: Recent Industry Trends, Analysis and Forecast 2023
Biopreservation Market Overview:
Market Research Future (MRFR) estimates that the growth rate of the Biopreservation Market 2020 should be 11.2% from 2018 to 2023 (review period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Opportunities for players in the global market are plenty; given the significant demand for biospecimen equipment in view of expanding application scope in stem cells, plasma, tissue research and DNA. Increased adoption rate is also the result of a few benefits it offers, including high efficiency, low maintenance and substantial storage capacity. Rising awareness with regard to stem cells’ storage could leave a positive impact on the global market as well. The market’s growth potential in diagnostic and therapeutic applications is also growing at a stellar pace. Moreover, the soaring number of biopreservation banks in emerging countries and the consequent rise in competition between these biobanks could offer easy access to hospitals and researchers.
The scope for adoption biopreservation instruments is fostered by the escalating incidences of cardiovascular diseases, cardiac, renal, diabetes and cancer worldwide. The biopreservation industry growth is being continuously pushed by the emergence of new applications of biospecimens and stored cells in drug development and the constant modification of regulatory guidelines pertaining to biobanking procedures by developed countries. Vigorous efforts given by life science sectors, including collaboration with biobanks to encourage life science-based researches and the increase in biopreservation equipment’s therapeutic applications, especially for meningitis and the rising demand for effective storage of spinal fluid could also favor the global market in the long term.
Significant spending on R&D activities by key firms as well as research groups to bolster their capabilities and develop new and more innovative products can further the market’s prospects. Technological innovations in biopreservation processes, such as changes in hypothermic storage solutions’ formulation, integration of nanoscale technologies and next-generation cryopreservation solutions may also help boost the market size in the coming years. Key industry players are focused on geographical expansions, product development, acquisitions, mergers and investments in latest technologies to capture a bigger share in the global industry.
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For instance, in December 2020, BioLife Solutions invested in PanTHERA CryoSolutions and iVexSol, with the aim to foster its scope in gene and cell therapy. iVexSol is currently focused on the development of a platform based on lentiviral vector (LVV) manufacturing technology. This platform is able to release much higher quantities of LVVs compared to the traditional processes, thereby offering a reliable supply of vector for advance therapy producers.
Biopreservation industry can be split into product and source.
Depending on product, the market caters to biopreservation media as well as equipment.
Source-based market segments are regenerative medicine, biobanking, and drug discovery.
The regional segmentation of the global market covers Europe, Asia Pacific or APAC, MEA or Middle East & Africa and the Americas.
The Americas are most likely to take the lead in the biopreservation market, taking into account the high deployment rate of modern technologies in healthcare and the considerable spending on healthcare R&D activities. Presence of a well-structured healthcare industry and the growth in in-house bio storage in research institutes and hospitals also uplift the market position in the region. Frequent merger and acquisition activities between eminent vendors, involvement of pharmaceutical firms in commercialization of innovative preservation equipment and their surging use in the research community also boost the biopreservation market revenue in the region.
APAC is set to procure the fastest growth rate in the following years, on account of the expanding population, escalating awareness regarding stem cell preservation and rising advances in the healthcare industry backed by government funding. Increase in private and public investments in life sciences-related researches, growing pool of biobanks as well as research centers along with the significant prevalence of cardiovascular diseases should also benefit the APAC market.
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Top industry players are VWR International LLC, Chart Industries, QIAGEN, Lifeline Scientific, Cesca Therapeutics Inc., Core Dynamics, Ltd., BioCision., Biomatrica, Inc., Panasonic Biomedical, Inc., Sigma-Aldrich Co., CUSTOM BIOGENIC SYSTEMS., Princeton CryoTech, BioLifeSolutions Inc., Thermo Fisher Scientific, Inc, ATLANTA BIOLOGICALS, and more.