Biobanking Market Size Expected to Reach $69.52 Billion by 2028

Biobanking market was valued at $42.10 billion in 2020, and is estimated to reach $69.52 billion by 2028, growing at a CAGR of 6.2% from 2021 to 2028.
Biobanking is a biorepository for receiving and storing biological specimens such as plant, animal, and microbe; which can be later used for supporting many types of contemporary research associated with genomics, healthcare research, medical care, and drug discovery.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 https://www.alliedmarketresearch.com/request-sample/2798

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The biobanking market is positively impacted by the pandemic. Furthermore, COVID-19 has brought to light the importance of biobanking and its role in understanding disease patterns and its utility in developing vaccines and other prevention and treatment protocols. Furthermore, the government is now focusing on biobanks and repositories worldwide, in which regulators will support this endeavor by working on easing approvals. For instance, the Indian Council of Medical Research (ICMR) has notified 16 bio-repositories to collect, store, and maintain clinical samples, including oropharyngeal/nasopharyngeal swabs, broncheoalveolar lavage , sputum, blood, urine, and stool of COVID-19 patients. The samples from COVID-19 patients will be collected and archived for future use to develop validated diagnostics, therapeutics, and vaccines. Furthermore, the market is expected to continue to grow post the pandemic.

𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 https://www.alliedmarketresearch.com/purchase-enquiry/2798

The major factors that contribute toward the market growth include a rise in funding by private & government organizations to biobanking and increase in application areas of bio banked samples. Bio banked 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 emerging nations are expected to provide a lucrative opportunity in the market.

On the basis of specimen type, the global biobanking market is divided into the blood products, solid tissue, cell lines, nucleic acid, and others. The blood product segment was the major revenue contributor in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to surge in the prevalence of hematological diseases and a rise in number of accidents. By application, the global biobanking market is bifurcated into therapeutic and research. The research segment dominated the market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to increase in incidence of chronic diseases and advancements in regenerative medicines.

Depending on ownership, the global biobanking market is segregated into a national/regional agency, non-profit organization, universities, and private organization. The national/regional agency segment led the market in 2020, and is anticipated to maintain its lead during the forecast period. This is attributed to the expansion of private & governmental biobanking organizations and the rise in genomic & proteomics research to study and identify genomic variations for rare diseases.

According to the type of biobank, the market is bifurcated into population-based biobank and disease-oriented biobank. The disease-oriented biobank segment was the major revenue contributor in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to increase in the geriatric population and rise in awareness & adoption of biobanking products for treatment of chronic diseases. By end user, the market is classified into academic institution and pharma & biotech companies. This is attributed to increase in prevalence of blood transfusion disease, development in healthcare sector, and advancement in R&D. Region wise,

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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