The global market for biobanking is expected to reach $ 68,084 million by 2025

Posted by pooja on May 31st, 2019

Biobanking refers to the process in which biological samples are collected and stored for research and clinical care. The major factors that contribute towards the market growth include rise in funding by private & government organizations for biobanking and increase in application areas of biobanked samples. 

According to a new report published by Allied Market Research, titled, "Biobanking Market by Specimen Type, Type of Biobank, Ownership, and Application: Global Opportunity Analysis and Industry Forecast, 20182025," the global biobanking market was valued at ,062 million in 2017, and is estimated to reach ,084 million by 2025, growing at a CAGR of 4.6% from 2017 to 2025. Biobanked specimens are used in the treatment of several chronic diseases, and thus increase in incidence of disease such as cancer further supports the market growth. However, ethical issues related to biobanking and lack of awareness about it are expected to impede the market growth. Conversely, unmet medical needs in the emerging nations are expected to provide lucrative opportunity for the market.

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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.

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Joined: May 29th, 2019
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