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Biopreservation Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017-2025
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Increasing number of government initiatives for research and development is driving growth of the biopreservation market
Human sperm and egg banks, and demand for preservation of new born stem cells is increasing due to growing awareness about long-term benefits of such preservation such as treatment of diseases, including cancer and autism. Furthermore, increasing adoption of in- house sample storage for further research in hospitals, is in turn increasing growth of the biopreservation market. Increasing number of government initiatives in the form of grants, funds, and contracts to support research activities for the development of various treatments is also expected to boost growth of the market. For Instance, according to the U.K. government policy, 2015, the government is expected to invest US$ 6.8 million in health and research development by 2020.
Increasing healthcare expenditure globally and increasing investment in bio-banks and personalized medicines, are also propelling growth of the biopreservation market. Rising incidence of lifestyle-related diseases, cardiovascular diseases, cancer, and hypertension are other factors driving growth of the biopreservation market. According to World Health Organization (WHO), in 2015, cardiovascular diseases caused 31% deaths of all diseases, and 8.8 million people died due to cancer. However, tissue injury during biopreservation, high cost associated with maintenance of these instruments are major factors hampering growth of the market.
Biopreservation market is expected to show a sustainable growth in Asia Pacific due to increasing awareness about preservation of umbilical cord cells
Regional segmentation of the global biopreservation market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds a dominant position in the biopreservation market, owing to rapid development of novel drugs, increasing demand for diagnosis of chronic diseases, therapies in healthcare sector are expected to boost market growth. Biopreservation market is driven in the Asia Pacific region due to growing population, rising investments in healthcare research, and growing awareness about preservation of umbilical cord cells. According to New England Journal of Medicines, in 2012, Japan and China had increased their total medical research spending by US$ 9.0 billion and US$ 6.4 billion, respectively and contributed 13.8% and 3.1% of the world’s total medical research expenditure.
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Broad product portfolio of major players is boosting market growth
Key players operating in the market include Biolife solutions, THERMO- FISHER SCIENTIFIC, BioCision LLC, Simport scientific, Cesca Therapeutics, Atlanta biologics, Lifeline scientific, LabVantage solutions, Hamilton Company, and Core dynamics ltd. Major market players expanding their product portfolio particularly related to media, freezers, refrigerators, consumables, to strengthen their presence in the global market.
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