TMR’s report on the global biobanking market studies the past as well as current growth trends and opportunities, to gain valuable insights of the indicators for the said market during the forecast period of 2019 to 2027. The report provides the overall market revenue of the global biobanking market for the period of 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global biobanking market from 2019 to 2027.
The report is prepared after extensive research. Primary research involved bulk of the research efforts, wherein, analysts carried out interviews with key opinion leaders, industry leaders, and opinion makers. Extensive secondary research involved reaching out to key players’ product literature, annual reports, press releases, and relevant documents to understand the biobanking market.
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Global Biobanking market Witness Most Promising Rise in Demand
The collected terabytes of biological data and its associated information are revolutionizing healthcare infrastructure across nations. Likewise, stakeholders in the biobanking market are increasing their focus on personalized medicines to meet the growing demand for the specific diagnosis for rare-case diseases. In 2017, North America topped the list of major countries in the world, and contributed ~17% of its GDP towards healthcare spending. Correspondingly, North America is projected to dominate market revenue throughout the forecast period in the biobanking market.
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The biobanking market is anticipated to grow at a CAGR of ~7%. This healthy growth rate has promising incremental opportunities for stakeholders in this market space. AI-driven process automation, data analytics, robotics, and the Internet are emerging as advanced technologies for developing virtual biobanks. However, the lack of privacy and security to safeguard patient data, samples, and specimens is an ongoing challenge for stakeholders. To overcome this challenge, they are collaborating with IT companies to avoid the risks of unethical utilization of data. Since therapeutics accounts for the highest revenue in the biobanking market, stakeholders should increase their focus on disease understanding, drug discovery, and development to support the healthcare infrastructure.
Key Players of Biobanking Market Report:
Leading players analyzed in the report on the biobanking market are: Thermo Fisher Scientific, Inc., PHC Holdings Corporation (Panasonic Healthcare), Hamilton Company, Chart Industries, Inc., VWR International, LLC (Avantor, Inc.), QIAGEN N.V., Greiner AG, Brooks Automation, Inc., Merck KGaA, Tecan Trading AG.
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