Press release
Biopreservation Market in Drug discovery segment will experience 13.5% CAGR by 2024|BioCision, Biomatrica, BioLife Solutions, Chart MVE Biomedical, LabVantage Solutions, Atlanta Biologics, Taylor-Wharton Cryogenics, Panasonic Biomedical
U.S. biopreservation market accounted for USD 1.6 billion in 2017 and will show similar trend during the forecast timeline. Technological developments in the U.S. coupled with rising adoption of regenerative medicine in disease treatment will surge the demand for biopreservation products. Moreover, high healthcare expenditure and advancement in healthcare facilities will further drive the business growth.
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Biopreservation Market will exceed USD 9.5 billion by 2024.Increasing investment in R&D activities worldwide will drive the biopreservation market growth over the forecast period. Companies and research organizations are taking efforts to develop efficient and effective product and services for biopreservation. Increasing usage of biological laboratory specimens in various research and clinical trials should further boost the biopreservation business growth.
Biobanking segment dominated the biopreservation market in 2017 and is estimated to show 13.2% CAGR over the forecast timeframe. Increasing demand for organ transplantation coupled with technological advances in biopreservation techniques will accelerate segmental growth during the forthcoming years. Collaborations of biopharmaceutical companies with national bio-banks and tissue preservation centers will further drive the business growth.
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Growth drivers
• Increasing investment in R&D
• Rising healthcare expenditure
• Advancement in biopreservation applications
• Growing demand for regenerative medicine owing to rising prevalence of lifestyle diseases
Prominent industry players operating in the biopreservation market include BioCision, Biomatrica, BioLife Solutions, Chart MVE Biomedical, LabVantage Solutions, Atlanta Biologics, Taylor-Wharton Cryogenics, Panasonic Biomedical, Thermo Fisher Scientific, Qiagen, VWR International, Custom Biogenic Systems. The industry players primarily focus on certain strategic initiatives such as new product launch, merger, acquisitions and partnership to capitalize on market opportunities and strengthen their market position.
For instance, in June 2015, Qiagen announced the launch of new Investigator STR assay kits in the U.S. for analysis of DNA evidence in forensic laboratories. The new genetic fingerprint kits, providing cohesive solution to instantaneously analyze numerous key genomic markers for DNA matching enabled company to enhance its existing product portfolio.
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