The global biopreservation market size was estimated at USD 3.53 billion in 2016 and is anticipated to expand at a CAGR of 17.3% during the forecast period. Growing healthcare expenditure is a significant growth contributing factor for this market. This upsurge in healthcare spending is a consequence of rapid economic development across the globe.
Increase in healthcare expenditure further is predicted to improve access to quality healthcare and advanced products, which include biopreservation facilities, thereby broadening growth prospects. In addition, hospitals, gene banks, and bio-banks, which are significant end-users for this market, are encouraging major players to develop technologically advanced biopreservation products to enhance patient outcomes.
Presence of government healthcare initiatives that provide funds, grants, and contracts for research have resulted in providing expedited growth to R&D activities deployed by various companies. This has, in turn, resulted in widening the scope for adoption of advanced bio-preservation services, which is anticipated to fuel penetration rate throughout the forecast period.
Technological advancements in biopreservation processes are also major growth contributing factors to the market. Advancements include change in formulation of hypothermic storage solutions, next-generation cryopreservation solutions, and design and integration with nanoscale technologies. These technological upgradations have led to long-term preservation and banking of complex organs and tissues of high importance in regenerative medicine and organ transplantation.
Increasing R&D investments by companies and research communities to enhance their capabilities and render efficient products and services is predicted to further expand growth prospects. For instance, the establishment of Cooperative Human Tissue Network (CHTN), which addressed the operational dimension of bio-banking, exemplifies consistent efforts by the research community.
The equipment segment dominated the market with a share of over 80.0% in 2014. This can be attributed to increasing demand for bio-banks over the recent past and its extensive usage in DNA, plasma, stem cell, and tissue research. Widespread adoption can also be credited to benefits such as adequate storage capacity, high cost efficiency, and low maintenance.
Media is anticipated to exhibit steady growth in the coming years as it is an indispensable part of the biopreservation process. Increasing demand for bio-banking of stem cells and tissues to aid in life sciences research is expected to present the segment with lucrative growth opportunities. In addition, homebrew media accounted for substantial share of the media segment in 2014. The dominant share is a consequence of its high preference in bio-storage. This high preference is, in turn, a result of high cost-efficiency in comparison with pre-formulated media.
In 2014, bio-banking dominated the biopreservation market with a share of over 72.0%. This is attributed to growing awareness among researchers with respect to benefits of stem cells preservation. Also, increasing number of sperm and egg banks and adoption of assisted reproductive technology in animals are predicted to be major growth contributing factors. Around 60.0% of biopharmaceutical companies have collaborations with national bio-banks and tissue preservation centers at hospitals. This will also benefit the market.
Regenerative medicine is predicted to exhibit a strong CAGR as a consequence of rising demand for technologically advanced bio-storage techniques. This segment is also anticipated to witness a gain in revenue share by the end of the forecast period, fueled by advent of new preservation techniques.
Tumor cells accounted for the dominant share in terms of volume in 2014, owing to wide application in diagnosis, research and development, and treatment of various cancers. Tumor cells are promising biomarkers in several types of cancers such as colon, breast, and prostate carcinomas. Clinical utility of tumor cells includes cell search method, epic sciences methods, and maintrac.
The iPSC segment is anticipated to grow rapidly in future as a consequence of high utility in restorative therapy, as they have the ability to propagate indefinitely. A wide array of biomedical research is focused on cells; this research is associated disease modeling and drug development, organ synthesis, red blood cells, and tissue repairs. The segment is also anticipated to benefit from rising investments in research and future applications.
In 2014, North America held the largest share of over 46.0% owing to consistent drug developments as well as advent of advanced therapies in the field of biomedical research. A significant rise in patient base requiring high-end treatment for chronic diseases is also responsible for high demand for biopreservation products and services across this region. Major pharmaceutical companies are involved in commercialization of advanced preservation equipment and their subsequent adoption in the research community.
Asia Pacific is predicted to witness exponential growth over the coming years owing to consistent rise in number of patients suffering from chronic diseases. Increasing government investments in R&D are broadening the scope for adoption of bio-storage, thereby propelling demand across the region.
The market is highly competitive, characterized by deployment of sustainability strategies by prominent players such as BioLife Solutions Inc.; BioCision; Biomatrica; and Chart MVE Biomedical. These companies have been focused on strategies such as geographical expansion, new product development initiatives, and mergers and acquisitions to gain competitive advantage.
For instance, in December 2016, BioLife Solutions, Inc. entered into 10-year supply agreement with TissueGene, a regenerative therapies developer. This agreement was carried out to expand treatment alternatives for various orthopedic diseases. Similarly, in May 2015, BioCision and Brooks Automation introduced a portable cryogenic biospecimen wielding transport system with integrated real-time thermal monitoring. This is anticipated to strengthen the company’s product portfolio.
Base year for estimation
Actual estimates/Historical data
2016 - 2022
Revenue in USD Million & CAGR from 2015to 2022
North America, Europe, Asia Pacific, Latin America, MEA
Revenue forecast, company share, competitive landscape, growth factors and trends
U.S., Canada, U.K., Germany, China, Japan, Mexico, Brazil, South Africa
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This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2012 to 2022. For the purpose of this study, Grand View Research has segmented the global biopreservation market report on the basis of product, application, cell provider, and region:
Product Outlook (Revenue, USD Billion, 2012 - 2022)
Laboratory Information Management System (LIMS)
Application Outlook (Revenue, USD Billion, 2012 - 2022)
Cell Provider Outlook (Volume, Number of Units, 2012 - 2022)
Regional Outlook (Revenue, USD Billion, 2012 - 2022)
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