London, UK -- (SBWIRE) -- 01/28/2020 -- The global biobanks market consists of sales of biological specimens such as blood products, human tissues, cell lines nucleic acids (DNA, RNA) and other specimens through biorepositories. This market does not include sales generated from the sale of blood to be used for transfusions to treat medical conditions or of statistical information such as age, gender, diet and lifestyles which biobanks collect.

Factors such as advances in drug discovery and development, rise in funding from government and private organizations, changes in lifestyle and increasing geriatric population globally are contributing to the growth of the market.

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The global biobanks market will arise in the USA, where the market will gain $4,543 million in annual sales between 2018 and 2023, in China, where it will put on $3,488 million and globally, where the blood products segment will accrue $10,385 of extra revenues in that period. To take advantage of such opportunities, biobank businesses should adopt strategies such as developing virtual banks to speed up the accessibility of bio specimen and clinical data, implementing radio frequency identification (RFID) technology to automate bio specimen sample tagging and tracking and help reduce costs and errors and building resource centers of biological samples for major diseases.

Biobanks Market Segmentation :-

By Segment - The biobanks market is categorized by segment into
1.Blood Products
2.Cell Lines
3.Nucleic Acids
4.Human Tissues and Cells

The blood products segment accounted for the largest share of the biobanks market in 2018 at $38.1 billion. The highest growth is projected to come from the human tissues and cells segment, which is forecast to grow at a CAGR of 12.3%. This growth was mainly due to greater use of blood products such as plasma and platelets for treating medical conditions and for medical research.

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By Geography - The biobanks market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

North America was the largest region in the biobanks market in 2018, accounting for 46.8% of the global market. It was followed by Western Europe and Asia Pacific. Going forward, the fastest growth in the biobanks market will take place in Asia Pacific, followed by South America.

Some of the major key players involved in the biobanks market are Japanese Red Cross Society, American Red Cross, Canadian Blood Services, Biobank Graz, Shanghai Zhangjiang Biobank

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