Biopreservation is a process used for retaining the integrity of cells, organs and tissues for an extended period of time. It is widely used in the medical research sector to maintain and accommodate the stability of samples, including stem cells, DNA and plasma. As a result, biopreservation has become important for the success of several commercial and clinical applications of the evolving cell-based technologies. A new research report by IMARC Group, titled “Biopreservation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global biopreservation market reached a value of US$ 2.8 Billion in 2018. The report further anticipates the market value to reach US$ 4.8 Billion by 2024, at a projected CAGR of 9.8% over the forecast period.
Global Biopreservation Market Drivers/Constraints:
- Regenerative medicines help to treat diseases such as cancer, heart diseases and neurological disorders; eliminate the need for organ transplantation; and restore the function of damaged tissues through cellular components. The growing demand for regenerative medicine has resulted in an increasing growth of the biopreservation market globally.
- The rapid economic development has led to the improved access to healthcare facilities in both the developing and developed countries. This is anticipated to bolster the growth of biopreservation market across the globe.
- Some of the other factors catalysing the demand for biopreservation are adoption of in-house sample storage in hospitals and labs, and increasing investments in personalized medicine, bio-banks, and research and development.
- The high cost of sophisticated biopreservation instruments and equipment is a major restraint in the global biopreservation market. The possibility of tissue injury during thawing and preservation is another major factor challenging the growth of the market.
Product Type Insights:
On the basis of type, the market has been segregated as biopreservation equipment and media. Amongst these, biopreservation equipment is the most popular product type, accounting for the majority of the market share.
Based on application, biobanks dominate the market, representing the largest application segment of biopreservation. This can be attributed to the growing need for clinical specimen for conducting translational research. Other major segments include therapeutic and drug discovery applications.
On a geographical front, the market has been segmented as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Currently, Europe is the leading market for biopreservation on account for government support for the development of new therapies and drugs.
The players in the global biopreservation market are involved in the development of new products, and merger and acquisition activities so as to stay competitive. Some of the leading companies include:
- BioLife Solutions, Inc.
- Thermo Fisher Scientific, Inc.
- VWR International, LLC
- Panasonic Corporation
- BioCision LLC
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