Monday, May 2, 2022

Growing Importance of Biobanks in Advancing Medical Research and Discovery to Drive Biobanking Market Growth

 

Biobanking Market Size Worth USD 67.90 Billion in 2030

Biobanking is the process by which samples of bodily fluids or tissues are collected for research purposes to advance understanding of health and diseases. Biobanks are large collections of human biological materials that are linked to relevant personal and health information and can include health records, family history, and lifestyle and genetic information, among others. Biobanks are considered as legal entities or parts of a legal entity that perform biobanking. Biobanking is the process of acquisitioning and storing along with other activities that are related to collection, preparation, and preservation and testing og define biological material and related information and data. Over the last decade, field of biobanking has rapidly grown alongside advancements in precision medicine and biobanks have been linked to advancement in screening and treating any disease, starting with cancer.

Modern biobanks allow large-scale analysis for assessing individual markers of specific diseases from biological or digital material with well-annotated clinical and biological data. These features play an important role in improving personalized medical approaches, where effective biomarker identification plays a crucial part in disease diagnosis and prognosis. Modern biobanks function as complex infrastructure where professionals such as clinicians, biologists, nurses, technicians, and bioethicists work together to guarantee the right to use human biological materials. Over the last few decades, technological advances such as automated sample processing, computerization, and the advent of internet revolutionized the management of biobanks. Biobanks can exist within research centers, hospitals, pharmaceutical companies, and patient advocacy organizations.

In a recent news, in April 2022, Al Jalila Foundation, which is a member of the Mohammed Bin Rashid Al Maktoum Global Initiatives, announced its plan to establish U.A.E.’s first robotic biobank in collaboration with Mohammed Bin Rashid University of Medicine and Health Sciences (MBRU) and the Dubai Health Authority (DHA). The partnership aims to advance medical research in the field of genetic disorders, cancer, and other chronic diseases and pandemics. The biobank is scheduled to open in 2023 with a capacity to manage and process seven million specimens and is set to be the largest biobank in terms of sample capacity in the world.

In a breakthrough study published in the journal Animals, it was suggested biobanking and assisted reproduction will help captive breeding programs to maintain genetic diversity and save koalas from extinction. This PhD research carried out at The University of Newcastle is the culmination of years spent in developing and analysing robust model of biobanking and assistive reproduction for various species that are endangered and was found to be more beneficial for koala bears.

Over the years, increasing advancements have been done to improve biobanking owing to a rapid surge in genomic research, regenerative medicines, and stem cell therapeutics. Major companies have invested in R&D and this has led to an increasing need for biobanking. Key companies in the market include K. Biobank Limited, Medizinische Universitat Graz, Hamilton Company, ASKION, Azenta Life Sciences, Qiagen, Promega Corporation, Integrated Biobank of Luxembourg (IBBL), Isenet Biobanking, and Thermo Fisher Scientific, Inc. In April 2021, Monash University launched first-of-its-kind industry focused storage facility for biological material in Australia. Biobanking Victoria is a state-of-the-art facility that aims to serve as a valuable link between researchers and industry and is backed by the Victorian Government.  

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