Biobanking Market Regional Analysis:
North American Market Insights
North America region is likely to hold over 40.8% market share by 2035, fueled by the rising adoption of advanced technology and growing awareness regarding biobanking. 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.
