Biobanking Market Size, Share, Growth, Trends, Applications, and Industry Strategies

AMERICAN CANYON, Calif. - Aug. 11, 2020 - PRLog -- Despite all the advancements in the healthcare system, pertaining to therapy, diagnosis, and devices, there a number of chronic ailments which cannot be cured, including cancer, Alzheimer's disease, Parkinson's disease, human immunodeficiency virus, and the latest COVID-19, to name a few. Research has been going on indefinitely regarding finding a cure for these and several other diseases in order to reduce their growing prevalence. One of the processes for conducting research on a disease and on its treatment is the collection of biological samples and health information, which is referred to as a biobank.

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Biobanks basically serve as a library for researchers, and reduce the time and resources required for recruiting new participants for each research study as samples and needed medical information are all available at one place. By collecting samples and recruiting patients more efficiently, better studies can be performed. Different biobanks collect varied types of information and samples. For example, a biobank can collect information and samples for a particular disease, such as cancer, or the biobank can be based on population containing information and samples from people in a specific region.  In 2018, the global biobanking market (https://www.psmarketresearch.com/market-analysis/biobanki...) attained $25.8 billion and is predicted to generate $36.8 billion by 2023, registering a 6.2% CAGR during the forecast period (2019–2024).

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A recent trend in the healthcare domain is the preservation of cord blood cells of new born babies, as the cord blood aids in curing any disease which the child may suffer from at any age. The cord blood is a rich source of hematopoietic stem cells, which have the ability to differentiate into lymphoid and myeloid cell lineages and properties of self-renewal. Due to these characteristics, it aids in treating wounds, diseases, or trauma that occur at any stage of life. Attributed to all these advantages and the growing awareness regarding the same, biobanks which store cord blood cells are thriving.

Hence, the demand for biobanking is because of the increasing prevalence of chronic diseases and the trend of preservation of cord blood cells of new born babies.