Biopreservation Market Size & Share 2022 to 2030
Market Size by Product (Equipment {Freezers, Refrigerators, Consumables, Liquid Nitrogen}, Media, Laboratory Information Management System), Application, Cell Provider & Global Forecast.
Report ID: GMI762
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Published Date: September 2022
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Report Format: PDF
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Authors:
Mariam Faizullabhoy, Gauri Wani
Biopreservation Market Size
Biopreservation Market size surpassed USD 4.5 billion in 2021 and is expected to grow at over 8% CAGR between 2022 and 2030. Growing prevalence of chronic diseases will drive the global market expansion.
Biopreservation extends the shelf life of food by adding natural or controlled antimicrobials or microbiota. The surging demand for biopreservatives in the pharmaceutical industry will foster market outlook. The growing number of people diagnosed with chronic diseases, such as diabetes, heart diseases, and ailments affecting the joints, nerves, bones, and more, will amplify the adoption of regenerative therapies. Biopreservation techniques are vital for regenerative medicines in order to maintain their integrity and functionality.
Additionally, the development of next-generation cryopreservation methods, upgradation of hypothermic storage formulation, and integration and design of nanoscale technologies have encouraged pharmaceutical companies, biotechnology firms, and hospitals to adopt in-house systems of the samples, fueling market value.
Favorable government initiatives and growing adoption of biopreservation techniques from the world's expanding biobanks for the preservation of plasma, cells, tissue, and DNA will also promote biopreservation market growth. The companies in the field are majorly engaging in rigorous research and development activities, along with strategic mergers, acquisitions, and partnerships, to maintain their business standing.
Temperature accuracy may restrain industry progression
The requirement for room temperature storage technology is a major factor restraining industry landscape. For instance, vaccines save around 3 million lives annually in the U.S., however, vaccines worth around USD 20 million are wasted or discarded annually owing to incorrect refrigeration and storage. Freezing and thawing frequently result in tissue damage or cell harm, which is hampering market revenue. Nonetheless, ongoing research associated with the longevity of products, such as vaccines, genes, and others, preserved using biopreservation techniques, will propel market forecasts.
Biopreservation Market Analysis
In terms of product, the biopreservation market is categorized into equipment, media, and laboratory information management system (LIMS). The laboratory information management system segment is set to cross USD 630 million by 2030. The LIMS is used for data management of preserved samples and will witness significant demand due to the soaring number of storage facilities. Moreover, emerging technological advancements, which are leading to efficient biopreservation techniques, will accelerate industry trends.
With respect to cell provider, the biopreservation market is divided into CD34+, CD19+, MSC, iPSC, hESC, and tumor cells. The tumor cells segment is projected to exceed USD 1.5 billion by 2030. This is attributed to the increasing prevalence of cancer across the globe, which requires advanced biopreservation systems to store therapeutic medicines and injections.
In terms of application, the biopreservation market is segregated into regenerative medicine, biobanking, and drug discovery. The biobanking segment will register a share of over 70% in the biopreservation industry by 2030. A prominent factor that is contributing to the growth of the biobanking segment is the escalating number of biobanks around the world for conducting biopreservation techniques.
Asia Pacific biopreservation market anticipated to surpass USD 2 billion by 2030 owing to the expanding population and prevalent unmet healthcare needs. Moreover, the mounting awareness regarding the preservation of umbilical cord cells and snowballing investment in healthcare research activities will spur the business potential.
Another region that may appear as a key revenue hub is Latin America. The strong government research and development support will boost the acceptance of bio-storage, which in turn is estimated to impel regional market expansion. The LATAM biopreservation business is primed to depict strong growth at more than 8.5% CAGR through 2030.
Biopreservation Market Share
are some of the key players in the biopreservation industry. The companies are focusing on diversifying their product portfolio and introducing new promising developments in the field, along with undertaking strategic acquisitions, to strengthen their industry position.
Impact of COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the biopreservation industry due to the disruption in the supply and demand chains as a result of decreasing product uptake. However, with the easing of restrictions in 2021 due to the decline in coronavirus cases, the demand for vaccine and treatment drugs for COVID-19 increased, thereby fueling the overall business progress.
The biopreservation market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2030 for the following segments:
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By Product
By Application
By Cell Provider
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
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