PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1424372
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1424372
The biobanking equipment market size is expected to reach US$ 6.34 Bn by 2030, from US$ 2.98 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 11.4% during the forecast period.
Report Coverage | Report Details | ||
---|---|---|---|
Base Year: | 2022 | Market Size in 2023/2024: | US$ 2.98 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023/2024 to 2030/2031 CAGR: | 11.40% | 2030/2031 Value Projection: | US$ 6.34 Bn |
A biobank is a collection of biological samples (such as blood) and health information. Biobanks can be large and hold thousands of samples, or they may be small and hold only a few hundred samples. Different biobanks collect different types of samples and information. The types of information and samples collected depend on the specific purpose of the biobank. For example, some biobanks are specific to a particular disease, such as cancer. Other biobanks are population based and contain samples and information from people in a specific population or region. There are different organization which creates biobanks which includes hospitals, research centers, universities, organizations that study specific diseases
Increasing prevalence of chronic and rare disease globally is expected to propel the market growth over the forecast period. Moreover, increasing research and development (R&D) activities by the key market players to develop novel treatment for orphan diseases will aid in the market growth over the forecast period. According to the National Institutes of Health (NIH) in 2019, there are approximately 7,000 rare diseases affecting between 25 and 30 million Americans. This equates to 1 in every 10 Americans, or one on every elevator and four on every bus.
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