Biobanks Market Characteristics
The biobanks market consists of sales of biological specimens such as blood products, human tissues, cell lines nucleic acids (DNA, RNA) and other specimens through biorepositories. A biobank is a collection of human biological specimens including whole organs, tissue, blood products, plasma, urine, or intracellular components such as DNA and RNA
Competitive Landscape of the Biobanks Market
Major players in the global biobanks market include The Japanese Red Cross Society, The American Red Cross, Canadian Blood Services and Biobank Graz.
Biobanks Market Size
The biobanks market size is expected to reach $ 69billion by 2023, growing at a CAGR of around 6%. The growth in the biobanks market can be attributed to increasing incidence of diseases such as cancer and rising global ageing population.
However, the market for biobanks is expected to face certain restraints from several factors such as lack of standardization and ethical, legal and social issues.
Biobanks Market Segmentation
The global biobanks market is further segmented based on type and geography.
By Type- The biobanks market is segmented into blood products, cell lines, nucleic acids, and human tissues and cells. Among these segments, the blood products market accounts for the largest segment in the biobanks industry.
By Geography - The biobanks market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America biobanks market accounts for the largest share in the global biobaks industry.
Trends In The Biobanks Market
Development of virtual biobanks and implemenetation of advanced technologies such as IoT are the few major trends witnessed in the biobanks market.
Potential Opportunities In The Biobanks Market
With rising genomic and proteomic research and increasing demand for stem cells and regenerative medicine, the scope and potential of the global biobanks market is expected to increase in the forecast period.