Biobanking Market Share

North American Market Forecast   

The North American biobanking market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The growth of the market can be attributed majorly to the rising adoption of advanced technology, along with the growing awareness regarding biobanking among the people and research professionals, and the escalating investment in research and development activities in the region. For instance, the 16 largest pharmaceutical firms in the United States invested about USD 140 billion in research and development in 2021, which represents a 43% hike from 2016. Additionally, the surge in stem cell practices in the region to develop solutions for various diseases backed by the ongoing development via stem cell technology in regenerative medicines is further projected to expand the market size during the forecast period. Stem cell technology has become the most important treatment method for multiple diseases such as cancer, rare genetic diseases, diabetes, Alzheimer’s, and others. In the United States, approximately 30 million people suffer from diabetes. However, in 2018, around 25 million people were diagnosed with diabetes in a similar region.