( MENAFN - Evertise Digital) The biobanking market holds immense potential, valued at USD 76.68 Billion in 2023 and projected to reach USD 151.11 Billion by 2031.
This growth signifies a compound annual growth rate (CAGR) of 8.85% over the forecast period. Fueled by advancements in personalized medicine, genetic testing, and the growing prevalence of chronic diseases.
Several factors contribute to this expansion, including: List of Biobanking Market Companies Profiled in Report: Download Free Sample Report of Biobanking Market @ Regenerative Medicine Innovations Growing government initiatives and clinical trials associated with stem cell research are propelling the market forward. Investments in stem cell therapies and the ethical conduct of research, as exemplified by the Indian Council of Medical Research (ICMR) releasing National Guidelines for Stem Cell Research (NGSCR) 2017, are fueling market expansion. Drug Discovery and Development Advancements Biobanks provide researchers with valuable biospecimens for drug discovery and development.
This facilitates the creation of more effective medications with fewer side effects. R&D Funding: Increased funding by government and non-government organizations is accelerating biobanking initiatives. Examples include the Swedish Childhood Tumor Biobank receiving strategic investments and Audubon Bioscience's successful crowdfunding campaign.
In October 2023, AstraZeneca research leveraged data from over 50,000 UK Biobank participants .
