The global biopreservation market size reached US$ 6.1 Billion in 2021. Looking forward, the market to reach US$ 12.1 Billion by 2027, exhibiting at a CAGR of 11.9% during 2022-2027, according to latest report by IMARC Group.
Biopreservation refers to the process of preserving products while extending their shelf life. It is generally adopted in a laboratory setup that involves the use of multiple natural substances, including antimicrobials and microbiota, that aids in preventing the growth of pathogenic microbes. It also helps extend the function of biological materials, including plasma, stem cells, tissues, and deoxyribonucleic acid (DNA). As a result, it is extensively utilized by research professionals to retain the integrity and functionality of sperms, eggs, and embryos for research purposes. Apart from this, it also helps in eliminating the need for an organ transplant by restoring the damaged cells via cellular components.
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Global Biopreservation Market Trends
The global market is primarily driven by significant growth in the healthcare sector. Along with this, the increasing incidences of chronic illnesses among the masses have propelled the demand for regenerative medicines. This, in turn, has provided a boost to the adoption of the biopreservation method across the globe. Moreover, continual advancements in biotechnology have positively influenced the market growth on the global level. For instance, the widespread adoption of nanotechnology in the biopreservation process is acting as a growth-inducing factor.
Furthermore, the rising investments by public and private firms to upgrade the existing healthcare infrastructure is acting as one of the key factors driving the market growth. The market is further driven by the emerging clinical needs and the advent of virtual biobanks. Other factors, including continual improvements in bioengineering and molecular biology and extensive research and development (R&D) activities, are also projected to drive the market growth further.
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Some of the leading companies include:
- BioLife Solutions, Inc. (BLFS)
- Thermo Fisher Scientific Inc. (NYSE: TMO)
- VWR International, LLC
- Panasonic Corporation (PCRFY)
- BioCision LLC
Insights on Market Segmentation:
Breakup by Product Type
1. Biopreservation Equipment
2. Biopreservation Media
On the basis of the product type, the market has been segmented into biopreservation equipment and biopreservation media. Among these, biopreservation equipment represents the largest segment.
Breakup by Application
1. Therapeutic Applications
2. Biobank Applications
3. Drug Discovery Applications
Based on the application, the market has been categorized into biobanking, therapeutic applications and drug discovery.
Breakup by Region
1. North America
3. Asia Pacific
4. Latin America
5. Middle East and Africa
On the basis of the region, the market has been divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.