The global biobanks market was valued nearly at $8 billion in 2018. North America was the largest region in the biobanks market in 2018, accounting for around 47% of the global market. The USA is the largest country in terms of value in the biobanks market.
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. This market does not include sales generated from the sale of blood to be used for transfusions to treat medical conditions or of statistical information such as age, gender, diet and lifestyles which biobanks collect. 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.
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Biobanks Market Size
The biobanks market is expected to grow at a growth rate of around 6% to nearly $689 billion by 2023.Factors such as advances in drug discovery and development, rise in funding from government and private organizations, changes in lifestyle and increasing geriatric population globally are contributing to the growth of the market. Factors such as such as stringent regulations, lack of standardization and ethical and legal issues such as informed consent and protection of participant privacy may restrain the growth of the biobanks market.
Major players in the market include Japanese Red Cross Society (JRCS), American Red Cross, Canadian Blood Services, Biobank Graz, Shanghai Zhangjiang Biobank and others.
The Japanese Red Cross Society (JRCS), a non-governmental organization, is the Japanese affiliate of the International Red Cross. The Society was founded in 1877 and was incorporated under the provisions of the Japanese Red Cross Society Law in 1952.
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The Biobanks market is categorized by segment, and by geography.
By Segment – The biobanks market is categorized by segment into
- a) Blood Products
- b) Cell Lines
- c) Nucleic Acids
- d) Human Tissues and Cells
The blood products segment accounted for the largest share of the biobanks market in 2018 at $38.1 billion. The highest growth is projected to come from the human tissues and cells segment, which is forecast to grow at a CAGR of 12.3%. This growth was mainly due to greater use of blood products such as plasma and platelets for treating medical conditions and for medical research.
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