The biopreservation market is anticipated to grow at a CAGR of 15% during the forecast period. This growth is largely driven by the increasing demand for personalized medicine and cell-based therapies, rising number of biobanks and tissue banks, and growing R&D investments in life sciences and biotechnology. However, the high cost of these advanced equipment and the need for strict regulatory compliance, may hinder the market growth.
Get Free Sample Report: https://meditechinsights.com/biopreservation-market/request-sample/
Biopreservation is a process that helps maintain the integrity and functionality of biological products such as stem cells, DNA, tissues, and organs under different temperatures, thereby prolonging their lifespan outside their natural environment. Technology innovations include microarrays or incorporation of a wide range of predictive models, such as hybrid models, and various API algorithms which help reduce the time, cost and complexity of the overall process. Furthermore, the advent of multiplex cellular imaging platforms is anticipated to enhance the biopreservation ability to help understand disease progression and suggest suitable diagnostic & treatment measures to follow, specifically for cardiology, gynecology, and point-of-care applications.
Biopreservation employs microorganisms and their metabolic by-products to boost food safety and shelf life. It keeps biospecimens alive for longer periods and protects them from harm outside of their natural environment. Biospecimens are material samples like urine, tissue, blood, DNA, cells, and others stored in a bio repository for future research or used in laboratory tests.
Bio-preservation media and bio-preservation equipment are the two basic types of bio-preservation. Bio-preservation equipment includes tools that preserve biospecimens such as bio-based therapeutics, cells, clinical biomarkers, diagnostic biochips, viruses, etc. Many biospecimens, such as human tissue samples, stem cells, organs, and others, are processed using it.
Improving healthcare expenditure, implementing in-house storage of samples in labs and hospitals, and increasing R&D investment are all factors driving the market growth.
In recent years, there has been an upsurge in demand for 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. For instance, according to the Centers for Disease Control and Prevention, cardiovascular disorders and cancer are among the leading causes of disease-related mortality in adults in the U.S.
Furthermore, the government and private sectors have shown interest and supported funding activities in research & development, leading to immense market developments. In recent years, the growing demand for preserving stem cells and developing biological medicines and products has gained investors’ focus in this field. This considerable healthcare spending is expected to fuel market growth during the forecast period.
However, the growing biopreservation market is associated with challenges such as the unavailability of skilled professionals and the lack of stringent cybersecurity measures. The high cost of labor training and software standardization are some of the contributing factors. These challenges could potentially impact overall market growth.
Regional Insights
North America was the largest revenue-generating region in the biopreservation market in 2022 and held a share of 45.00%. This can be attributed to the presence of advancement in biomedical research and the development of advanced therapies. Furthermore, the rising number of chronic incidences that require treatments creates demand for biopreservation in the region which strengthens its market presence. Such activities are expected to contribute toward expanding the biopreservation product available in the market and drive growth.
The U.S has been projected to have significant growth in the biopreservation market owing to government organizations and various bio-banking institutes that contribute to the penetration of biopreservation techniques. For instance, the biospecimen collection in biorepositories and biobanks is supported by funding actives from the National Institutes of Health (NIH) whereas, National Cancer Institute (NCI) contributes to managing such bio-banking programs. These biobanks support research and clinical trial programs in the country thereby increasing the demand for biopreservation techniques.
Growth Factors
Increasing investments in research and developments, biobanking advancements, and the growing practice of preserving newborn cord blood stem cells are significant factors predicted to propel the market throughout the forecast period. Rising investments in research of regenerative medicine, as well as rising demand for personalized treatment, are driving the biopreservation market growth.
Some of the primary drivers expected to drive market expansion throughout the forecast period include advancements in the hypothermic storage solutions formulation, next-generation systems of cryopreservation, and design and integration with nanoscale technologies.
Furthermore, technological developments, increased product approvals, alliances, and acquisitions by key companies are assisting in market expansion. For example, Guy’s and St Thomas’ Hospital in the United Kingdom will begin a fertility preservation service for ovarian tissue cryopreservation for women receiving cancer treatment in February 2022. Growing technological developments and launches in biopreservation, as well as the cost-effectiveness of these devices, are likely to generate attractive chances for target market expansion throughout the timeframe specified.
Restraints
The high costs of biopreservation activities
Biopreservation is an advanced preservation technology with significant expenses due to the expensive processes and equipment utilized throughout the preservation process.
Biopreservation also has significant stability concerns due to tissue damage during freezing and thawing. Furthermore, the introduction of low-cost preservation procedures like processes of room temperature preservation will hinder market growth.
Opportunities
Increasing investments in research and development of new drugs, increasing biobanks, and government attempts to create profitable market opportunities.
Major investments have been made by private and public organizations in research and development efforts connected to the creation of new medications, which could potentially assist in fighting the growing number of chronic diseases. The significant increase in expenditure is intended to provide access to superior medical care and advanced products, including biopreservation facilities.
The growing number of biobanks that especially maintain biospecimens has provided significant potential opportunities for the biopreservation market. Governments throughout the world are adopting a variety of steps to encourage cell therapies for the cure of different diseases. Government healthcare efforts provide grants, contracts, and cash for research work, resulting in increased R&D expenditure by organizations.
Competitive Landscape Analysis
- Azenta US, Inc.
• Biomatrica, Inc. (Exact Sciences Corporation)
• BioLife Solutions
• MVE Biological Solutions
• Taylor-Wharton
• Thermo Fisher Scientific, Inc.
• LabVantage Solutions, Inc.
• X-Therma Inc.
• PrincetonCryo
• Panasonic Healthcare Holdings Co., Ltd
• Stirling Ultracold
Key Request a free sample copy or view report summary: https://meditechinsights.com/biopreservation-market/request-sample/
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.