A biobank is a biorepository that stores biological samples for research. Biobanks provide data that represent large number of individuals’ samples used by researchers for multiple purposes. Biobanks help in identifying biomarkers of diseases related to single nucleotide polymorphism and others. The global biobanking market was USD 2.26 billion in 2018 and will reach USD 3.81 billion by 2025 at a CAGR of 7.75% during the forecast period.
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Growth by Region
North America dominated the market due to increasing research activities, growing interest in biomarker discovery and rising investments in genomics. Asia – Pacific will grow at higher rate in the coming years due to presence of large population base.
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Drivers vs Constraints
Factors such as increasing number of genomics research and government & private funding to support regenerative medicine research are driving the market growth. Increased incidence of chronic diseases is further boosting the market. However, lack of high quality samples and ethical & legal issues related to biobanking are restraining the market growth.
Industry Trends and Updates
Bio-Techne acquired Atlanta Biologicals Inc.
Thermo Fisher Scientific acquired the Patheon.
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