Biobanking Market: Blood Products to Witness Promising Growth
Biobanking Transforming Personalized Medicine Ecosystem with Data on Biomarkers
The collected terabytes of biological data and its associated information are revolutionizing healthcare infrastructure across nations. Likewise, stakeholders in the biobanking market are increasing their focus on personalized medicines to meet the growing demand for the specific diagnosis for rare-case diseases. In 2017, North America topped the list of major countries in the world, and contributed ~17% of its GDP towards healthcare spending. Correspondingly, North America is projected to dominate market revenue throughout the forecast period in the biobanking market.
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Healthcare companies are seeking result-oriented outcomes in personalized medicine space though the development of new drugs. This is being made possible with the help of high-quality biospecimens from biobanks. Thus, stakeholders in the biobanking market and healthcare companies are closely related, as the early detection and prevention of diseases is heavily dependent upon the data received by companies on specific biomarkers. Growing awareness about the types of cancer, cardiovascular diseases, and neurological disorders are paving the way for emanant development of a personalized medicine ecosystem.
Stakeholders Shifting Focus from Sample-driven to Data-driven Strategies
The digital revolution is contributing to the growth of precision medicine research. Likewise, precision medicine research and clinical data are closely related. Although, in many cases, there are instances of weak associations between the two variables. This works as a profitable opportunity for stakeholders in the biobanking market, as the availability of data on well-characterized and high quality samples is of primary importance to healthcare companies.
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In order to create strong associations between precision medicine research and clinical data, stakeholders in the biobanking landscape are introducing artificial intelligence (AI) and big data analytics. This has helped in faster research, which has positively influenced the delivery of new drugs in the healthcare space. Thus, there is the growing need for increasing informatics capabilities in the biobanking market.
Modern biobanking requires the gathering and administration of large amounts of sample data, so that medical researchers can meet the fundamental endpoints of precision medicine. This trend is creating profitable opportunities for information technology (IT) companies in the value chain, to efficiently manage large terabytes of data with advanced software systems.
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EMR Systems and Policy-making Serve as Backbone of Biobanking Infrastructure
There is a growing need for advanced technology along with the need to streamline the process infrastructure of biobanks in developing economies. It is even more challenging for stakeholders in the biobanking market to support the infrastructure in developing countries due to the inadequacy of essential requirements such as basic Internet connectivity and stable electricity supply. As such, individuals and healthcare professionals in developing economies are making collective efforts to formulate policies that safeguard the infrastructure of biobanks, so that researchers can continue to deliver valuable contributions in the healthcare landscape.
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Other challenges that are affecting the smooth flow of events in the biobanking market arise from the timely collection of samples and the question about ownership and consent to access specimens and data. To overcome these challenges, stakeholders are introducing electronic medical record (EMR) systems, where researchers across the globe can request and access samples & clinical data associated with biospecimens.
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