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The global biobanking market was valued at $37. 93 billion in 2019, and is estimated to reach $57. 67 billion by 2027, growing at a CAGR of 4. 6% from 2020 to 2027.
Biobank is a biorepository meant to collect and preserve biological materials that are used for diagnosis, biodiversity studies, and research. In addition, it is used to support the research of most common types of genetic disorders to develop personalized medicines and to maintain and update database of diseases related to age.
The rise in funding by private & government organizations for biobanking and increase in application areas of bio banked samples are the major factors that drive the growth of the global biobanking market. Moreover, upsurge in incidence of diseases such as cancer significantly contributes toward the market growth, owing to the fact that biobanked specimens are used in the treatment of several chronic diseases. However, ethical issues related to biobanking and lack of awareness about it are expected to impede the market growth. On the contrary, advancements in stem cell research and unmet medical needs in emerging nations are anticipated to provide lucrative opportunity for the market expansion.