Market Size of North America Biobanks Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Biobanks Market Analysis
Stem cell practices are on the rise and are contributing to the development of new solutions for various diseases. Several advancements have been made in regenerative medicine through stem cell technology over the past decade. Thus, it has become one of the vital treatment methods for diseases, such as Alzheimer's, diabetes, cancer, and rare genetic diseases. In order to benefit from the existing therapies, umbilical cord cells and other stem cells are preserved in Biobanks. According to the Hastings Center, a non-profit organization, 300 million bio-specimen have been stored in the United States in various public and private biobanks. With the increase in awareness about stem cell therapies, there have been a larger number of parents, who choose umbilical cord banks for their children. Biobanks not only aid in the therapies for genetic diseases, but also in medical research on rare genetic disorders. However, other factors such as rising burden of chronic diseases and increasing healthcare expenditure are also expected to drive the market in the forecast period
