Biopreservation Market size to exceed $9.7bn by 2024
Growing number of biobanks for preservation of stem cells and improved acceptance of assisted reproductive technology (ART) will drive global biopreservation market growth. The trend of people suffering from lifestyle diseases will further stimulate industry expansion.
Soaring expenditures on medical goods and services, growing disposable income and rising demand for regenerative medicines will also fuel biopreservation market size expansion over the forecast timeframe. Several government initiatives in the form of grants, funds, contracts and other funding systems have accelerated R&D in healthcare. Rapid economic development across the globe will also assist industry expansion. However, lack of stringent laws and ethics will be a major challenge for business growth.
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Global biopreservation market share is segmented into media, equipment and laboratory information management system (LIMS). Equipment segment dominated the industry in 2015, holding around 80% of revenue share owing to its application in bio-preservation of DNA, stem cell, plasma, and tissue research sectors. Biopreservation media market will also experience a surge due to advancements in tissue engineering and regenerative medicines.
Applications include regenerative medicines, bio banking, and drug discovery. Bio banking generated highest revenue in 2015 and it will retain its dominance owing to approval of new projects in several developing countries. Regenerative medicine segment should grow with the rising demand for efficient biopreservation techniques.
APAC will witness a sustainable growth due to increasing prevalence of chronic illness, unmet healthcare needs and growing awareness regarding preservation of umbilical cord cells. Increasing population base and rising investments in healthcare research will open up great market size expansion opportunities.
U.S. leads the industry attributing to 45% of global revenue share. The major driving factors include, the advancement in biobank technology, rising applications of biopreservation across healthcare and rising patient population affected by chronic lifestyle disorders.
Browse key industry insights spread across 105 pages with 50 market data tables & 6 figures & charts from the report, “Biopreservation Market Size By Product (Equipment, Media, Laboratory Information Management System), By Application (Regenerative Medicine, Biobanking, Drug Discovery), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, China, Brazil, Mexico, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
• Global biopreservation market size generated revenue of USD 3 billion in 2015 and it is likely to witness robust 13.4% growth in the coming years.
• U.S. biopreservation market share dominates the industry with USD 1.26 billion in 2015 due to increased demand for diagnosis of chronic diseases, government regulations supporting ethical usage of biological samples and development of novel drugs and therapies in healthcare research.
• Asia Pacific, with Japan and China biopreservation market size, was USD 564 million in 2015 is set to growth with 15.6% CAGR primarily due to increasing healthcare expenditure and rising chronic illness.
• Major industry players are Qiagen, Biolife Solutions, Thermo Fisher, Cesca therapeutics, Atlanta Biologicals, Lifeline Scientific, LabVantage Solutions and VWR International. Thermo Fisher Scientific and BioCision were leading industry participants in 2015 due to their wide regional presence and broad product portfolio particularly relating to media, freezers, refrigerators and consumables.
• Competitors focus on merger and acquisitions, R&D investments and innovation as a part of their growth strategy.