Global Biobanking market, Size, Share, Market Intelligence, Company Profiles, Market Trends, Strategy, Analysis, and Forecast 2018-2023
Global Biobanking market is expected to grow at a CAGR of 7.2% during 2018-2023. A biobank is a biorepository that is used to store biological samples of human to be used in research. Most of the bio-banked samples are used by research groups for the development of new tests and effective treatment of cancer. The growth of the market has been propelled by cohesive government policies and funding from government and private ventures in biobanks. Large biobanks were supported by government and charitable organizations while private funding maintains the pharmaceutical biobanks. For an instance, in the US, Cancer Human Biobank, Bethesda, MD (the caHUB) was developed and supported by the National Cancer Institute (NCI) for the preservation of high-quality human cancer tissue samples for medical research.