The global Biopreservation Market size is expected to reach USD 8.93 billion by 2022, according to a new report by Grand View Research, Inc., exhibiting a 17.3% CAGR during the forecast period. Rising demand for advanced preservation methods and constantly increasing healthcare spending is anticipated to fuel growth potential in future. Hospitals, pharmaceutical companies, and biotechnology firms are increasingly adopting systems for in-house storage of samples and this is anticipated to provide a significant boost to the market. Surging R&D investments by major companies and research communities striving to improve product development capabilities is also presenting the market with immense potential.
Technological advancements such as advent of virtual bio-banks, which is predicted to witness a significant upsurge in the application, is also resulting in market progression. In addition, increasing preference for maintaining repositories for biological specimens, for application in organ transplantation and regenerative medicine, has benefited the market. Presence of government initiatives such as International Society of Biological and Environmental Repositories to enhance bio-banking and preservation standards and practices is also broadening the scope for growth over the coming years.
In 2014, equipment captured the dominant share by product owing to growing demand from bio-banks. High preservation costs of biological specimens has also benefited this segment
The media segment, on the other hand, is predicted to witness exponential CAGR during the coming years as a result of wide adoption in regenerative medicine
In 2014, bio-banking captured a substantial share in terms of application owing to growing number of tissue and organ transplantations and high awareness levels with respect to bio-banking
Regenerative medicine, on the other hand, is anticipated to register the highest CAGR owing to major investments by public and private healthcare organizations in research focused on restorative therapy
By cell provider, tumor cells captured the largest share in terms of volume in 2014, as a consequence of extensive application in R&D and treatment of cancers with high prevalence
In 2014, North America accounted for the largest share in the biopreservation market, which can be attributed to existing government regulations supporting extensive usage of biological samples in regenerative medicine
Asia Pacific is anticipated to observe exponential growth throughout the forecast period owing to unmet clinical needs in the region, coupled with continued infrastructure upgradation
Key market players are involved in deploying extensive strategies such as new product development, mergers, and acquisitions to gain competitive edge over other players.
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Ryan Shaw Joined: August 11th, 2017 Articles Posted: 601
