Biobanking Market to Soar to US$ 3.5 Bn by 2027, Notes Fact.MR
The global biobanking market is expected to grow at a healthy CAGR of ~ 7 per cent through the end of the forecast period in 2027. This growth will account for the sales of relevant equipment to reach a value of USD 1 billion during this period.
For more insights, visit- https://www.factmr.com/report/4438/biobanking-market
Rapid Growth in Asia Pacific Led by Activities in China
The countries in the Asia pacific region have been witnessing a substantial growth in the number of biobanks under development. Major contributors to the industry are coming from Australia, China, Thailand, Japan, South Korea, and Singapore.
Most of the push into biobanking in the region in recent times is coming from China, which can be attributed to regional advances in terms of the pharmaceutical industry, which has resulted in a greater demand for biospecimens for the development and production of therapeutics.
In turn, the governments have also set up initiatives towards improvements of existent infrastructure with the aid of additional funding, which will play a major role in the expanding scope of the industry. Further China is also witnessing a major increase in the number of biobanks, which will increase the demand for relevant equipment and services.
With the substantial growth of the Chinese biobanking industry, the Asia Pacific region has been projected to grow at a healthy CAGR of ~ 8 per cent throughout the forecast period.
Temperature Control Equipment Gain Greater Traction
The rising number of biobanks on a global scale are responsible for the higher demand of efficient storage equipment including varieties of biospecimens including nucleic acids, blood, tissues, and cells. Consequently, the sales of temperature control equipment such as freezers used for the preservation of such specimens is expected to witness greater traction in the years ahead.
On the other hand, the high expenses related to the tech advancements in terms of equipment and services are expected to remain a major challenge for manufacturers and service providers, which in turn increase operational costs for biobanks.
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