How is Rising Prevalence of Chronic Diseases Driving Biobanking Market?

The rising incidence of chronic diseases and the surging number of research and development (R&D) activities being conducted on genome are the major factors predicted to cause the surge of the global biobanking market, from $25.8 billion to $36.8 billion from 2018 to 2024. In addition to this, the market is predicted to exhibit a CAGR of 6.2% between 2019 and 2024, as per the forecast of P&S Intelligence, a market research company based in India.

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The soaring prevalence of diabetes, Parkinson’s disease, and Alzheimer’s disease is massively boosting the demand for stem cells and cord blood cells (that contain the stem cells) all over the globe. The treatment procedures involving stem cells have the ability to help significantly in organ transplantation, tissue grafting, drug testing, and the development of regenerative medicines. Thus, because of the various advantages of stem cell therapies, their popularity is rapidly growing, which is, in turn, boosting the demand for biobanks across the world.

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Besides the above-mentioned factor, the soaring number of research and development (R&D) activities being conducted in several countries for developing treatment methods for various chronic diseases such as cancer, diabetes, respiratory diseases, and ischemic heart diseases is also propelling the growth of the biobanking market. Additionally, the governments in many countries are making huge investments for the development of biobanks that can analyze, preserve, collect, and transport samples.

One of the biggest examples of such huge government investments is the $16 million investment made by the German Federal Ministry of Education and Research (BMBF) in 11 biobanks in the country in May 2017. Cell lines, blood products and genetic materials, human waste products, human tissues, and biological fluids are the main categories, present under the sample type segmentation of the biobanking market. Out of these categories, the blood products and genetic material category will record the highest revenue growth in the market in the years to come.

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This release was published on openPR.