26 May 2022

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Biobanking on the rise: analyst report

Katherine E. Pfaff

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The global market for biobanking is expected to grow, based on a report by market analysts, ResearchAndMarkets.com. Sources for biobanking continue to diversify and grow.

As medical and dental care continues to become more precise and specialized, the demand for biospecimens and genomics-based information has increased. As a result, biobanks have increased in number since the year 2000. 

Another factor behind the growth of biobanks is that government programs and funding have backed research. At the same time, private funding by companies seeking to inform diagnostics and therapeutic research and development has also spurred growth. 

An estimated 1,000 biobanks exist worldwide, and they house an estimated 1 billion bio samples. Within these facilities, specialized information like proteomics, metagenomics, and genomics can be gathered for treatment use in disease biology and in initiating personalized medicine. Such information can also be used to inform public health.

Biobanks, including what are referred to as bio libraries and bio repositories, can house reams of potential information for researchers seeking to understand genetic data, to determine biomarkers for particular diseases, and to inform diagnostic development or translational research. 

Source: https://www.prnewswire.com/news-releases/world-biobanking-technologies-and-markets-analysis-report-2022-increasing-public-funding-in-biobank-projects-and-growing-private-biobanking-301542608.html