Biobank Market Provides In-Depth Analysis of the Industry, With Current Trends and Future Estimations (2020-2023)

Biobank Market - By Specimens Type (Blood Products, Cell Lines, Nucleic Acids And Human Tissues), And By Region, Opportunities And Strategies – Global Forecast To 2023 By The Business Research Company

The biobanks market reached a value of nearly $50.3 billion in 2018 and is expected to grow at a compound annual growth rate of 6.4% to nearly $68.5 billion by 2023. Factors such as advances in drug discovery and development, rise in funding from government and private organizations, changes in lifestyle and increasing geriatric population globally are contributing to the growth of the market.

The Key drivers of the biobanks market include:-
Rise in Genomic and Proteomic Research: Increase in genomic and proteomic research is expected to drive the biobank market during the forecast period. Genomics involves the study of all genes and proteomics is a study of a set of proteins. Biobanks consist of bio specimens required during the genomic and proteomic research. It aids in identification of genomic variations associated with the diseases.

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Biobank Market Segmentation:-
By Segment
1. Blood Products
2. Cell Lines
3. Nucleic Acids
4. Human Tissues and Cells

The blood products segment accounted for the largest share of the biobanks market in 2018 at $38.1 billion. The highest growth is projected to come from the human tissues and cells segment, which is forecast to grow at a CAGR of 12.3%. This growth was mainly due to greater use of blood products such as plasma and platelets for treating medical conditions and for medical research.

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By Geography - The biobanks market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in the biobanks market are
1. Japanese Red Cross Society
2. American Red Cross
3. Canadian Blood Services
4. Biobank Graz
5. Shanghai Zhangjiang Biobank

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