The rising incidence of various chronic conditions and diseases such as Parkinson’s disease, diabetes, and Alzheimer’s disease is pushing up the demand for stem cells and cord blood cells across the globe, on account of the fact that these therapies can help considerably in organ transplantation, tissue grafting, drug testing, and the development of regenerative medicine. This is subsequently pushing up the requirement for biobanks and biobanking solutions across the world.
Moreover, due to the surging demand for finding proper and effective treatment procedures for various chronic diseases such as ischemic heart diseases, respiratory disorders, cancer, and diabetes, the governments and national bodies/institutes of many countries are making huge investments in biobanks for preserving, analyzing, transporting, and collecting blood samples. For example, the German Federal Ministry of Education and Research (BMBF) made an allocation of $16 million to 11 German biobanks in May 2017.
Out of these, the consumables category is predicted to demonstrate the highest growth in the market in the future years. Furthermore, the software category is predicted to exhibit rapid expansion in the biobanking market in the forthcoming years. When the type of sample is taken into consideration, the market is classified into human tissues, blood products and genetic materials, biological fluids, human waste products, cell lines, and human tissues categories.
Globally, the biobanking market is predicted to demonstrate lucrative growth in the Asia-Pacific (APAC) region in the coming years. This will be a result of the surging clinical research activities and the soaring population of geriatric people in the regional countries. Apart from these factors, the rapid expansion of the biotechnology sector, because of the huge investments being made in this sector by both private and public organizations, is also propelling the demand for biobanks in the APAC region.
Hence, it can be said with full confidence that the demand for biobanks will surge all over the world in the coming years, primarily because of the rising incidence of chronic diseases, the soaring geriatric population, and the allocation of huge funds for the development of biobanks in healthcare facilities around the world.
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