Albany, NY -- (SBWIRE) -- 03/13/2015 -- Biobanks, or biological banks, are essentially repositories that store biological material from humans. The material may be collected and distributed by the biobank itself. The list of bio-materials includes bio-specimens, purified DNA, saliva, plasma, and blood. The global biobanks market comprises organizations that help maintain records of patients in the form of biological material along with their records of health, lifestyle, and family history. The information may be used to procure better treatment as well as to perform research on diseases for better therapy procedures for future generations. Biobanks are now a crucial element in the detection process of human ailments and their causes. The diagnostic procedures carried out on samples taken from biobanks can be extremely valuable for advancing currently available research methods.

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North America Dominates Global Biobanks Market

Heavy investment by a proactive government has boosted the North America biobanks market to the leading position in the global biobanks market, followed closely by Europe. Both regions host a high number of drug discovery processes and research activities. The fastest growing region in the global biobanks market is Asia. The continent is showing high promise through a rapid growth rate over the next few years. The region's growth in the global biobanks market is attributed to an increase in investments from both government and non-government organizations, along with a large and increasingly affluent population base that is gaining awareness about the market.

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High Prevalence of Diseases Spurs Global Biobanks Market

There is a global rise in the number of cases of chronic diseases. This list includes respiratory diseases, diabetes, cancer, neurovascular diseases, and cardiovascular diseases. This is the primary reason why most government bodies are taking stronger actions in terms of investments in biobanks and increasing awareness about them. The global biobanks market works in tandem with these efforts by boosting the process of drug discovery and the treatment of chronic diseases that are caused by smoking, consumption of alcohol, obesity, and unhealthy lifestyles.

The major restraints faced by the global biobanks market include a severe lack of standardization on an international level, high expenses of techniques that are compounded by the recent economic slowdown, and reimbursement complications. Aside from these, the global biobanks market has also had quite a few voices against it due to ethical reasons.

Key Segments and Vendors of the Global Biobanks Market

The various segments of the global biobanks market include:
DNA and RNA storage
Private cord banking
Stem cell banking
Academic collections
Commercial biobanks
Human tissue banking

Each segment finds great use in specific sectors of the healthcare industry. Some of the key vendors of the global biobanks market that operate in these segments include Thermo Fisher Scientific Inc., Tecan AG, BioKryo GmbH, NEXUS Biosystems, Beckman Coulter Inc., TAP Biosystems, and New Brunswick Scientific Co. Inc. Of these, Thermo Fisher is the leading vendor in the global biobanks market. They are known to provide healthier, safer, and cleaner healthcare solutions to their patients.

Key Statistics of a Growing Global Biobanks Market

The global biobanks market is currently paced at a CAGR of 5.4% from 2011 to 2018. The market's total worth in 2011 was US$142 million, which means that its predicted value by the end of 2018 is US$216.3 million. The private sector biobanks segment within the global biobanks market is expected to reach a total value of US$93.7 million by 2018. The segment's 2010 value was US$42.4 million.The global biobanks market is therefore considered to be a steadily growing one. Key players are poised to strike while government initiatives generate awareness and interest in the people.

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