Philippines Biobanks Market Report 2023 to 2030

Philippines Biobanks Market Analysis

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The Philippines Biobanks Market was valued at $168.83 Mn in 2023 and is predicted to grow at a CAGR of 9.30% from 2023 to 2030, to $314.62 Mn by 2030. The key drivers of this industry include rising health challenges, growing demand for precision medicine, and technological advancements. The industry is primarily dominated by players such as Merck KGaA, Thermo Fisher Scientific, QIAGEN, and Avantor among others.

ID: IN10PHHS058 CATEGORY: Healthcare Services GEOGRAPHY: Phillipines AUTHOR: Aashwi Mehta

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Philippines Biobanks Market Executive Summary

The Philippines Biobanks Market was valued at $168.83 Mn in 2023 and is predicted to grow at a CAGR of 9.30% from 2023 to 2030, to $314.62 Mn by 2030.

A biobank is a curated collection of mainly human biological samples and related data systematically organized for research purposes. These facilities play a crucial role in medical research, supporting various contemporary studies such as genomics and personalized medicine. The types of samples and information gathered vary based on each biobank's specific objectives. For instance, some biobanks focus on specific diseases like cancer, while others are population-based, comprising samples and data from individuals within a particular demographic or geographic area.

In the Philippines, ischemic heart diseases were the leading cause of death from January to December 2022, responsible for 114,557 deaths, or 18.4% of all fatalities. Cardiovascular disease (CVD) affects about 1 in 6 Filipinos and 1 in 3 Filipino-Americans. The market is driven by significant factors like rising health challenges, growing demand for precision medicine, and technological advancements. However, sample acquisition, high initial investment, and data privacy concerns restrict the growth and potential of the market.

Prominent players in this field include Merck KGaA, Thermo Fisher Scientific, QIAGEN, and Avantor among others.

Philippines Biobanks Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Rising Health Challenges: In the Philippines, ischemic heart diseases were the leading cause of death from January to December 2022, accounting for 114,557 deaths, or 18.4% of all fatalities. Cardiovascular disease (CVD) impacts approximately 1 in 6 Filipinos and 1 in 3 Filipino-Americans. This high prevalence of CVD drives the biobank market as there is a significant need for extensive biological data to support research and develop effective treatments for these conditions.

Growing Demand for Precision Medicine: The emphasis on precision medicine and genetic testing increases the need for biobanks to store and manage biological samples efficiently. As healthcare systems aim to customize treatments based on individual genetic profiles, there is a growing demand for extensive biological data collection and analysis. This trend drives the biobank market in the Philippines by highlighting the importance of biobanks in supporting personalized healthcare.

Technological Advancements: Advancements in biobanking technologies, such as automation and data analytics, are improving the operational efficiency of biobanks. This technological progress drives the biobank market in the Philippines by making biobank operations more effective and capable, increasing their adoption and utilization in research and healthcare.

Market Restraints

Sample Acquisition: Acquiring biospecimen samples is often a lengthy and complicated process, leading to challenges in collecting sufficient samples for research. This difficulty is a market restraint for biobanks in the Philippines, as the success of biobanks relies on the ability to gather adequate and diverse biological samples.

High Initial Investment: The significant financial investment needed to establish and maintain biobanks, including costs for infrastructure, technology, and skilled personnel, can be a major barrier to entry. This financial hurdle restrains the growth of the biobank market in the Philippines by making it difficult for new players to enter and compete.

Data Privacy Concerns: Maintaining the security and confidentiality of genetic data is essential. Concerns about privacy and potential data breaches can erode public trust and decrease participation, restraining the biobank market in the Philippines.

Regulatory Landscape and Reimbursement Scenario

The Philippine National Health Research System Act (RA 10532) established the Philippine Health Research Ethics Board (PHREB), which creates guidelines for ethical research practices, including biobanking. The National Ethical Guidelines for Health and Health-related Research, last updated in 2017, include specific provisions for biobanks, emphasizing the necessity of ethical reviews and the protection of participants in research involving human subjects.

Competitive Landscape

Key Players

Here are some of the major key players in the Philippines Biobanks Market:

Merck KGaA
Thermo Fisher Scientific
QIAGEN
Avantor
Becton, Dickinson and Company
Beckman Coulter
Hamilton Company
Promega Corporation
Philippine Genome Center
Greiner Bio-One

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Philippines Biobanks Market Segmentation

By Product and Service

Equipment
Consumables
Services

By Sample Type

Blood Products
Human Tissues
Nucleic Acids
Others

By Application

Regenerative Medicine
Life Science Research
Clinical Research
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.