March 22, 2017 05:43 PM Eastern Daylight Time LONDON Source: Business Wire
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Often the below described bio-data and genetic-data is collected, used and experimented without the knowledge of the donors or recipients all over the world as those in the industry explore new medical and bio-technology fields that have yet to be properly regulated due to the low awareness by the public at large.
Global Biobanking Market to be Worth USD 6,963.2 Million by 2021: Technavio
According to the latest market study released by Technavio, the global biobanking market is projected to grow to USD 6,963.2 million by 2021, at a CAGR of close to 9% over the forecast period.
A biobank can be defined as an organized and programmed storage of biological materials and corresponding data that can be used in healthcare research. The global biobanking market is witnessing increasing demand with the rise in popularity of personalized medicine. Individuals are increasingly storing their tissues and stem cells for future treatments, thereby driving the growth of the market.
The top three revenue-generating sample segments in the global biobanking market are discussed below: Human tissues and tumor cells “There is a growing demand for specific and healthy human tissues in biomarker discovery and drug development process. The usage of human tissues in drug development and clinical trials is allowing a more accurate prediction of patient variability and clinical efficacy, thereby driving the growth of the market segment,” says Barath palada, a lead analyst at Technavio for life science research tools research.
The use of human tissue in the drug development process allows for the accurate establishment of disease phenotype and drug efficacy in the target tissue. This market segment dominated the global biobanking market, occupying 63% of the overall shares.
Bio-fluids Bio-fluids include whole blood, serum, plasma, sweat, and sputum. Many biobanks use whole blood for preserving DNA, RNA, stem cells, and cord cells. Biobanks preserving stem cells and cord blood use customized and automated equipment for handling the samples. Most biofluids need to be stored at -20° C in cryobanks and analyzed at regular intervals – 180 days for both plasma and urine and 120 days for saliva. Forensic laboratories store and use these samples for up to a year during crime investigations. The varied uses and unique storage requirement of bio-fluids will create a high amount of revenue for the market segment.
Stem cells “Stem cells are a key component in regenerative medicine since they can be used in tissue regeneration, targeted cell therapy, and pharmacological testing on cells and tissues. Biobanks keep stem cells for long durations through different platforms to develop therapies for chronic ailments and research purpose,” says Barath.
The stem cell biobanking market is growing at a significant pace, driven by increasing investments in R&D and the rising incidences of degenerative diseases. Leading vendors have increased their R&D investments to develop innovative medical therapies, thereby driving the growth of the market.
How should the public at large be more informed? How can there be more transparency in the industries? What regulation would you like to see?
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