Global biopreservation market size was valued at USD 2.61 billion in 2014 and is expected to grow at a CAGR of 17.3% over the forecast period. Rapidly, increasing healthcare expenditure is a major factor expected to boost the biopreservation market growth over the forecast period.
Favorable government initiatives in the form of funds, contracts, grants, and other funding mechanisms have led to the growth in the R&D activities of the companies and various research organizations which in turn led to the development of novel bio-preservation services which is further expected to boost usage rates over the forecast period.
North America biopreservation market, by product, 2012-2022 (USD Million)
Constantly increasing application areas of bio-preservation is one of the major contributors towards the overall growth of the market. For instance, the field of bio-banking has changed rapidly over the years; and has evolved from government and institutional repositories to population-based bio-banks and most recently as virtual bio-banks.
Also, the data associated with stored bio-specimens have increased in complexity from basics to advanced information sets encompassing various aspects of patient or participants’ phenotype, now extending into genetic, and “omics” information such as proteomic.
Key product segments include equipment, media and Laboratory Information Management System (LIMS). Equipment segment that comprises freezers, refrigerators, consumables and liquid nitrogen dominated the overall industry with a revenue share of over 80% in 2014. The large share can be attributed to increased demand for bio-banks and the extensive usage of these products in bio-preservation.
Media segment that encompasses pre-formulated and home-brew media and is expected to witness lucrative growth over the forecast period owing to advancements in the regenerative medicines and increasing demand for bio banking of cells, tissues, and other materials.
Moreover, home brew media owing to its preference in bio-storage, as a consequence of its effectiveness and cost-efficiency as compared to the pre-formulated media, has led to the high share of this sub-segment under the media segment.
Key applications analyzed in the study include regenerative medicines, bio-banking, and drug discovery. Bio-banking which is further segmented into human eggs, human sperms and veterinary IVF dominated the overall industry in 2014 with 72.5% market share.
Increasing awareness among people pertaining to the preservation of stem cells, growing number of egg and sperm banks, and use of assisted reproductive technology in animals are expected to be high-impact rendering drivers for industry growth.
Moreover, this segment is also expected to gain revenue share during the forecast period owing to the introduction of new techniques for preservation of these cells for longer time span.
Regenerative medicine is expected to be the fastest growing segment as a consequence of increasing demand for efficient bio-storage techniques. Moreover, huge investments made by the government, and non-government organizations in the field of regenerative cell therapy research are expected to accelerate the growth of the bio-preservation market.
The cell providers segment is analyzed on the basis of CD34+, CD19+, MSC, iPSC, hESC, tumor cells. Tumor cells held the largest share in volume terms in 2014, owing to their wide applications in research & development, diagnosis, and treatment of the highly prevalent cancer.
However, the iPSC market is expected to rapidly gain share in the bio-preservation market over the forecast period as a consequence of their promising utility in the field of regenerative medicines, as they can propagate indefinitely.
In 2014, North America was the key regional market in global biopreservation industry with a revenue share of over 45% majorly due to novel drug developments and therapies in biomedical research and rise in the population requiring diagnosis and treatment of acute and chronic diseases in this region.
Asia Pacific is expected to grow at a substantial rate during the forecast period as a consequence of rapid growth in the number of people suffering from life threatening diseases. Rising government investments in the research and development activities is generating the need for bio-storage, hence boosting the bio-preservation market in this region.
Key players with significant global biopreservation market share include BioCision, Biomatrica, BioLife Solutions Inc., Chart MVE Biomedical, LabVantage Solutions Inc., Atlanta Biologicals, Panasonic Biomedical, Thermo Fisher Scientific Inc. and Qiagen.
These companies are involved in strategic initiatives such as acquisitions and new product launches to gain and maintain their competitive edge. For instance, in May 2013, BioCision and ATCC entered into an agreement to develop and distribute a line of CoolProducts for use in wide range of biomaterials storage and wielding procedures.
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