Increase in funds for biobanking from private & government organizations, high prevalence of chronic diseases, and an increase in R&D activities for application of biobanking are expected to propel the growth of the global biobanking market. Europe held the largest market share in 2017, contributing to more than two-fifths of the total revenue and is projected to dominate the global market throughout the forecast period.
According to the report published by Allied Market Research the global biobanking market accounted for $47.06 billion in 2017 and is expected to reach $68.08 billion by 2023, registering CAGR of 4.6% during the forecast period. The report presents in-depth analyses of the global biobanking market by closely monitoring the industry trends, drivers & opportunities, top investment pockets, key growth strategies, and competitive landscape.
Proactive support for biobanking by private & government organizations and high prevalence of chronic diseases drive the growth of the global biobanking market. However, ethical and legal issues associated with biobanking hamper the market growth. On the other hand, increase in R&D activities for application of biobanking and untapped opportunities in the developing regions are expected to create lucrative prospects for the market players in the coming years.
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The solid tissue segment is expected to register the fastest CAGR of 5.9% during the study period. However, the blood products segment held the largest share, contributing to more than two-fifths of the total revenue
The research segment held the largest share of the market, contributing more than two-thirds of the total revenue. However, the therapeutic segment is estimated to manifest the fastest CAGR of 5.1% during the forecast period, owing to increase in awareness for biobanks and rise in focus on R&D related to the development of personalized medicines.
The population-based biobanks segment is expected to witness the fastest CAGR of 5.2% during the forecast period. However, the disease-oriented biobanks held the largest share of the market in 2017, contributing to more than four-fifths of the total revenue.
National/Regional agency segment contributed the largest share, accounting to more than two-fifths of the total revenue. However, the private segment is expected to register the fastest CAGR of 5.7% during the study period, as pharma and biotech companies have strengthened their presence in the biobank sector. The other segments analyzed in the report include non-profit organization and university.
Europe held the largest market share in 2017, contributing about 41% of the total revenue and is projected to dominate the global market throughout the forecast period. However, Asia-Pacific region is expected to register the fastest CAGR of 5.7% from 2018 to 2025. The other regions analyzed in the report include North America and Latin America, Middle East and Africa (LAMEA).
The key market players analyzed in the report include, ASKION GmbH, Cureline, Inc., Firalis S.A., LabVantage Solutions, Inc., PrecisionMed, Inc., CTI BIOTECH, Excilone SARL, Hamilton Company, LGC Limited, and ProMedDx LLC.
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