Global Biobanks Market to Expand at Moderate 5.4% CAGR till 2018

The global biobanks market is at its developing stage and will be challenged by a host of issues in the coming few years. A biobank is a repository that performs functions such as collecting, storing, and distributing human biological materials such as plasma, blood, purified DNA, saliva, and other biospecimens. These biological materials are maintained in a controlled environment in biobanks. Since the late 1990s, biobanks have gained importance as a resource for medical research.

Global Biobanks Market Suppressed by Key Issues

According to Transparency Market Research, the global biobanks market will expand at a moderate CAGR of 5.4% during the forecast period from 2011 to 2018. The global biobanks market was worth US$142 mn in 2011 and by 2018, the market is projected to be worth more than US$216 mn. Here are the key issues that will challenge the global biobanks market

• Lack of Standardization: As this market is at its developing stage, it will be suppressed by issues such as standardization. The importance of standardizing conventions for storing biological materials is becoming obvious. Hence, national biobanks, key industry bodies, and pharmaceutical companies are working towards this common goal of standardization.
• Tissue Injury during Freezing: Another issue suppressing the global biobanks market is that of stability and tissue injury. This issue occurs during freezing and will further challenge the global biobanks market.
• High Costs: Furthermore, maintaining biobanks is expensive. To overcome this issue, it is projected that biobanks may seek funding from private organizations that have an interest in sustaining biobanks for research purposes.
• Commercialization: The growing pressure to commercialize biobanks is also hampering the growth of the global biobanks market. This issue is linked to the standardization in this market. Commercializing biobanks calls for a range of policy changes for funders, scientists, and research participants.
• Rising Prevalence of Chronic Conditions to Drive Market

Although the global biobanks market is challenged by several issues, its growth is supported by many factors. These include the rising prevalence of chronic conditions, the growing number of government initiatives, rising advancement in drug discovery, increasing innovation in regenerative medicines, elevated healthcare expenditure, and accelerating novelty in treatment of cells and tissue orders. Moreover, the growing awareness about biobanks will also drive the global biobanks market.

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The rising economy in developing nations such as China and India is projected to offer a good growth opportunity to players operating in the global biobanks market. Furthermore, the emergence of new innovative techniques will also fuel the global biobanks market. Some of the key trends that are expected to propel the global biobanks market in the foreseeable future are virtual biobanks and green banking for energy efficiency. The rising number of product launches will also benefit the global biobanks market in the coming few years.

Players in the global biobanks market are driving innovation and revenue by focusing on mergers and acquisitions. In addition to this, the number of collaborations and partnerships is also growing in the market. Some of the key companies operating in the global biobanks market are BioCision, Tecan AG, Thermo Fisher Scientific Inc., Beckman Coulter, Inc., Panasonic Biomedical Sales Europe B.V., BioLife Solutions, Inc., So-Low Environmental Equipment Co., and VWR International, LLC.

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