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The global biopreservation market was valued at US$ 6.9 Billion in 2022.
We expect the global biopreservation market to exhibit a CAGR of 11.7% during 2023-2028.
The growing adoption of biopreservation technology to develop novel therapies and drugs in the field of medical research is primarily driving the global biopreservation market.
The sudden outbreak of the COVID-19 pandemic has led to the rising prominence of biopreservation for preserving convalescent plasma and formulation of effective drugs against the coronavirus infection.
Based on the product type, the global biopreservation market has been segmented into biopreservation equipment and biopreservation media. Currently, biopreservation equipment exhibits a clear dominance in the market.
Based on the application, the global biopreservation market can be categorized into therapeutic applications, biobank applications, and drug discovery applications. Among these, biobank applications account for the majority of the total market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global biopreservation market include BioLife Solutions, Inc., Thermo Fisher Scientific Inc., VWR International, LLC, Panasonic Corporation, and BioCision LLC.
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