Biobanking Market Expected to Reach $68,084 Million Biobanking refers to the process in which biological samples are collected and stored for research and clinical care. The major factors that contribute towards the market growth include rise in funding by private & government organizations for biobanking and increase in application areas of biobanked samples. Biobanked specimens are used in the treatment of several chronic diseases, and thus increase in incidence of disease such as cancer further supports the market growth. However, ethical issues related to biobanking and lack of awareness about it are expected to impede the market growth. Conversely, unmet medical needs in the emerging nations are expected to provide lucrative opportunity for the market. Global biobanking market was valued at $47,062 million in 2017, and is estimated to reach $68,084 million by 2025, with a CAGR of 4.6% from 2018 to 2025. Biobanking is a procedure to collect and preserve biological materials that can be further used for diagnosis, biodiversity studies, and research. The major factors that drive the growth of the global biobanking market include rise in funding support by private & government organizations. Furthermore, increased incidence of chronic disease further propel the market growth. However, ethical and legal issues related to biobanking restrict the market growth.
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