Global Biobanks Industry Led by North America, India and Australia Showing Promise

Published Date : Jan 18, 2016

Albany, New York, Jan 18, 2016: has announced the addition of a new report to its catalog of detailed market intelligence studies. The report studies the biobanks market and presents insights into the trajectory the biobanking market is expected to exhibit in the coming few years. The report, titled ‘Biobanking: Developing Smart, Sustainable And Ethically Compliant Biorepositories For The Future‘, describes the various legal, ethical, and economic challenges facing the global biobanking sector and provides potential solutions for the major roadblocks hampering the industry.

Biobanks are research and medical complexes used to store various biospecimens collected from humans. Along with the specimens, biobanks also collect, store, and manage information related to the specimens, which can be useful in several avenues, such as disease treatment and medical trials. By providing an easily accessible repository of information to several medical channels, biobanks fulfill a vital role in the overall healthcare scenario.

Having explained the definition of biobanks and their role in the healthcare dispensation system in brief, the report explains the economic challenges facing the biobanks sector at present and offers cost control as well as cost recovery strategies for prospective as well as current players in the global biobanks industry.

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Further, the report describes the role of biobanks in drug discovery and development, wherein the easily accessible data in biobanks becomes vital, as well as their role in clinical trials. The report also elaborates upon the regional distribution of biobanks around the world and presents profiles of key biobanks operating around the world.

Biobanks are most abundant in North America, where early recognition of their utility and government support have led to biobank infrastructure expanding smoothly. Europe is the second largest regional segment of the global biobanks industry, while Australia is the largest segment within Asia Pacific. The advanced medical infrastructure in Australia and countries in Western Europe are responsible for the large shares of these two regions. Among developing countries, India has the most number of biobanks and presents promising prospects for players operating in the biobanks industry in the coming years.

Key advances in various processes related to biobanks are also described in the report. These include innovations in the process of collecting and storing specimens, transporting specimens, and management of data. Data management in biobanks has been transformed in recent years due to the advent of big data technology. This is a key advancement in biobanks technology and is likely to remain influential over the coming years, presenting opportunities to expert providers of big data tech as well biobanks operators who manage to successfully integrate big data software into the existing technological framework.

Various ethical and regulatory challenges hampering the global biobanks industry are then described in the report, to make readers aware of the major roadblocks in their path. Concerns regarding informed consent and strategies to overcome these issues are provided in the report. The collection of biospecimens can be a delicate matter for many, which remains a crucial constraint acting on the biobanks market.

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