The North American biobanks market was valued at USD 81.50 million in 2016 and is expected to become a USD109.32 million market by 2011. During this period, the market is expected to show a CAGR of 6.05%
North America Biobanks Market- Market Dynamics
The report studies the many factors driving and restraining the market. Some of these are discussed below.
The factors propelling the biobank market are the high incidence of disease and the recent advances in the tools and technology of molecular biology and genetics leading to increased demand for well-annotated, properly preserved specimens. Also contributing to the growth of this market are issues such as major financial and scientific investments by millions of citizens who have voluntarily contributed data and bio-specimens to such biobanks. These investments have permitted major progress in the comprehension of specific risk factors for complex diseases. Contributing to these drivers are other factors such as the poor productivity of the pharmaceutical industry with respect to the new drug approvals. The drive to contain ever-increasing healthcare costs is driving an unprecedented interest in biomarkers.
Privacy and confidentiality issues are holding back the growth of the market. Access policies and procedures are also challenging the growth of this market. On top of this, there are a lot of regulation-based issues with the biobanking procedure that are hindering the growth of this market. Privacy and surveillance issues, fears of privatization and lack of governance are also key restraints to this market.
From the geographical point of view, the US has the largest market share. While nearly two-thirds of biobanks were established within the last decade, 17% have been in existence for over 20 years. 53% listed research on a particular disease as the most important reason for establishment; 29% listed research generally. 44% of biobanks store pediatric specimens, and 36% include postmortem specimens. Most biobanks are affiliated in one or multiple ways with other entities: 88% are part of at least one or more larger organizations (67% of these are academic, 23% hospitals, 13% research institutes). The majority of biobanks seem to fill a particular niche within a larger organization or research area; a minority is concerned about competition for services but many are worried about underutilization of specimens and long-term funding.
North America’s biobanks market is segmented on the basis of the type of mechanism, equipment used, application in different sectors and geography.
Some of the key players in the market are:
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