnessing a major increase in the number of biobanks, which will increase the demand for relevant equipment and services.
With the substantial growth of the Chinese biobanking industry, the Asia Pacific region has been projected to grow at a healthy CAGR of ~ 8 per cent throughout the forecast period.
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Temperature Control Equipment Gain Greater Traction
The rising number of biobanks on a global scale are responsible for the higher demand of efficient storage equipment including varieties of biospecimens including nucleic acids, blood, tissues, and cells. Consequently, the sales of temperature control equipment such as freezers used for the preservation of such specimens is expected to witness greater traction in the years ahead.
On the other hand, the high expenses related to the tech advancements in terms of equipment and services are expected to remain a major challenge for manufacturers and service providers, which in turn increase operational costs for biobanks.
In addition, the high costs of infrastructure, supplies, equipment, and trained professionals are also key to the restrained adoption rates for biobanks.
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The Growth of Therapeutics is Key to Future Development
Across the global pharmaceutical industry, manufacturers have been increasingly opting for biospecimens over chemicals for the development of therapeutic options for the treatment of rare and chronic disorders.
This trend is expected to increase the demand for samples of human cells, blood, and tissues, for the development of regenerative medications. Consequently, the demand for therapeutics, and biospecimens for clinical diagnosis will grow in the years to come, strengthening sales figures in the industry.
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