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The global biobanking market was valued at US$ 53.3 Billion in 2021.
We expect the global biobanking market to exhibit a CAGR of 6.18% during 2022-2027.
The high prevalence of chronic infectious diseases is catalyzing the need for biobanking to develop diagnostic procedures for early disease detection and effective treatment, which is currently driving the global biobanking market.
The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of biobanking procedures in collecting high-quality and well-annotated human biospecimens, understanding the pathogenic mechanisms, and identifying therapeutic targets of the coronavirus infection.
Based on the specimen type, the global biobanking market has been divided into blood products, solid tissue, cell lines, nucleic acid, and others. Among these, blood products currently exhibit a clear dominance in the market.
Based on the biobank type, the global biobanking market can be categorized into population-based biobanks and disease-oriented biobanks. Currently, disease-oriented biobanks hold the majority of the total market share.
Based on the application, the global biobanking market has been segmented into therapeutics and research, where research represents the largest market share.
Based on the end user, the global biobanking market can be bifurcated into academic institutions and pharma and biotech companies. Currently, academic institutions account for the majority of the global market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Europe currently dominates the global market.
Some of the major players in the global biobanking market include Brooks Automation Inc., Bay Biosciences LLC, Boca Biolistics, Ctibiotech, Cureline Inc., Firalis, Greiner Bio-One International GmbH, Hamilton Company, Merck KGaA, ProteoGenex Inc., Thermo Fisher Scientific Inc., and VWR Corporation (Avantor Inc.).
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