Global biobanking market was valued at $47,062 million in 2017, and is estimated to reach $68,084 million by 2025, with a CAGR of 4.6% from 2018 to 2025. Biobanking is a procedure to collect and preserve biological materials that can be further used for diagnosis, biodiversity studies, and research. The major factors that drive the growth of the global biobanking market include rise in funding support by private & government organizations. Furthermore, increased incidence of chronic disease further propel the market growth. However, ethical and legal issues related to biobanking restrict the market growth.
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