Industry Overview
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.
Growth Drivers
The growing awareness on the therapeutic potential of stem cells, increasing approval of clinical trials in using cord blood cells, advances in biobanking; increasing government funding for regenerative medicines; and development of novel technologies for stem cell preservation, storage, and processing, are the primary growth drivers for stem cell banking industry. Initiatives are taken by various companies and organizations to broaden awareness biobanking. For instance, in the U.S. CordBloodAwareness.org was formed to increase the awareness about the umbilical cord blood stem cells.
Geography Insight
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.
Download Free Report Sample at: https://www.vynzresearch.com/healthcare/biobanking-market/request-sample
Competitive Insight
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.
Contact
Kundan Kumar
Manager: Client Care
Toll-Free:1-888-253-3960
Website: https://www.vynzresearch.com
Email: kundan@vynzresearch.com
Connect With us:Linkedin | Twitter |Google+| Facebook
No comments:
Post a Comment