Albany NY, United States: The global biobanks market is expected to witness strong growth during the forecast period between 2021 and 2031.
Albany NY, United States: The global biobanks market is expected to witness strong growth during the forecast period between 2021 and 2031.
Biobanks have become a valuable resource in medical research and have found their application in a wide range of modern studies such as customized medicines and genomics. A biobank is a form of biorepository where biological samples are preserved for future medical research. Biobanks can offer data from a large group of people, for researchers.
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The COVID-19 outbreak has adversely impacted the overall biobanks market. The increasing coronavirus cases have led to a rise in risks associated with the collection, storage, and processing of human bio-specimens, which could lead to higher transmission of the coronavirus.
But with the subsequent decline in cases and the availability of vaccines, concerns of spread of infections have decreased and led to steady growth in the overall biobanks market.
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Biobanks Market - Trends and Opportunities
The launch of advanced software that facilitates virtual biobanking is expected to be a key growth driver for the global biobanks market. The emergence of virtual biobanking has revolutionized the biobanking industry, permitting researchers to conduct researches smoothly and reducing time constraints.
The increasing prevalence of chronic diseases such as cancer is anticipated to be another key growth driver for the biobanks market.
In addition to this, increased undertakings in genome research, greater investments for biobanking from governments and commercial organizations are expected to fuel the growth in the biobanks market, in future.
Advances in drug discoveries and development could also positively impact the biobanks market, in the upcoming years.
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Biobanks Market - Competitive Landscape
The global biobanks market is extremely competitive with the presence of several well-established players. These players are involved in different growth strategies to remain competitive in the overall market.
The well-established players may collaborate with smaller players in a bid to expand their market presence and improve their revenue share. They could also work in tandem with other players and look to launch new products in the biobanks market.
Leading biobank players could consider to establish production facilities, in developing economies such as India, owing to the ease of availability of land and labor, in certain parts of the country.
Some of the key players in the biobanks market include Thermo Fisher, Beckman Coulter, SOL Group, Sigma-Aldrich, Biolife Solutions, and Teva Pharmaceuticals.
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Biobanks Market - Regional Assessment
The global biobanks market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
North America is expected to be the leader in the global biobanks market in future owing to an increase in the processing of large-scale biological databases in countries such as the U.S and Canada. Also, a rising disposable income in these countries is anticipated to fuel the growth in the biobanks market in North America.
Asia Pacific is expected to witness significant growth in the biobanks market in future owing to an expected rise in investments to develop improved healthcare facilities in countries such as India and Japan. Also, these countries could witness an increase in the geriatric population, which could propel the biobanks market.
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Rising demand for modern medicine among the population of urban areas in the developing economies of Asia Pacific could contribute to the growth of the overall biobanks market.
Europe could witness strong growth in the biobanks market owing to factors such as increasing government investments to develop biobanks and improved healthcare infrastructure.
Other regions such as Middle East and Africa and Latin America are expected to witness slow growth in the global biobanks market, in the coming years owing to developing healthcare infrastructure in the countries, part of this region.
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