Biobanks Market Demand Is Increasing With CAGR Of 6.2% From 2021 to 2028
Biobanks Industry Overview The global biobanks market size was estimated at USD 65.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028. High investments for R&D of advanced therapies such as regenerative medicine, personalized medicine, and cancer genomic studies are driving the space. Moreover, the onset of COVID-19 has put biobanks at the forefront of pandemic control measures, resulting in the organic revenue growth of the market. The increasing popularity of precision/personalized medicine and genetic testing has been a key driver of the market. Biobanks have been playing a significant role in biomedical research. Over the past few decades, there have been several advances in platforms and tools used in genetic studies. This has led to an increase in demand for biospecimens from clinical labs to develop assays for genetic testing. Gather more insights about the market drivers, restrains and growth of ...