Biopreservation refers to the process of preserving cells, tissues or organs outside of their native environment for extended period of time. It has emerged as an effective preservation technique for long-term storage. Owing to this, biopreservation has become vital for the success of various clinical and commercial applications of the evolving cell-based technologies. Nowadays, it is extensively used for retaining the integrity and functionality of clinical trials material, stem cells, embryos, sperms, eggs, etc. in various research and healthcare institutes. The latest report by IMARC Group, titled “Biopreservation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the market has witnessed a healthy growth over the past few years, reaching a value of about US$ 2.8 Billion in 2018.
One of the major factors driving the demand for biopreservation is the development of regenerative medicine for treating and controlling various chronic diseases such as heart failure and diabetes, and degenerative conditions affecting the nerves, bones and joints. Apart from this, the growing prevalence of biobanking all across the world is expected to provide a thrust to the market, as biopreservation is used for conserving various bodily fluids and tissues for research purposes. The market growth will also be influenced by the increasing R&D and healthcare spending by various countries, particularly in the developing regions of the world. Owing to these factors, the market is projected to reach a value of US$ 4.8 Billion by 2024, exhibiting a CAGR of 9.8% during 2019-2024.
The report has segmented the market on the basis of product type, including biopreservation equipment and biopreservation media. Currently, biopreservation equipment represents the largest segment. The market has further been segmented by application into biobanking, therapeutic applications and drug discovery. Region-wise, the report covers North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report has further analysed the competitive landscape of the market. Some of the key players include BioLife Solutions, Inc., Thermo Fisher Scientific Inc., VWR International, LLC, Panasonic Corporation and BioCision LLC.
This report provides a deep insight into the global biopreservation market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the biopreservation industry in any manner.
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