The global biobanks market size is expected to reach USD 106.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2021 to 2028. Biobanks continue to evolve with the introduction of new technologies such as NGS and increased focus on genomic medicine. The availability of several types of biospecimens to cater to multiple domains including drug discovery, diagnostics, and others has accelerated the diversification of biorepositories, thereby driving the market.
The quality of biospecimens can significantly influence the disease testing as well as preclinical and clinical research. Regulatory agencies have played a vital role in spurring the adoption of biobanking services by establishing guidelines for the effective management of samples. For instance, the U.S. Centers for Disease Control and Prevention (CDC) released guidelines to minimize human hazards while handling COVID-19 samples.
This serves as a model for other biorepositories. Furthermore, as the number of research studies and clinical trials related to COVID-19 is increasing, the demand for high-quality biospecimens is expected to significantly increase in the near future, leading to market growth. In addition, population-based cohort studies are facilitated by biorepositories to estimate the actual seroprevalence. Health Catalyst, Inc., through its Touchstone platform, provides national data related to COVID-19 insights. Such factors are anticipated to contribute to the revenue flow in this space.
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Biobanks Market Report Highlights
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Biobanks Market Segmentation
Grand View Research has segmented the global biobanks market on the basis of product, service, biospecimen type, biobanks type, application, and region:
Biobanks Product Outlook (Revenue, USD Million, 2017 – 2028)
Biobanks Service Outlook (Revenue, USD Million, 2017 – 2028)
Biobanks Biospecimen Type Outlook (Revenue, USD Million, 2017 – 2028)
Biobanks Type Outlook (Revenue, USD Million, 2017 – 2028)
Biobanks Application Outlook (Revenue, USD Million, 2017 – 2028)
Biobanks Regional Outlook (Revenue, USD Million, 2017 – 2028)
List of Key Players of Biobanks Market
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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