Biobanking is a process to collect and store biological materials which can be further used for biodiversity studies, diagnosis, as well as research. Thus, the major factors which boost the growth of the biobanking industry may comprise increase in funding support by government and private organizations. In addition, increased incidences of chronic disease further drive the growth of the biobanking industry across the globe. On the other hand, legal and ethical issues about the biobanking may restrict the growth of the biobanking industry into coming future. Moreover, biobank is a type of biorepository that is specially designed for storing biological samples for further used in research so they can improve the data related with the various health issues and diseases. Such samples can be blood, human cells, human waste products, biological fluids, and many other.
In addition, increasing genomic research activities are the major factors responsible for the growth of this industry. Government is also making the huge number of initiatives to support regenerative medicine research that will also improve the demand for the biobanking across the globe. Likewise, there rise in the demand for inexpensive drug development and delivery that will also enhance the growth of the global biobanking industry into coming future. Furthermore, rising research integration as well as variations in the biobanking operations will also contribute as a major factor for the development of biobanking industry into coming few years. Handling of human biospecimens is also growing across cohort researches. However, number of registered medical researches with NIH (National Institute of Health) is developed since the past few years. In addition, a significant number of ongoing cohort researches associated with the precision drug have fomented the development of population-based biobanks. Therefore, rising concentration on development of new and modern therapies including personalized medicine is expected to increase the growth of the biobanking industry across the world.
The growing number of chronic diseases such as cardiovascular diseases, cancer, immunological disorders, as well as neurological disorders cannot be treated by using traditional therapies, due to these may lead to harmful side effects. However, the risk of such side effects can be decreased by combining it with the stem cell therapy that known as the healing agent to reduce the damages that are caused by treatment doses. In addition to this, growing requirement for cord blood for therapeutic purposes is also fueling the development of the biobanking. However, the samples from biobanks can be used for the number of purposes such as clinical trials, therapeutics, research, as well as drug expansion. This has led to rise in funding by number of different government and non-profit organizations for the development of additional public storage banks. Moreover, near around 200 clinical trials are capitalized by the NIH (National Institutes of Health) and are being integrated I across the United States alone. Geographically, UK ME/CFS Biobank represents the high developments in biomendical research.