Market Trends of Biobank Equipment Industry
The Drug Discovery Segment is Expected to Show Better Growth During the Forecast Period
Drug discovery is the process through which potential new medicines are identified. It involves many scientific disciplines, including biology, chemistry, and pharmacology. The increasing burden of chronic diseases is the most crucial factor contributing to the growing drug discovery. For instance, in February 2024, the Medicines and Healthcare Products Regulatory Agency launched the Yellow Card Biobank, which is expected to help understand how genetic makeup can impact the safety of medicines and improve personalized medicine approaches. The genetic data and patient samples are used to operate alongside the MHRA’s Yellow Card reporting site for suspected side effects and adverse drug reactions (ADRs), which involve medicines and medical devices.
Global pharmaceutical players also provide grants to pace innovative research in challenging areas. For instance, in October 2023, Citadel LLC invested GBP 32 million (USD 40.44 million) in the development of the UK biobank. The UK Biobank is one of the world’s most significant resources for health research. It has a database of in-depth genetic, health, and lifestyle information from half a million UK volunteers for treating various diseases such as cardiac disease and Alzheimer’s disease.
Furthermore, the rising application of novel technologies in drug discovery and biobanking is propelling the growth of the biobank equipment market. For instance, according to a report published by the Journal of Personalized Medicine in September 2023, integrating artificial intelligence and machine learning into biobanks significantly enhances the capacity for data management and analysis, driving the demand for advanced biobank equipment essential for drug discovery. This evolution fosters the development of more precise and efficient biobanks, thereby accelerating the growth of the biobank equipment market in the context of drug discovery.
To increase knowledge and find potential vaccinations and treatments, scientists use a sizable collection of de-identified biological and medical data that they research with the aid of the biobank. Therefore, given the significance of biobanks in drug discovery and the increasing grants, the segment is likely to witness strong growth in the coming years.
North America holds the Largest Share in the Biobank Equipment Market
North America is expected to dominate the biobank equipment market. Key factors propelling the market growth include rising investment by government organizations in drug discovery and research, the presence of key players in the region, and the growing burden of chronic diseases.
The region has one of the highest shares in the market studied. Various activities in the country are boosting the demand for biobank equipment. For instance, in February 2024, the NeuroVISION-2 Biobank Initiative received a multi-year grant from the Canadian Institute of Health Research. The initiative expands the NeuroVISION-2 study, which explores the mechanisms and predicts perioperative brain injury and its long-term impact.
Moreover, the increasing application of biobanks in various fields in the region is also propelling the market growth in North America. For instance, according to a report published by the International Journal of Molecular Sciences in September 2023, the establishment and utilization of comprehensive biobanks in neuro-urological research significantly drive the demand for advanced biobank equipment in North America, as researchers increasingly require high-quality storage, processing, and analytical tools to facilitate the collection and analysis of biological specimens. This surge in biobanking activities, coupled with the need for standardized and reliable biobanking infrastructure, is propelling the growth of the biobank equipment market by fostering investments in cutting-edge technologies and solutions.
Similarly, according to a report published by the Value in Health Journal in August 2023, the expansion of biobanks containing genetic information, alongside integrating genomic data into research and clinical practices, significantly enhances the scientific knowledge base and improves patient care. This increased utilization and reliance on biobanks are driving the growth of the North American biobank equipment market, as demand for advanced storage and data management solutions continues to rise to support these initiatives.
In conclusion, rising investment in research and development activities and the presence of major players in the region are propelling market growth.
