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 $47,062 million in 2017, and is estimated to reach $68,084 million by 2025, growing at a CAGR of 4.6% from 2017 to 2025.
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. 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.
The blood product segment generated the maximum revenue in 2017, accounting for more than two-fifths share of the global biobanking market in 2017. On the other hand, solid tissue segment is expected to witness the highest CAGR during the forecast period.
By type of biobank, the disease-based biobank segment generated the maximum revenue in 2017 and population-based biobank segment is expected to grow at a CAGR of 5.2% during the forecast period.
Key Findings of the Biobanking Market:
- The research segment contributed for nearly two-thirds share of the global biobanking market in 2017.
- The private organization segment is projected to grow at a significant CAGR from 2018 to 2025.
- In 2017, national/regional agencies led the overall biobanking market, and is projected to grow at a CAGR of 4.2% during the forecast period.
- Germany and France are the major shareholders, which collectively accounted for more than one-third share of the Europe biobanking market in 2017.
- Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific biobanking market in 2017.
Europe market is projected to dominate the global biobanking market in terms of revenue during the forecast period. This is majorly due to the increase in number of biobanks in the region coupled with increasing research activities related to biobanking. On the other hand, the Asia-Pacific market is expected to grow at the highest CAGR of 5.7% during the forecast period.
The major companies profiled in the report are ASKION GmbH, CTI BIOTECH, Cureline, Inc., Excilone SARL, Firalis S.A., Hamilton Company, LabVantage Solutions, Inc., LGC Limited, PrecisionMed, Inc., and ProMedDx LLC.