A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global biobanking equipment market. Presenting exclusive insights into the market from 2017 to 2022, the report projects that the market will witness significant growth during the forecast period. Biobanking equipment is used in the biorepository to store biological samples for research activities. The biobanking equipment is predominantly used by researchers to conduct tests, study, and perform analysis on specimens stored in a biobank. The growth of the market is primarily driven by increasing demand for personalized medicine, which stands for medical treatments based on the needs, preferences, and characteristics of individual patients. Moreover, the trend of conserving cord blood stem cells of newborns is also giving a boost to the market growth. Furthermore, manufacturers in the biobanking equipment are focusing on developing advanced, automated systems as compared to existing equipment available at the present.
Rising Awareness Regarding Importance of Biobanking Equipment in Personalized Medication Upticks Demand
Over the years, the demand for personalized medicine has tremendously grown, as a number of conditions remain untreatable through medical procedures. Personalized medicine stands for medical treatments based on the individual patient's characteristics. Growing awareness regarding cancer, cardiovascular diseases, and neurological disorders are opening doors for the expansion of the personalized medicine ecosystem, thus subsequently propelling demand for biobanking equipment. People across the world are storing their tissues and stem cells to ensure effective treatment, in case medical complications arise in the future. The development of personalized medicine involves the collection of individual tissue samples along with pathological and clinical data. Moreover, numerous research organizations are exploring methods of personalized treatments utilizing biological samples. Such research activities require equipment to store biological samples, thereby creating a need for biobanking equipment. For instance, Illumina, a US-based market player entered contracts with Vanderbilt University, Partners HealthCare, the Montreal Heart Institute, and the University of Colorado, to develop personalized medicines, and improve the overall healthcare system. Such partnerships are expected to shape the growth of biobanking equipment, through the forecast period. Furthermore, factors such as the increasing need for the development of cost-effective drugs, and increased fundings for studying regenerative medicine from government and private organizations, continue to propel the demand for biobanking equipment.
Inadequacy of Infrastructure in Developing Economies Poses a Challenge to Rapid Growth
Lack of supportive infrastructure in emerging economies is likely to pose a challenge to the steady growth of the markets. Biobanking equipment demands advanced technology for manufacturing as well as usage in end-use locations. Inadequacy of essential requirements such as high-speed internet connectivity and uninterrupted electric supply will limit the adoption of biobanking equipment. Moreover, failure of timely collection of samples, and consent to access specimens and data are likely to limit the market growth to a certain extent. To overcome these shortcomings, market players are developing an electronic medical record (EMR) systems, which enable researchers to request and access samples and clinical data associated with biological samples.