Biobanking is the collection and preservation of biological resources for use in diagnosis, biodiversity studies, and research. Biobanks provide a critical role in biomedical research, customised medication development, and preserving and updating age demographic databases.
As the prevalence of rare and severe diseases such as cancer
rises around the world, so does the demand for biospecimen storage and
preservation, as well as the creation of novel medications. As a result, the
global need for biobanking equipment has increased for performing
pharmaceutical research and development.
With the growing demand for genetic testing and personalised
treatment, leading manufacturers have been investing in the development of
biobanking equipment such as temperature control systems, alarms, and
monitoring systems, propelling the biobanking
equipment market's sales income worldwide.
Biobanking aids biomedical and translational research by
storing and preserving biological samples such as blood, tissues, and nucleic
acids, which are then made available for use in research to identify
disease-relevant biomarkers, which can then be used for diagnosis, prognosis,
and drug response prediction. An increase in the amount of research efforts in
this segment highlights a key market driver.
Because of increased government activities in terms of
supporting and growing the biobanks market in the United States, the biobank
equipment market in North America has the greatest share. Biobanks are used by
various companies and research institutes to store DNA, tissue, serum, blood,
and cells, among other things. According to the Hastings Center, a non-profit
organisation, the United States has 300 million biospecimens housed in public
and private biobanks. Furthermore, the biobank equipment market is predicted to
develop over the forecast period, owing to the increasing use of biobanking
processes in numerous domains such as drug discovery and customised medicine.