Biobanking Market Poised for Exponential Growth: CAGR of 4.2% Fueling Market Boom (2023-2032)
The biobanking market size was valued USD 69.5 billion in 2022 and is expected to reach USD 93.3 billion by 2032 at 4.2% CAGR during the forecast period 2023-2032. The biobanking market has witnessed substantial growth in recent years, fueled by the increasing emphasis on personalized medicine and advancements in genomic research. Biobanking involves the collection, processing, storage, and distribution of biological specimens, such as blood, tissues, and cells, for research and clinical purposes. Specimen banking and tissue biobanking play pivotal roles in this dynamic industry. Specimen banking is a critical component of biobanking, encompassing the systematic storage of diverse biological materials. These specimens serve as valuable resources for researchers, clinicians, and pharmaceutical companies, facilitating a deeper understanding of diseases and the development of targeted therapies. Tissue biobanks, a subset of biobanking, focus specifically on the c...