The global biopreservation market is predicted to be worth US$ 6,646.2 million in 2020, rising to US$ 19,748.6 million by the end of 2027. Rising demand for better preservation technologies, as well as steadily increasing healthcare spending, are expected to fuel future growth potential. Hospitals, pharmaceutical businesses, and biotechnology corporations are rapidly adopting systems for in-house sample storage, which is expected to grow the market significantly. Surging R&D investments by large corporations and research institutions aiming to boost product development capabilities are also providing the industry with enormous potential.
Technological improvements, such as the introduction of virtual bio-banks, which is expected to see a considerable increase in use, are also driving market growth. Furthermore, the industry has benefited from the growing desire for preserving repositories for biological specimens for use in organ transplantation and regenerative medicine. The presence of government initiatives such as the International Society of Biological and Environmental Repositories to improve bio-banking and preservation standards and practises is also increasing the possibilities for future expansion.
Biopreservation market is a process used in the storage of biological samples in an environment conducive to their survival and therefore, for end-use. Typical biological samples that can be stored using biopreservation are plasma, saliva, tissues, cells, organs, and body fluids. Each sample type serves a different medical purpose that usually concerns product testing or the treatment of several chronic conditions.
The study provides segmentations of the global biopreservation market to provide a better understanding of it. Product types, applications, and region are the primary factors for segmenting the worldwide biopreservation market.
The global biopreservation market is divided into three major product categories: media, equipment, and lab information management systems. Equipment sub-segments include liquid nitrogen tanks, consumables, freezers, and refrigerators. Freezers lead the worldwide biopreservation market in 2012, with consumables growing at the quickest rate throughout the predicted period. Consumables' growth rate is linked to rising demand for core goods in this sub-segment, especially cryogenic boxes, gloves, cryo tubes, and cryo vials.
