A bio-repository that stores biological samples for research is referred to as a biobank. These bio-repositories play an integral role in the research and development activities associated with drug discovery and development. Biobanks also provide inevitable assistance in gaining prospective on orphan diseases especially the ones associated with single-nucleotide polymorphisms, via genome wide association studies.
Research results suggest that approximately 90% of proposed drugs fail to exhibit efficacy levels during clinical trials. In an attempt to avoid the high costs associated with such drug failures, researchers are rapidly adhering to human tissue samples and stem cell models to execute pre-clinical trials. Increasing demand for tissue samples and stem cell models will serve as a significant driver for the global biobanks market. Moreover, rising adoption of stem cell treatments and implementation of initiatives aimed at the standardization of biobanking procedures will drive the growth of this market.
The future of this market will be fuelled majorly by factors such as the automation of storage processes via RFID (radiofrequency identification) and MEMS (micro electromechanical systems) technologies and the introduction of new products such as the development of reagents by Biomatrica and IntegenX. These reagents are used to enable the storage of DNAs and RNAs at room temperature by stabilizing them.
The disease biobanks market dominates the overall biobanks market in terms of share. The presence of a wide application base for disease based biobanks in the field of drug discovery and development attributes to its high market share. However, the population based biobanks market is expected to grow at a relatively higher growth rate during the forecast period on account of rising patient awareness levels pertaining to stem cell treatments and bio-preservation.
North America and Europe collectively hold the largest share of the biobanks market. Rising number of drug discovery and development related research and development initiatives and the presence of sophisticated biobank facilities enabled with recent technological advancements, account for the aforementioned fact.
This research study encompasses a competitive landscape of the biobanks market. Revenue analysis, product benchmarking and strategic developments of key market players such as Abbott Laboratories Inc., Bristol-Myers Squibb Co., Johnson and Johnson Ltd., Roche Ltd., Teva Pharmaceuticals, Affymetrix Inc and others are also provided in this report.
This report by Grand View Research provides complete market estimates and forecasts up to 2020. The study also explains in detail various market dynamics including key drivers, restraints, growth opportunities and competitive landscape. Key questions answered by the report include:
- What is the current market size and what are the future growth prospects of the market
- What are the key applications in the market and what is their future potential
- What are the factors driving market growth and what are the key challenges for participants in this industry
- How will key regional markets perform up to 2020
- What is the competitive scenario in the market, which companies are expected to lead the market over the next six years