Wellesley, Mass, Jan. 19, 2017 (GLOBE NEWSWIRE) -- In the field of developing new drugs and treatments for particular diseases, the largest opportunities are found in the biobanks market. BCC Research reveals in its new report that the falling costs of genomic analysis and increased availability of modern research equipment, technologies and facilities for sample collection and storage are driving growth in the biobanking sector.
A biobank houses a collection of human biological specimens such as tissues, organs, plasma, blood and urine or intracellular components obtained from humans such as DNA and RNA. The samples are utilized to facilitate new drug development and medical treatment for various diseases, and to create new tests that target particular diseases.
The global market for biobanking technologies is expected to increase from $198.2 billion in 2016 to $240.2 billion in 2021, demonstrating a five-year compound annual growth rate (CAGR) of 3.9%. The private sector of biobanking should reach $78.5 billion and $93.7 billion in 2016 and 2021, respectively, reflecting a five-year CAGR of 3.6%. Population biobanking is expected to reach $76.7 billion in 2021, up from $57.8 billion in 2016, at a five-year CAGR of 5.8%.
The modern biobanking industry has enlarged in scale and scope, with increased volume of samples analyzed in labs and the variance of research topics that can be handled, thanks to decreased costs of genomic technologies. The expansion of the middle-class in emerging countries is expected to drive growth, as well. Other growth factors include the need to reduce healthcare costs, the increased availability of modern research equipment, technologies, and facilities for sample collection and storage, and advancements in biobanking techniques.
"A global quality standard is under development to govern specimen collection and handling methods to boost optimization of RNA, enzymes, DNA and other types of proteins from older collections of tissues,” says BCC Research analyst Jackson Highsmith. “As a result, researchers will be in a position to quantify genuine biological tissue differences instead of variances of one sample to another, in addition to offering better access to more samples of exceptional quality."
Biobanking: Technologies and Global Markets (BIO084B) analyzes emerging technologies, players, and changing market dynamics. The report also examines strategies for accessing particular geographies disease segments and emerging markets to enable resource allocation and effective decision-making. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit
bccresearch.com. Follow BCC Research on Twitter at
@BCCResearch.