Increasing demand for preserving stem cells and rise in the number of egg & sperm banks along with the growing implementation of assisted reproductive technology (ART) across the globe is expected to boost the Biopreservation market demand over the coming years. Growing healthcare awareness among the people as well as technological breakthroughs in healthcare are predicted to complement the industry growth. A large global population suffering from lifestyle related diseases as well as cardiovascular disorders, high blood pressure, and cancer is predicted to promote the expansion of the market over the coming eight years. The increasing popularity of regenerative drugs along with wide biobanking application for cell, organ, and tissue preservation is further predicted to benefit the industry in near future. According to Global Market Insights Inc., “The biopreservation market size worth USD 3 billion in 2015, is predicted to exceed USD 9.7 billion mark, growing at a CAGR of 13.4% over the period of 2016-2024.”
Amongst the key biopreservation applications, biobanking segment is predicted to contribute a major portion of the revenue share over the coming years due to extensive use of biopreservation in IVF as well as in human eggs & sperms. Regenerative medicine segment is predicted to display a noticeable growth over the coming eight years due to increasing demand for effective biopreservation procedures.
U.S. Biopreservation Market size, by product, 2012- 2024 (USD Million)
The global biopreservation industry comprises various products such as media, equipment, and laboratory information management systems. The biopreservation equipment market, which dominated the global revenue share in 2015, is predicted to witness a noticeable growth over the period of 2016-2024 owing to its growing use in stem cell, tissue, DNA, and plasma research. It comprises vials, refrigerators, tubes, cryo bags, liquid nitrogen tanks, freezers, and other consumables. The biopreservation media market share is predicted to witness a steady growth over the period of 2016-2024 as a result of breakthroughs in tissue engineering as well as regenerative medicine. The Laboratory information management systems market is predicted to display a noticeable growth over the coming eight years owing to rise in number of data storage facilities. It is used to store the data of preserved samples.
The Asia Pacific biopreservation market worth USD 564 million in 2015, is anticipated to record a CAGR of 15.6% over the period of 2016-2024 owing to rising investments in the healthcare, increase in the number of patients suffering from chronic lifestyle ailments, and the growing occurrence of chronic diseases. China and Japan are predicted to contribute significantly towards the regional growth over the coming years. The North America market is predicted to witness a substantial growth over the coming eight years as a result of new drug development, breakthroughs in the healthcare research industry, rising demand for diagnosis of chronic ailments, and government support for ethical use of biological samples. The U.S. biopreservation market, which dominated the global revenue share by contributing USD 1.26 billion in 2015, is predicted to contribute substantially towards the regional growth.
Key industry players include Lifeline Scientific Incorporation, Qiagen, Thermo Fisher Scientific, VWR International, Biolife Solutions, Atlanta Biologicals, Cesca therapeutics Inc., and LabVantage Solutions. These market players will try to grow their regional presence and enhance their product portfolio through innovation, mergers & acquisitions and R&D investments.