BIOBANK MARKET ANALYSIS

Regional Analysis

Increasing funds from National Institute of Health, USA is expected to dominate North America in the global biobank market

Regional segmentation of the global biobank market by Coherent Market Insights comprises North America, Latin America, Europe, and Asia-Pacific. According to the research conducted by BioMed Central, United States, stored 270 million specimens in biobanks in 2008, with the rate of new samples collected being 20 million every year. North America is expected to dominate the global biobank market with the increasing funds from healthcare organizations like National Institute of Health (NIH) and National Cancer Institute, which facilitate biobanks across the U.S. in October 2017, National Institutes of Health granted $2.1 million to the UK ME/CFS Biobank, which represents a huge investment in biomedical research. Thus, rise in funds for biobanks is expected to fuel the biobanking market size. Additionally, the rising interest in biotechology has facilitated collaborations of biobanks which is expected to augment the global biobank market in the forecast period. Asia-Pacific is expected to have an opportunistic biobank market owing to the rise in diseases, government initiative to finance the cell-based therapies, substantial investment by pharmaceutical, high number of biotechnology companies, and public awareness.