Biopreservation Market Growth & Trends
The global biopreservation market size is projected to reach USD 16.61 billion by 2030, registering a CAGR of 28.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The extensive use of preservation in hospitals and labs, rising funding assistance from government and private partners in healthcare, and an upsurge in research and development are fueling the industry growth.
Currently, 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, government and private sectors have shown interest and supported funding activities in research and development, which has contributed to industry growth. 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.
The key players are implementing strategic initiatives such as mergers and acquisitions, product development, and business expansions to penetrate the market. In March 2022, Biolife Solutions announced its expansion plan in USD 400 million biostorage service market. In January 2022, Biolife Solutions collaborated with Seattle Children’s to improve viral vector and cell and gene therapy manufacturing. In April 2021, LabVantage announced a partnership with Holo4Med to further expand its healthcare presence in Europe.
The market witnessed a significant setback due to the COVID-19 pandemic with supply chain disruption, constraints in resource allocation, and hindrances in research activities, among other reasons. However, the pandemic has also accelerated the growth of novel biologics, vaccine technologies, and the production of biology-based medicines, and has highlighted the applications of synthetic biology. Due to these factors, opportunities for biologics manufacturing and preservation are anticipated to increase, thus generating further demand for bio-preservation.
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Biopreservation Market Report
Biopreservation Market Report Highlights
- By product, the equipment segment held the largest revenue share of over 75.0% in 2021 due to the rising demand for bio-banking to preserve stem cells, DNA, plasma, and tissue culture. Increasing demand for modified genetic material in the global market is also fueling the growth
- The bio-banking application segment held the largest revenue share in 2021. This can be attributed to rising awareness regarding stem cell preservation, increasing acceptance of sperm and egg banking, and utilization of assistant reproductive technology in animals
- By cell providers volume, tumor cells held the largest revenue share in 2021. This can be attributed to increasing diagnosis, research, and treatment activities that involve the development of cancer therapies
- North America dominated the global market in 2021 due to the advancement in biomedical research, the development of advanced therapies, and the upsurge in research activities related to DNA sequencing and bioinformatics
- Asia Pacific is expected to grow considerably in the future owing to rising investments in Asian countries and increasing partnerships and collaborations with key players
List of Key Players of Biopreservation Market
- 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
