The global biobanks market was valued at USD 189 million in 2015. It is expected to reach a value of USD 201 million in 2016 and USD 271 million by 2021. During this period, the market is expected to show a CAGR of 6.16 %.
Factors such as investments by government and non-governmental organizations, need to develop cure for chronic diseases, rise in drug discovery and development and rise in regenerative medicine are some major driving forces in this market. However, restraints such as unfavorable regulatory conditions, sample storage problems and high cost of techniques involved in biobanking practices are hindering the growth of market.
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The market is segmented based on the type of sample storage media (optimized and non-optimized media) and the type of equipment used in a typical biobank (refrigerator, ice machines, freezers, alarm monitoring system, cryogenic storage system and liquid nitrogen supply tank). The market is further segmented in terms of the applications of biobanking practices and the market shares of each application are highlighted. Additionally, the market is also segmented in terms of the various geographical regions, such as North America, Europe, Asia-Pacific and Rest of the world.
The major players in this market include Thermo Fischer Scientific Inc., BioLife Solutions Inc., STEMCELL Technologies Inc., Atlanta Biologicals Inc., Sigma-Aldrich, VWR International, Lonza and Hamilton Company.
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