BIOBANK MARKET ANALYSIS

Market Challenges And Opportunities

Development of personalized medicine to develop effective therapies drives the global biobank market

Poor productivity rate of the pharmaceutical industry with 90% failure of proposed drugs during clinical trials, the adherence of human tissue samples, and stem cells to execute pre-clinical trials for reducing high cost associated drug failures are the factors expected to drive the growth of biobank market. Additionally, novelty in cell and tissue disorder treatments, drug discovery, rising incidence of chronic diseases and government initiatives for innovation of regenerative medicines are the key factors driving the global biobank market. The extensive development of personalized treatments by research organizations to develop effective therapies to satisfy medical needs using biological samples is expected to fuel the demand for biobank market during the forecast period. For instance, Illumina signed 4 biobank deals in 2016, with Partners HealthCare, Montreal Heart Institute, University of Colorado and Vanderbilt University with an objective to improve healthcare and develop personalized medicines. However, cost competitive techniques, tissue injury during freezing, reimbursement concerns, lack of standardization, confidentiality and surveillance issues, economic downturn, and ethical issues are the major factors restraining the growth for global biobank market.