Increase in government initiatives to boost the research and development is driving the growth of biopreservation market
Increase in number of human sperm and egg banks, and rising demand for preservation of new born stem cells, and adoption of in- house sample storage in hospitals are some of the major factors driving the growth of biopreservation market. Government initiatives in the form of grants, funds, and contract or other type of funding will boost the research and development activities for various companies and research organizations is expected to boost the market. For Instance, according to UK government policy, 2015 explains that there is an expected investment of £5 billion in health and research development by 2020 and additionally Welcome Trust (WT) UK is going to provide funds around £13.9 billion in healthcare research.
Biopreservation is the technique used to increase shelf life of product, and to ensure the stability, purity of bio specimens. Bio-preservation is used for the storage of cells, tissues, organs and its recent trend includes its use in food safety. The equipment such as refrigerators, liquid nitrogen and consumables, and media and laboratory information management systems are used for bio preservation. Biobanking is a type of biopreservation that is widely used in medical research such as genomics research and for personalized medicine. Numerous type of bio specimen like saliva, plasma, and purified DNA can be maintained through biopreservation technique and maintain safe from contaminants. Some samples can be stored for longer time with the help of biopreservation so that it can be used for longer research studies.
Increase in healthcare expenditure globally, investment in bio-banks and personalized medicines, are also propelling the biopreservation market growth. The rising population with lifestyle related diseases, cardiovascular diseases, cancer and hypertension are other factors that are driving the growth of biopreservation market. According to World Health Organization (WHO), in 2015, cardiovascular diseases caused 31% of all diseases and 8.8 million people died due to cancer. However, there are certain restraints effecting the market which includes chances of tissue injury during the preservation, high cost of instruments and their maintenance. The technological breakthroughs and regenerative drugs along with the applications of biobanking for cell, tissue, and organ is expected to create numerous opportunities in the biopreservation market.
Bio-banking segment dominates the biopreservation market due its extensive application in numerous areas
The global biopreservation market is segmented by application, by product type, by bio–specimens, by end user and by region.
On the basis of application, the market is segmented into
- Bio banking
- Human eggs
- Human sperms
- Veterinary IVF
- Regenerative medicine
- Cell therapy
- Gene therapy
- Drug discovery
On the basis of product type, the market is segmented into
- Microtiter plates
On the basis of bio–specimens, the market is segmented into
- Tissue samples
- Stem cells
On the basis of end users, the market is segmented into
- Bio banks
- Research organizations
Biopreservation market is expected to show a sustainable growth in Asia Pacific due to the increase in awareness about preservation of umbilical cord cells
Regional segmentation of global biopreservation market by Coherent Market Insights comprises of North America, Latin America, Europe, Asia Pacific, Middle East and Africa. North America dominates the biopreservation market owing to the factors such as development of novel drugs, increasing demand for diagnosis of chronic diseases, therapies in healthcare sector, and regulations by government to support ethical usage of biological samples. Biopreservation market is driven in the Asia Pacific region due to some factors such as rising population, rise in investments in healthcare research, and growing awareness about preservation of umbilical cord cells. The statistics published in New England Journal of Medicines informed that in 2012, Japan and China had increased their total medical research spending by U.S. $9.0 billion and U.S. $6.4 billion respectively and contributed as 13.8% and 3.1% of world’s total medical research expenditure.
Broad product portfolio of major industries helping them to lead in the biopreservation market
Key players operating the market are Biolife solutions, THERMO- FISHER SCIENTIFIC, BioCision LLC, Simport scientific, Cesca Therapeutics, Atlanta biologics, Lifeline scientific, LabVantage solutions, Hamilton Company, Core dynamics ltd., and others. The major industry players are leading in the biopreservation market due to their broad product portfolio particularly related to media, freezers, refrigerators, consumables and their wide regional presence.
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