The Biopreservation market is expected to grow during the forecast period (2018–2023) at a CAGR 11.2%. Biopreservation is a use of natural flora and its antibacterial products to preserve biological material. Biopreservation is playing an important role in healthcare and food industry to preserve the biological material or food product for a long time. The increasing expenditure on healthcare, growing demand for stem cell preservation and awareness about its use with regards to treatment of diseases are expected to drive the growth of the market. Moreover, increasing awareness about personalized medicines and its applications are contributing to the growth of the biopreservation market. According to the US Food and Drug Administration (FDA), The department has approved 16 personalized medicines in the year 2017, which accounts for 20% of total drug approvals.
The rising high price of biopreservation instruments and its maintenance, stability issues related to the specimen and lack of skilled personnel for handling the biopreservation process may hamper the growth of the market during the assessment period.
The biopreservation market has been segmented on the basis of product, biospecimen, and application.
On the basis of product, the market has been classified as media and equipment. The media subsegment has been further divided into nutrient media, sera, and growth factors and supplements. The equipment segment has been further divided into temperature control systems, accessories, alarms & monitoring systems, incubators, centrifuges, and other equipment. The temperature control systems segment has been further classified as freezers, cryogenic storage systems, thawing equipment, and refrigerators. The biospecimen segment has been divided into human tissue samples, organs, stem cells, and other biospecimens.
The market, by source, has been segmented into regenerative medicine, biobanking, and drug discovery. On basis of regenerative medicine, the market has been divided into cell therapy, gene therapy, and others. Biobanking segment includes human egg, human sperm, and veterinary IVF.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The biopreservation market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The biopreservation market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Global Biopreservation Market Share, by Region, 2017 (%)
Source: MRFR Analysis
The Americas are likely to dominate the global biopreservation market owing to the adoption of advanced technology, increasing spending on healthcare R&D, the presence of a well-established healthcare system, and increasing in-house sample storage in hospitals and research institutes. Moreover, presence and recent merger and acquisition activities by market players in the region are contributing to the growth of the market. For instance, in 2017, Cesca Therapeutics Inc. has acquired Sacramento’s SynGen Inc. for USD 1 million with this acquisition company has managed to add cell separation and cord blood processing products in their portfolio.
The European market is expected to be the second-largest biopreservation market. The market growth in this region can be attributed to the increasing number of births and with-it continuous increase in demand for umbilical cord preservation. According to the European Commission, in the year 2016 more than 5.1 million babies were born in Europe. Moreover, a growing number of sperm and egg banks is contributing to the growth of the market in this region.
Asia-Pacific is expected to be the fastest-growing biopreservation market during the forecast period owing to the increasing population in the region, increasing awareness about stem cell preservation and continuous development in the healthcare sector due to government funding.
The market in the Middle East & Africa is expected to account for the smallest share of the global biopreservation market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
Some of the key players in the global biopreservation market are Thermo Fisher Scientific, Inc, VWR International, LLC., CUSTOM BIOGENIC SYSTEMS., BioLifeSolutions Inc., BioCision., Sigma-Aldrich Co., QIAGEN, Lifeline Scientific, Cesca Therapeutics Inc., Core Dynamics, Ltd., Princeton CryoTech, Biomatrica, Inc., Panasonic Biomedical, Inc., Chart Industries, and ATLANTA BIOLOGICALS
Biopreservation Market, by Product
Biopreservation Market, by Biospecimen
Biopreservation Market, by Application
Global Market, by Region
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product, Application, Biobanking|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Thermo Fisher Scientific, Inc, VWR International, LLC., CUSTOM BIOGENIC SYSTEMS., BioLifeSolutions Inc., BioCision., Sigma-Aldrich Co., QIAGEN, Lifeline Scientific, Cesca Therapeutics Inc., Core Dynamics, Ltd., Princeton CryoTech, Biomatrica, Inc., Panasonic Biomedical, Inc., Chart Industries, and ATLANTA BIOLOGICALS|
|Key Market Opportunities||Presence and recent merger and acquisition activities by market players and growing number of sperm and egg banks|
|Key Market Drivers||
Biopreservation is a use of natural flora and its antibacterial products to preserve biological material. Biopreservation is playing an important role in healthcare and food industry to preserve the biological material or food product for a long time. The global biopreservation industry has been segmented on the basis of product, biospecimen and application.
The Biopreservation Market is projected to grow at an 11.2% CAGR between 2018-2023.
Rising expenditure on healthcare and awareness about personalized medicines are adding market growth.
High instrument price may limit market growth.
It is widely used in regenerative medicine, biobanking, and drug discovery.
North America is expected to lead the Biopreservation Market.