The Latin American biobanks market size is expected to rise at a CAGR of 8.61% between 2023 to 2028 and reach a value of USD 360 million by 2028 from USD 240 million in 2023.
Biobanks play a vital role in the field of biomedical research. The wide range of biospecimens includes blood, saliva, plasma, and purified DNA, which can be described as libraries of the human organism. Before biobanks came into the market, doctors collected the samples only for their research. Still, the biobanks gave researchers access to data representing many people.
The rising prevalence of chronic illnesses, advancements in drug discovery and development, and R&D financing and investments by government and non-governmental organizations are expected to contribute to the Latin American biobanks market growth.
Like in biobanks, stem cell research is becoming more popular worldwide. It is helping to create novel treatments for various ailments due to innovations in regenerative medicine. Therefore, developing innovative technologies for stem cell preservation, processing, and storage, creating greater awareness of stem cells' medicinal potential, and increasing funding in stem cell-based research are other vital factors promoting the growth rate of the Latin American market.
During the forecast period, stem cell biobanking services are expected to have a significant market share. The cryogenic preservation of stem cells or biological samples, including stem cells for eventual use, is known as stem cell biobanking. Also, cancer biobanks are essential in the battle against cancer because they allow the new creation of novel diagnostic tests and treatment techniques. Moreover, the key market players in the region are implementing strategic decisions to expand market share, and industry players are employing different strategies such as acquisitions, collaborations, partnerships, and expansions.
However, regulatory issues include various legal concerns, such as data protection and fundamental personality rights. As a result, contract difficulties are expected to negatively impact biobanks market growth in the Latin American region during the forecast period. In addition, numerous factors affect the sample availability for biobanking operations, including quality, storage, handling problems, capability, ethical frameworks, sample collecting, sustainability, and access to biospecimens.
Furthermore, because biobanks include a diverse range of biological samples, developing a unique approach for each is essential. Therefore, the high method cost varies depending on the sample type and the method used. Extreme competition between the market players can also be another significant factor that hampers market growth.
This research report on the Latin American biobanks market has been segmented and sub-segmented into the following categories:
By Product Type:
By Sample Type:
Geographically, the Latin American biobanks market is anticipated to account for a substantial global market share during the forecast period. Medical research and donating samples are increasing in Latin America since it is utilized for collecting and preserving human blood or tissue samples, owing to an increase in chronic diseases. Biobank-based research is primarily controlled by research and data privacy regulations in Mexico, and the biobanks had an issue with the ethical use of samples in the past. As a result, third-party biobanks collected data without mentioning the purpose of the collection.
Previously the legislation in Brazil was not in favor of and welfare of promoting ethical ways in biobanks. However, a new regulatory framework was enacted in 2011 to regulate and maintain mono/oligo user and poly user collection of human samples. This helped restore people's faith that their samples were being used for research only. A similar framework is expected to come into force in Argentina, Chile, and several other South American countries in the coming years. As the biobanks overcome several challenges in the upcoming years, they may be an invaluable resource in studying diseases that have been causing havoc, such as cancer in Latin America.
KEY MARKET PLAYERS:
A few of the notable companies in the Latin American biobanks market profiled in this report are Beckman Coulter, Tecan group, Taylor- Wharton, Panasonic biomedical, Teva Pharmaceuticals, Biolife Solutions, Custom biogenic systems, Princeton cryotech, Fluidx, Tissue solutions, Wildcat laboratory solutions, Micronik and Brooks life science systems.
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