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Biopreservation Market 2024 - By Size, Share, Growth, Analysis, Trends And Forecast To 2033
Biopreservation Market
According to The Business Research Company's, The biopreservation market market size has grown rapidly in recent years. It will grow from $5.36 billion in 2023 to $5.98 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to biobanking expansion, rise in stem cell research, growing organ transplantation procedures, biopharmaceutical production, cell therapy advancements..
The biopreservation market market size is expected to see rapid growth in the next few years. It will grow to $9.61 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to increasing demand for regenerative medicine, r&d in personalized medicine, cryopreservation applications, global biopharmaceutical supply chain, emerging biobanking initiatives.. Major trends in the forecast period include growing application in stem cell banking, focus on advanced preservation solutions, expansion in drug discovery and development, introduction of portable biopreservation devices, growing importance in organ transplantation..
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Market Drivers and Trends:
Increasing demand for personalized medicine is significantly contributing to the growth of the biopreservation market. Personalized medicine is used to treat patients with diseases specific to them. Personalized medicines are developed with the help of biobanks, which preserve human tissues and cells using biopreservation. For instance, in September 2021, the Swedish Government invested SEK 220 million ($1.87 million) in the Swedish national infrastructure of Genomic Medicine Sweden (GMS) to make it easier to keep integrating precision medicine into Swedish healthcare. It ensures that every person can access more accurate tests and individualized care. Such investments are taking place due to a rise in demand for personalized medicines. Thus, the increasing demand for personalized medicine is expected to propel the biopreservation market growth going forward.
Technological innovation is a key trend in the biopreservation market. Major players are adopting new technologies such as next-generation cryopreservation solutions, integration and design with nanoscale technology, and standardization of hypothermic storage for preserving complex tissues and organs over time. Cryopreservation is the process of safeguarding material at an extremely low temperature (196 °C) either very quickly, as in the case of seed storage, or gradually, with simultaneous dehydration, as in tissue culture. For instance, in September 2021, AMSBIO, a US-based provider of quality life science research reagents and services, launched a next-generation cryopreservation product, STEM-CELLBANKER EX. STEM-CELLBANKER EX is a cryopreservation media solution that eliminates the requirement for the customary washing procedures necessary for the creation of cell therapy products. It has demonstrated remarkable post-thaw cell viability and recovery.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc.; BioLife Solutions Inc.; VWR International LLC; Exact Sciences Corporation; BioCision LLC; Lifeline Scientific Inc.; Biomatrica Inc.; Custom Biogenic System Inc.; QIAGEN NV; ThermoGenesis Holdings Inc.; MVE Biological Solutions LLC; Taylor-Wharton America Inc.; X-Therma Inc.; Cesca Therapeutics Inc.; Core Dynamics Ltd.; The Merck Group; Azenta US Inc.; Avantor Inc.; Bio-Techne Corporation; Worthington Industries Inc.; Chart Industries Inc.; Cryoport Inc.; LabVantage Solutions Inc.; Brooks Automation Inc.; BioVault Technical Ltd.; Biomatik Corporation; Biostorage Technologies Inc.; Arctiko A/S; Trane Technologies plc; Eppendorf AG; Panasonic Healthcare Co. Ltd.; BioSpherix Ltd.
Biopreservation Market 2024 Key Insights:
• The biopreservation market market size will grow to $9.61 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%.
• Personalized Medicine Drives Biopreservation Market Growth
• Next-Generation Technologies Drive Biopreservation Innovation
• North America was the largest region in the biopreservation market share in 2023
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