Biopreservation plays an important role in healthcare and food industry. It helps to preserve the biological product or material. It uses natural flora of biological material or the products of natural flora to preserve the product. The increasing expenditure on healthcare, a growing number of in vitro fertilization (IVF) centers, increasing awareness about stem cell and its applications are the major factors driving the growth of the global biopreservation market.
The Biopreservation market is expected to grow during the forecast period (2018–2023) at a CAGR 11.2%. Additionally, increasing R&D spending and aggressive strategies adopted by the top players, such as mergers and acquisitions are contributing to the growth of the market. For instance, in March 2016, Shanghai Genext Medical Technology Co Ltd announced the acquisition of a US-based Lifeline Scientific for USD 87.8 million this acquisition will help Shanghai Genext Medical Technology to enter into the clinical transplant business.
The high cost associated with Biopreservation and biobanking 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.
Key Players
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.
Segmentation
The global biopreservation market has been segmented on the basis of product, biospecimen, and application.
- Based on 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.
- Based on Biospecimen segment has been divided into human tissue samples, organs, stem cells, and other biospecimens.
- Based on 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.
Regional Analysis
The market in the Americas is expected to dominate the global biopreservation market during the forecast period owing to the increasing organ transplantation, increasing healthcare expenditure, and well-established healthcare sector in the region.
The European market is expected to be the second-largest due to government funding and support of the healthcare sector and an increasing number of births and with-it continuous increase in demand for umbilical cord preservation.
The market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to technological development, increasing awareness about stem cell and its applications, and favorable government initiatives for healthcare facilities.
The market in the Middle East & Africa is likely to account for the smallest share of the global biopreservation market. The market growth in this region can be attributed to increasing healthcare expenditure and technological advancement in the region.
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