Biopreservation Market to grow with CAGR of 28.5% by 2032 | Panasonic Corporation; X-Therma Inc.; PrincetonCryo

The global Biopreservation Market was valued at USD 2.2 Billion in 2022 and it is anticipated to grow up to USD 26.7 Billion by 2032, at a CAGR of 28.5% during the forecast period.

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Bio-preservative is a technique for preserving cells, organs, and tissues outside the natural environment to extend shelf life and to ensure the stability and purity of cells, organ, and tissues. Bio-preservation plays a key role in the numerous clinical application which consists of cell-based technology. The equipment of Biopreservation comprises of the freezers, refrigerators, liquid nitrogen tanks etc. Biobanking is a kind of biopreservation which is commonly used in in medical research like genomics research and for personalized medicine.

Market Trends and Drivers

In recent years, there has been an upsurge in demand for the use of biopreservation to develop biological products in R&D of various sectors such as immunotherapies, vaccine production, antibody production, enzyme technology, and biologically produced chemicals. This impact is due to the rising number of chronic disease incidences globally. According to the Centers for Disease Control and Prevention (CDC), the leading cause of disease-related mortality in adults is the rising prevalence of cardiovascular disorders and cancer in the U.S.

Furthermore, the government and private sectors have shown interest and supported funding activities in research and development, which has led to immense market developments. In past years, the growing demand for preserving stem cells and developing biological medicines and products has gained investors' focus on the field. This considerable healthcare spending is expected to grow in the market in the forecast period. However, the growing market for biopreservation is associated with the unavailability of skilled professionals and lacking stringent cyber securities. This is due to the high cost associated with training of labor and standardization of software. This can have an impact on overall market growth.

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Major Players in the Global Biopreservation Market

The key players in the Biopreservation Market  are Azenta US, Inc.; Biomatrica, Inc.; BioLife Solutions; MVE Biological Solutions; LabVantage Solutions, Inc.; Taylor-Wharton; Thermo Fisher Scientific, Inc.; Panasonic Corporation; X-Therma Inc.; PrincetonCryo.; Stirling Ultracold among others.

COVID-19 Impact:

The impact of COVID-19 was significant owing to the increased research and development activities of pharmaceutical and biotech companies to prepare and manufacture a vaccine, which required biopreservation. For instance, an article published in Stem Cells Translational Medicine Journal stated that the pandemic resulted in the USFDA approving EUA for three mRNA vaccines that Pfizer-BioNTech manufactured in December 2020, Moderna in December 2020, and Janssen in February 2021. The shipping and storage requirements for these vaccines (ultra-cold vs. refrigerated) necessitated bioprocessing methods. Thus, the COVID-19 pandemic is expected to impact the market significantly.

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Global Biopreservation Market Segmentation

By Product

Equipment
Media
Laboratory Information Management System (LIMS)

By Application

Regenerative Medicine
Bio-banking
Drug Discovery

By Cell Provider Volume

CD34+
CD19+
MSC
iPSC
hESC
Tumor Cells
Others

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This release was published on openPR.