Biobanks are repositories of various kinds of biospecimens collected from humans. These biospecimens can be tissues collected from humans, umbilical cord blood, stem cells, etc. Biobanks enable easy access to various kinds of biospecimens in times of need as well as information about them for research purposes. This serves a crucial purpose in today’s healthcare scenario, due to which demand for biobanks is steadily growing. There are certain regulatory and ethical challenges facing the biobanks market, but the growing popularity of biobanks and recognition of their high utility are expected to drive the biobanks market in the coming years.
The developed world, i.e. North America and Europe, lead the global biobanks market at present. This is due to early recognition of their utility in healthcare dispensation and the availability of medical infrastructure to incorporate biobanks. Widespread awareness regarding the utility and availability of biobanks among patients in North America and Europe, particularly Western Europe, has also helped the biobanks market flourish in these regions. These two regions have also traditionally been the leaders in the global clinical trial scenario, which has led to large-scale usage of data stored in biobanks of late. Government support in several countries in these regions has helped the biobanks market massively. Several major players in the global biobanks market, such as Thermo Fisher Scientific Inc., the global leader, are situated in the developed world, further driving the biobanks market in these regions.
In the coming years, Asia Pacific is expected to emerge as a strong regional contender in the global biobanks market. Increasing prevalence of chronic diseases, which can be treated or at least studied with the help of the resources available in biobanks, is a major driver propelling the Asia Pacific biobanks market. Increasing government support to biobanks, in light of their growing utility and the increasing efforts of government and private institutions to modernize the healthcare infrastructure in developing countries, will provide a strong boost to the APAC biobanks market in the coming years.
The developed world, i.e. North America and Europe, lead the global biobanks market at present. This is due to early recognition of their utility in healthcare dispensation and the availability of medical infrastructure to incorporate biobanks. Widespread awareness regarding the utility and availability of biobanks among patients in North America and Europe, particularly Western Europe, has also helped the biobanks market flourish in these regions. These two regions have also traditionally been the leaders in the global clinical trial scenario, which has led to large-scale usage of data stored in biobanks of late. Government support in several countries in these regions has helped the biobanks market massively. Several major players in the global biobanks market, such as Thermo Fisher Scientific Inc., the global leader, are situated in the developed world, further driving the biobanks market in these regions.
In the coming years, Asia Pacific is expected to emerge as a strong regional contender in the global biobanks market. Increasing prevalence of chronic diseases, which can be treated or at least studied with the help of the resources available in biobanks, is a major driver propelling the Asia Pacific biobanks market. Increasing government support to biobanks, in light of their growing utility and the increasing efforts of government and private institutions to modernize the healthcare infrastructure in developing countries, will provide a strong boost to the APAC biobanks market in the coming years.
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