Biobanking Market: Growth Factors Impact Analysis, Industry Forecast 2025

Global Biobanking Market Overview:

Global biobanking market was valued at $47,062 million in 2017, and is estimated to reach $68,084 million by 2025, with a CAGR of 4.6% from 2018 to 2025. Biobanking is a procedure to collect and preserve biological materials that can be further used for diagnosis, biodiversity studies, and research. The major factors that drive the growth of the global biobanking market include rise in funding support by private & government organizations. Furthermore, increased incidence of chronic disease further propel the market growth. However, ethical and legal issues related to biobanking restrict the market growth.

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The global biobanking market is segmented by specimen type, type of biobank, ownership, application, and region. Based on specimen type, the market is categorized into blood products, solid tissue, cell lines, and others. On the basis of ownership, it is divided into national/regional agencies, nonprofit organization, university, and private. The applications covered in the study include therapeutic and research. Depending on type of biobank, the market is bifurcated into population and disease-oriented biobank. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

High incidence of chronic conditions

Several chronic diseases such as cancer, cardiovascular diseases, neurological disorders, and immunological disorders cannot be treated using conventional therapies, as they lead to harmful side effects. The risk of these side effects could be reduced by integrating it with stem cell therapy, which acts as a healing agent to reduce the damage caused by treatment doses. As per the statistics by the National Cancer Institute, around 14.5 million people are suffering from cancer in the U.S., and this number is expected to increase to 19 million in 2024. This is expected to increase the need of cord blood for therapeutic purposes, and thus fuel the global biobanking market growth.
biobanking-market Biobanking Market: Growth Factors Impact Analysis, Industry Forecast 2025

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Increased funding support for biobanks

The samples from biobanks are used for various purposes such as research, therapeutics, clinical trials, and drug development. This has led to increase in funding by many non-profit and government organizations for the establishment of more public storage banks. For instance, more than 200 clinical trials are funded by the National Institutes of Health and are being carried out in the U.S. alone. In addition, in October 2017, National Institutes of Health granted $2.1 million to the UK ME/CFS Biobank, which represents a huge investment in biomedical research. Thus, rise in funds for biobanks is expected to fuel the biobanking market size.
biobanking-market-by-geography Biobanking Market: Growth Factors Impact Analysis, Industry Forecast 2025

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The key companies operating in the biobanking industry include ASKION GmbH, CTI BIOTECH, Cureline, Inc., Excilone SARL, Firalis S.A., Hamilton Company, LabVantage Solutions, Inc., LGC Limited, PrecisionMed, Inc., and ProMedDx LLC.

Key Benefits

  • The study provides an in-depth analysis of the global biobanking market, with current trends and future estimations to elucidate the imminent investment pockets.
  • Quantitative analysis from 2017to 2025 is expected to enable the stakeholders to capitalize on prevailing market opportunities.
  • Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
  • Extensive analysis is conducted by closely following key product positioning and monitoring the top contenders within the market framework…

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