Global Biobanks Market to Reach US$22.3 Billion by 2017, According to a New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on biobanks market. The global market for biobanks is forecast to reach over US$22.3 billion by the year 2017, driven by favorable political and scientific environment, enhanced government funding, as well as greater public awareness and support. Technological advancements and increasing sophistication of biobanks and sample preservation techniques are expected to hasten the development process and provide an impetus to the R&D and drug discovery initiatives. Ethical and legal norms concerning the biorepositories are quite complex and vary widely across the world. Developed countries of Europe and US dominate the biobanks market in terms of sheer size. However, rapidly burgeoning and heavily populated markets of Asia and Latin America will drive home rapid gains in the long-term.

Biobanks: A Global Strategic Business Report

The emergence of highly sophisticated biobanks or repositories is anticipated to revolutionize the concept of personalized therapeutics and diagnostics in the near future. The industry is witnessing unprecedented development of biobanking projects such as China’s Taizhou project, while several other countries are anticipated to initiate nation-wide studies, involving huge surveys of entire population groups. The large number of biorepositories operating worldwide provides a broad array of resources and facilitates enhanced treatment for diseases such as cancer, diabetes, heart ailments and others. The implementation of information technology and bioinformatics varies widely among different biobanks, in terms of method of procurement, handling, and preservation of biological material. Modern biobank structures involve highly complex systems for tracking the samples as well as huge amount of related information. Instead of the conventional logbooks or index cards cabinets, there are extremely intricate and sophisticated data systems that could store highly diverse sample metadata, and identify subtle associations among the samples. The collection of data and samples is made available to university researchers and external scientific groups and institutions. However, wide variations in biobanking procedures, ethical, legal and regulatory framework among member nations continues to pose a major challenge for effective biobank coordination.

Research-based biorepositories associated with universities constitute a significant chunk of the market, and serve as valuable data and biospecimen storage vaults. An almost equal number of global biobanks operate with regional or national government support, while only a small percentage comprises the private repositories. Private sector participation is largely limited to the supply of biobanking products such as storage equipment, consumables and software. Although biobanks operated by non-profit institutions represent a significant number, majority are affected by obvious lack of funding. Several umbrella organizations such as Public Population Project in Genomics (P3G) and The EuroBioBank Project were established in recent times for coordinating the biobanks at a regional, national or international level.

Major ethical roadblocks concerning biobanks include personal integrity, informed donor consent and feedback, as well as issues relating to protection, privacy, ownership, information dissemination and cross-border sharing of samples. Biobanking is regulated through specific laws as well as general standards and guidelines. Existing privacy protection laws are insufficient for safeguarding donors from risks associated with handling sensitive personal data. Overlapping of regional laws with directives, differences in interpretation and consent regulations pose a threat to global collaboration. As the structure of biobanks involves several entities, the question of ownership of the samples and data is a matter of serious concern, particularly in the light of potential commercial exploitation. Stringent regulations and complex approval processes were enforced in most countries for the shipment of biosamples. For instance, Norway specifies time limits for the storage of biospecimens abroad, while Swedish regulations mandate maintaining anonymity of donors or coding of samples prior to export.

Europe is the single largest biorepositories market worldwide, propelled by sustained demand from Germany, Netherlands, Italy, UK and several Eastern European countries. The region garners a major share of the global biobanks market, as stated by the new research report on Biobanks. The US follows the European market as the next significant market for biobanks, and represents the world’s leading market for private cord blood banks, followed by Canada, Brazil and India. Developing markets such as Asia, with hugely populated countries of China and India, offer tremendous growth potential in the near term.

The Biobanks market worldwide is characterized by a host of private biobanks, public/government sponsored biobank institutions and research-based biobanks affiliated with universities or research groups. Service providers and suppliers/manufacturers of biobank resources and equipments form an integral part of the supply chain structure. Key market participants profiled in the report include, Asterand PLC, CBR Systems, Inc, Cryo-Cell International, Inc, LifebankUSA, ViaCord, Vita 34 AG, GenVault, Hamilton Storage Technologies, NEXUS Biosystems, Qiagen NV, TAP Biosystems and Thermo Scientific among various others.

The research report titled “Biobanks: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive industry overview, stem cell banks, cord blood banks, ethical / legal issues, trends, service overview, recent industry activity and profiles of market players worldwide. Market analytics and overview is provided in value (US$) terms for major geographic markets such as US, Europe and Rest of World. The study also provides historic data for an insight into market evolution over the period 2003 through 2008.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Biobanks_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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