Biobanking Market was valued at USD 23,253.6 million in 2018

The global biobanking market was valued at USD 23,253.6 million in 2018, which will grow at a CAGR of 6.7% during the forecast period. Globally, biobanking industry is driven by factors such as the Increasing prevalence of chronic diseases, increasing demand for value-based care, increasing investment for genomic research, increasing awareness, robust pipeline for cell therapy.

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Based on storage type biobanking market is categorized into manual and automated, on the basis of product. Among the two categories, the demand for automated biobanking storage is growing at a higher rate.

Based on offering, the biobanking market is segmented into consumables, equipment, services, and software. Consumables hold the largest share in the biobanking market, globally primarily due to the frequent purchases during the years.

Based on application the market is categorized into life science and medical research, clinical research, and regenerative medicine.

Based on utility needs, the market is categorized into routine, research, and epidemiology. The biobanking market is anticipated to hold a significant share for research due to the increasing research funding by the large biopharmaceutical companies across the globe.

North America has accounted for the largest share in the biobanking market, globally and is predicted to grow significantly during the forecast period.

Some of the key players operating in the global biobanking market are BioLifeSolutions Inc, Becton, Dickinson and Company, Atlanta Biologicals Inc., Merck KGaA, Thermo Fisher Scientific Inc., STEMCELL Technologies Inc., Qiagen NV, Chart Industries Inc., VWR International LLC, Hamilton Company, PHC Holdings Corporation, Avantor Inc, and AlphaCord LLC.

Source: VynZ Research