Biobanking market is estimated to be over US$ 2.1 Billion in 2019. It is anticipated to grow at 7.5% CAGR from 2019 to 2030.
Irreproducibility of research is one of the major factor for the failure of translating basic research results into tangible solutions. For addressing the problem development of biobanks plays a vital role in providing necessary infrastructure for high quality assurance and control measures by providing safe & reliable spaces for storing material which can be used for repeated testing which in turn will lead to trustworthy scientific results. Hence the increasing awareness and concern for development of novel drugs with the support of biobanking is promoting the market growth. Moreover, the rising prevalence of cancer globally is promoting the development of new solutions to fight cancer. For instance, according to World Health Organization, cancer accounted for around 9.6 million deaths in 2018. Hence the increasing setup of cancer biobanks for systematic storage of cancer tissues and associated data is promoting the growth of the market. However, the instability in consistent funding hampers the growth of biobanking Market.
Biobanking Market Prominent Players
Some prominent players in the biobanking market include Thermo Fisher Scientific Inc., PHC Holdings Corporation, QIAGEN, Becton, Dickinson and Company, Merck KGaA, Hamilton Company, Tecan Trading AG, Cell&Co, Promega Corporation and Brooks Life Sciences among others.
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