Global Biopreservation Market Overview 2017: Demand By Region, Applications, Types and Forecast
The market is anticipated to reach a value of around US$ 4.5 Billion by 2022, representing a CAGR of around 10%.
United States, 13 November 2017 -- The global biopreservation market has experienced a healthy growth in the past few years. Growing number of biobanks and hospitals has largely contributed in amplifying the demand for biopreservation.
The latest report by IMARC Group, titled “Biopreservation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global biopreservation market reached a value of about US$ 2.5 Billion in 2016. Biopreservation is an effective storage technique which helps to keep the integrity of tissues, cells and organs for an extended period of time. It ensures the functionality of cells by preserving them at a favourable temperature. It can be categorized into four different areas on the basis of technique, namely cryopreservation, desiccation, hypothermic storage and vitro culture. Biopreservation is extensively used in the medical research sector to accommodate and maintain the stability of samples such as tissues, plasma, DNA and stem cells.
Development of regenerative and personalised medicines will aid the market growth.
On the basis of product type, biopreservation equipment dominates the market.
Based on applications, biobanking accounts for the largest share globally.
Rising number of research activities in regenerative medicines has emerged as a growth-inducing factor for the market. These medicines are used for the treatment of damaged cells, tissues and organs, thereby eliminating the need for organ transplant. They are also helpful in the treatment of chronic and lifestyle diseases such as hypertension, cancer, cardiovascular diseases, neurological disorders, etc. Support by government organizations for the development of these medicines is providing a thrust to the market. Personalised medicines, which offer treatment based on the individual characteristics, needs and preferences, are also gaining prominence worldwide. Apart from this, increasing number of biobanks, gene banks and hospitals have further facilitated the demand for biopreservation. Other factors driving the market are increasing healthcare expenditure, surging disposable incomes, and advancements in research and development in the emerging regions. Further, the market is anticipated to reach a value of around US$ 4.5 Billion by 2022, representing a CAGR of around 10%.
The market has been segregated on the basis of product type, where biopreservation equipment represents the largest segment, followed by biopreservation media. Further, the market has been segmented on the basis of application with biobanking as the dominant segment. It is followed by therapeutic applications and drug discovery. Region-wise, the major market includes Europe, North America, Latin America, Asia Pacific, and Middle East and Africa. An analysis of the competitive landscape finds that the key players operating in the market are Thermo Fisher Scientific Inc., VWR International, LLC, Biolife Solutions, Inc., Panasonic Corporation and Biocision LLC.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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Media Contacts: IMARC Group
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