How is Rising Prevalence of Chronic Diseases Driving Biobanking Market?

 

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 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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The demand for biobanking is increasing in the Asia-Pacific (APAC) region, primarily because of the rising awareness regarding biobanking. In addition to this, the surging population and growing clinical research in the region are contributing to this rising demand for biobanking. Both government and private sector organizations are providing funds for the advancement of research & development in the healthcare industry. This is also expected to provide lucrative opportunities to the companies in the biobanking market in the region.

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