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Portland, OR, October 28, 2020 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the global biobank market accounted for $ 47.06 billion in 2017 and is projected to reach $ 68.08 billion by 2023, posting a CAGR of 4.6% over the forecast period. The report presents in-depth analysis of the global Biobanking market by closely monitoring industry trends, drivers and opportunities, key investment pockets, key growth strategies, and the competitive landscape.
Proactive support for biobank from private and government organizations and the high prevalence of chronic diseases drive the growth of the global biobank market. However, the ethical and legal issues associated with biobank hinder market growth. On the other hand, the increase in research and development activities for biobank application and untapped opportunities in developing regions are expected to create profitable prospects for market players in the coming years.
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The solid tissue segment is expected to record the fastest CAGR of 5.9% during the study period. However, the blood products segment held the largest share, contributing over two fifths of total turnover
The research segment held the largest share of the market, contributing over two-thirds of the total revenue. However, the therapeutic segment is estimated to exhibit the fastest CAGR of 5.1% during the forecast period, due to increased awareness for biobanks and increased focus on research and development related to the development of personalized medicines. .
The population-based biobank segment is expected to see the fastest CAGR of 5.2% during the forecast period. However, disease-oriented biobanks held the largest market share in 2017, contributing over four-fifths of total revenue.
The national / regional agency segment contributed the largest share, accounting for over two-fifths of total revenue. However, the private segment is expected to record the fastest CAGR of 5.7% during the study period as pharmaceutical and biotech companies have strengthened their presence in the biobanking sector. The other segments analyzed in the report include non-profit organizations and universities.
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Europe held the largest market share in 2017, contributing around 41% to total revenue and is expected to dominate the global market throughout the forecast period. However, the Asia-Pacific region is expected to record the fastest CAGR of 5.7% from 2018 to 2025. Other regions analyzed in the report include North America and Latin America, Middle East and Africa (LAMEA).
Major market players analyzed in the report include ASKION GmbH, Cureline, Inc., Firalis SA, LabVantage Solutions, Inc., PrecisionMed, Inc., CTI BIOTECH, Excilone SARL, Hamilton Company, LGC Limited, and ProMedDx LLC.
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About us
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research offers global enterprises and small and medium-sized businesses unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
We have professional business relationships with various companies and this helps us dig up market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecasts. Any data presented in the reports published by us is extracted through primary interviews with senior officials of the main companies in the domain concerned. Our secondary data acquisition methodology includes in-depth online and offline research and discussions with industry experienced professionals and analysts.
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