Global Biopreservation Market will grow at 11.8% CAGR to exceed $ 4.48bn by 2022

Press release   •   Jan 16, 2018 07:28 EST

Bio-preservation is the process used to extent the shelf life and to enhance the safety of foods by the use of controlled or natural micro biota or antimicrobial compounds. Bio-preservation also helps to maintain the purity, quality, and stability of bio-specimens. Bio-preservation helps in preserving the integrity and functionality of cells, tissues, and organs outside the inhabitant environment for extended storage time at different temperatures. Biological samples such as cells, tissues, plasma, saliva, and other body fluids are regarded to be of great importance for the development of new therapies and drugs that can help in the treatment of chronic diseases. Bio-preservation helps to increase the life of these samples. Equipments such as refrigerators, freezers, liquid nitrogen, and consumables are used for bio-preservation.

According to the report, global demand for biopreservation market was valued at around USD 2.29 billion in 2016, and is expected to generate revenue of around USD 4.48 billion by end of 2022, growing at a CAGR of around 11.8% between 2017 and 2022.

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Growing usage of tissues, plasma, DNA and stem cells for medical research is boosting the demand for bio-preservation. In addition, the emergence of biomedical research for new drugs and therapies coupled along with growing demand for stem cell banking like umbilical cord blood-banking is expected to trigger the growth of biopreservation industry in the coming years. Moreover, increasing demand for organ transplantation as a result of rise in geriatric population and rising incidence rate of diseases related to changing lifestyle pattern are expected to boost the global biopreservation market. However, development of room temperature storage technology coupled along with economic restraints may pose the challenge to biopreservation market. Nevertheless, untapped emerging markets across the globe are expected to act an opportunity for biopreservation market in near future.

Based on product, biopreservation market has been segmented into equipment, LIMS, and media. Equipment segment is further sub-segmented into refrigerators, freezers, liquid nitrogen, and consumables. Equipment was the largest product segment; in terms of revenue it holds more than 75% share of global biopreservation market in 2016. Freezer was the largest sub-segment of equipment market. The media segment is sub-segmented into home-brew media and pre-formulated media. In 2016, based on revenue, the home-brew industry held the major share in the biopreservative media market. The biopreservative consumables segment is expected to be the fastest growing product segment of the market during the forecast period.

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The biopreservation market is segmented based on application segment into bio-banking, regenerative medicine, and drug discovery. The bio-banking segmented dominated the market in 2016. Bio-banking segment is expected to continue its dominance over the forecast period. Factors such as increasing demand for stem cell storage are expected to boost the demand for biopreservation market.

North America is expected to remain the dominant region over the forecast period. Advanced healthcare facilities coupled along with increasing demand for stem cell preservation is offering new opportunities for biopreservation market in this region. Moreover, the increasing prevalence of chronic diseases coupled along with increasing patient awareness levels is also boosting market in this region. Europe was second largest market for biopreservation in 2016. Asia Pacific is projected to be the fastest growing region for biopreservation market during the forecast period. As a result of increasing aging population in Brazil, Latin America is also expected to experience noticeable growth in the years to come.

Some of the key players in biopreservation market are Biomatrica Inc., Thermo Fisher Scientific Inc., BioCision LLC, VWR International LLC, Qiagen, Panasonic Corporation, Labvantage Solutions Inc., and BioLife Solutions Inc. among others.

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