Biopreservation involves the preservation of biological samples in controlled environments. It can be used to store vaccines at different temperatures. Samples of human tissues and organs should be stored at the right temperatures to be functional. They are studied and used to develop treatments for chronic diseases.
The biopreservation market is projected to be worth USD 9.3 billion by 2022. It earned USD 2.6 billion in 2014. The market will grow at a CAGR of 17.3% during 2015 to 2022 (forecast period). Increased investments in healthcare will boost the market. Furthermore, funding for research and developments, governmental grants, and innovative bio-preservation services would drive market demand.
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Preservation of stem cells, rise in egg and sperm banks, and use of assisted reproduction in animals can positively impact the biopreservation market. The market is divided on the basis of products, applications, cell providers, and regions. Media, equipment, and Laboratory Information Management System (LIMS) are the products.
Media covers pre-formulated and home-brew. Wide usage of regenerative medicines will further this product in the forecast period. The segment of equipment covers freezers, liquid nitrogen, refrigerators, and consumables. It accounted for more than 80% shares in 2014. Consumables are split into straws, bags, vials, and microtiter plates.
Bio-banking, regenerative medicines, and drug discovery are the applications of the biopreservation market. Regenerative medicines would witness more than 18% CAGR on account of investments from governmental and private organizations. Bio-banking is an attractive application and had over 72% share in 2014.
Cell providers include MSC, iPSC, hESC, CD34+, CD19+, and tumor cells. Out of these, tumor cells had the largest volume in 2014. This was largely due to their applications in the detection and treatment of cancer. iPSC can gain a major biopreservation market share over the forecast period due to its use in regenerative medicines.
In view of regions, North America dominated and contributed more than 45% of the total shares in 2014. Asia Pacific is anticipated to experience significant growth due to improved medical infrastructure in its nations. Major players of the worldwide biopreservation market comprise BioCision, LabVantage Solutions Inc., Panasonic Biomedical, BioLife Solutions Inc., and ATCC.
Information Source: Grand View Research