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Ongoing Study Traces the Expansion of Biobanks Market by 2020
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North America, followed by Europe has the largest market for biobanks due to high government investments, rise in number of chronic diseases and increased number of research activities and drug discovery processes in the region. Asia is expected to show high growth rate in the biobanks market in next few years due to rise in investment from government and non-government organizations, large population base and increasing awareness about biobanking in this region.
Rise in incidence of chronic diseases, government initiatives, advancement in drug discovery, innovation of regenerative medicines, increasing healthcare expenditure and novelty in treatment of cell and tissue disorders are some of the key factors driving the global biobanks market. In addition, increasing awareness about biobanks is expected to drive the market for biobanks. However, costly techniques, reimbursement concern, lack of standardization, economic downturn and ethical issues related are some of the major factors restraining the growth for global biobanks market.
Growing demographics and economies in the developing countries such as India and China, technological advancement and new innovate techniques are expected to offer good opportunities in the global biobanks market. Stability issue and tissue injury during freezing are a challenge for biobanks market. Virtual biobanks and green banking for energy efficiency are some of the key trends that have been observed in global biobanks market. In addition, new product launches, increasing number of mergers and acquisitions and increasing number of collaborations and partnerships among the market players are some of the trends have been observed in global biobanks market. Some of the major companies operating in the global biobanks market are BioCision, Thermo Fisher Scientific Inc., Tecan AG, Beckman Coulter, Inc., BioLife Solutions, Inc., Panasonic Biomedical Sales Europe B.V., Taylor-Wharton International LLC, VWR International, LLC and So-Low Environmental Equipment Co.
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