Biological samples such as cells, plasma, saliva, tissues, and other body fluids are regarded to be of vital importance for the development of new drugs and therapies that can help in the treatment of chronic diseases. The rising demand for storing these samples has fueled the demand for efficient biopreservation facilities. Biopreservation is a method of preserving the biological samples using equipment such as refrigerators, liquid nitrogen, freezers, and consumables in order to store samples and maintain their properties.
According to a report by Transparency Market Research (TMR), the valuation of global biopreservation market is anticipated to reach US$5.7 bn by the end of 2019, from US$1.9 bn in 2012, growing at a considerable CAGR of 16.70% from 2013 to 2019.
How have biomedical advancements fuelled the demand for biopreservation products and equipment?
Researchers and scientists are developing new products and treatments made up of biological samples, thereby, increasing the utilization of plasma, stem cells, tissues, and DNA. The increased utilization has resulted in an augmented need for adequate storage facilities to preserve samples.
A surge in stem cell, plasma, cord blood sample size has boosted the demand for freezers. Moreover, freezers offer capacity expansion in the pre-existing setups which can potentially bolster the growth of global biopreservation market in the era of rising emergence of biomedical research for new drugs and therapies. Another emerging equipment in the global biopreservation market is consumables. The consumables segment is estimated to grow at a high rate owing to the consistently growing demand for gloves, cryo bags, cryo tubes, cryogenic boxes, cryo vials, and other consumables from the existing biopreservation organizations.
How are developed countries contributing to growth of global biopreservation market?
Strengthening economic conditions in developed countries have increased consumer spending on sophisticated storage systems. With the rising adoption of automation, the demand for laboratory information management systems (LIMS) has increased in developed countries such as the U.S., the U.K., France, Canada, Japan, and Germany. These trends are likely to give a great push to the global biopreservation market.
Demand for automated processes from developing economies is low due to the high purchase and installation cost. However, new biobanking projects in emerging economies such as Brazil, India, China, Singapore, Korea, Malaysia, and African countries are expected to boost the demand for biopreservation systems.
Which region is estimated to be the most conducive for vendors in the biopreservation market?
Geographically, the global biopreservation market can be segmented into Asia-Pacific, Europe, North America, and Rest of the World (RoW). North America leads the market due to the high adoption of automated processes and the presence of biopreservation organizations. However, the Asia-Pacific region is anticipated to grow at the fastest CAGR, owing to the high prevalence of chronic diseases, the presence of unmet healthcare needs, and increase in funding capacity.
Developing nations such as Singapore, Malaysia, Indonesia, India, China, and Brazil are anticipated to surpass the United States in terms of the demand for biopreservation equipment and media. In-house biopreservation facilities and new biobanking projects will boost the demand for LIMS, media, and equipment in these countries.