Biopreservation is an importantaspect of biobanking. The duration for preservation of biological samples mayeither short or long-term, depending on the demand for the specific specimen.In order to encourage sample donation for research activities, it is veryessential to maintain the functionality and stability of samples throughouttheir preservation period apart from securing the donor information.
The global BiopreservationMarket is estimated to account for US$ 6,646.2 Mn in terms of value in 2020and is expected to reach US$ 19,748.6 Mn by the end of 2027.
Global Biopreservation Market:Drivers
Increasing prevalence of chronicdisorders is expected to propel growth of the global biopreservation marketover the forecast period. For instance, according to the American CancerSociety, in 2019, there will be an estimated 1,762,450 new cancer casesdiagnosed and 606,880 cancer deaths in the U.S.
Global Biopreservation Market:Opportunities
Development of networks for theaccess of biospecimens and research data is expected to offer lucrative growthopportunities for players in the global biopreservation market. Success inbiomedical research can be achieved faster through collaborations and creatingnetworks for the access of biospecimens and research data globally. Theimplementation of global accessibility model will result in rise in thetransnational activity. This in turn will generate demand for media formaintaining sample stability while transporting the biospecimen to adestination.
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Global Biopreservation Market:Restraints
Expenses incurred for themaintenance and sustenance of biobanks are a concern for the globalbiopreservation market. A small biobank requires huge capital to store andprocess biospecimens throughout the preserving period.
Key Takeaways:
The global biopreservation marketwas valued at US$ 5,692.8 Mn in 2019 and is forecast to reach a value of US$19,748.6 Mn by 2027 at a CAGR of 16.8% between 2020 and 2027. Major factordriving the growth of global biopreservation market during the forecast periodinclude increasing number of biobanks, and emergence of COVID-19.
Equipment held dominant positionin the global biopreservation market in 2019, accounting for 82.0% share interms of value, followed by culture media.
Market Trends
Increasing cell therapymanufacturing activities are expected to propel growth of the globalbiopreservation market. For instance, in August 2020, IsoPlexis collaboratedwith Lonza Group under which IsoLight automated proteomics platform will beused for functional quality analytics for products produced on Lonza’s Cocoonautomated cell manufacturing system.
However, stringent regulatoryscenario for gene therapy is expected to limit adoption for biopreservation inthe healthcare sector, thereby hindering growth of the market. For instance, inAugust 2020, the U.S. Food and Drug Administration rejected a one-time genetherapy for hemophilia A.
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Global Biopreservation Market:Competitive Landscape
Major players operating in theglobal biopreservation market include, BioCision, LLC, BioLife Solutions, Inc.,Biomatrica, Inc., CHART MVE BIOMEDICAL, Dometic Group, Panasonic Corporation,VWR International, LLC, Thermo Fisher Scientific, Inc., Simport Scientific,ThermoGenesis Holdings, Inc., Atlanta Biologics, Lifeline Scientific,LabVantage Solutions, Inc., Hamilton Company, and Core Dynamics Ltd.
Global Biopreservation Market:Key Developments
Major players in the globalbiopreservation market are focused on adopting M&A strategies to expandtheir product portfolio. For instance, in March 2020, Thermo Fisher ScientificInc. announced to acquire QIAGEN N.V., a provider of molecular diagnostics andsample preparation technologies.
Major players in the market arealso focused on R&D of new products to expand their product portfolio. Forinstance, in July 2018, Biomatrica, Inc. announced the grant of new U.S. patentfor the stabilization and storage of nucleic acids and proteins for bloodcollection.
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