Global Biobanking Market - Analysis and Forecast (2019-2024)
The global biobanking market was valued at USD 23,253.6 million in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period. Several offerings such as consumables and equipment, majorly contribute to the biobanking market size. Increasing the prevalence of chronic diseases, increasing demand for value-based care, increasing investment for genomic research, increasing awareness, robust pipeline for cell therapy are leading to the growth of the market. Geographically, North America is the largest market for biobanking. Some of the key factors leading to the growth of the North American market are technological advancement in the field of preservation and collection technique, availability of federal funding for research, and ongoing approvals for regenerative medicines. Asia-Pacific is the fastest-growing biobanking industry primarily due to the high potential of China. The growth in the region is centered in China, Japan and India as these countries have been developing their Lifesciences industry infrastructure with the increasing research funding. 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.
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