The global biopreservation market size was estimated at $2.2 billion in 2022 and is expected to reach a remarkable $16.2 billion by 2030, registering a compound annual growth rate (CAGR) of 28.4% during the forecast period of 2023-2030, according to a new report by [SNS INSIDER].
Key Players
The major key players are 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., Hamad Medical Corporation, Qatar BioBank, and Others.
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Market Analysis
The biopreservation market is experiencing rapid growth driven by the increasing demand for regenerative medicine, cell-based therapies, and the need to preserve biological materials for research and clinical applications. Biopreservation techniques, such as cryopreservation and lyophilization, play a crucial role in maintaining the viability and integrity of biological samples, including cells, tissues, and organs.
The rise in chronic and age-related diseases, coupled with the growing adoption of personalized medicine approaches, has fueled the demand for biopreservation solutions in the development of advanced therapies. Additionally, the market is driven by the increasing investment in biobanking and the growing need to preserve valuable biological samples for future research and therapeutic applications.
However, the high cost of biopreservation equipment and the need for specialized infrastructure and trained personnel pose challenges to market growth. Furthermore, the potential risks associated with the handling and storage of biological materials, such as contamination and sample degradation, may impact the adoption of biopreservation technologies in certain regions.
KEY SEGMENTS
By Product
- Equipment
- Freezers
- Refrigerators
- Consumables
- Vials
- Straws
- Microtiter Plates
- Bags
- Liquid Nitrogen
- Media
- Pre-formulated
- Home-brew
By Application
- Regenerative Medicine
- Cell Therapy
- Gene Therapy
- Others
- Bio-banking
- Human Eggs
- Human Sperms
- Veterinary IVF
- Drug Discovery
Impact of the Russia-Ukraine Conflict
The ongoing Russia-Ukraine conflict has had a limited direct impact on the global biopreservation market. However, the economic sanctions imposed on Russia have disrupted collaborative research efforts and knowledge sharing between Russian and Western institutions, potentially slowing down the pace of innovation in certain areas of regenerative medicine and cell-based therapies.
The Impact of Economic Slowdown
The global economic slowdown has had a relatively minor impact on the biopreservation market. The demand for advanced therapies and the need to preserve biological materials for research continue to drive market growth, supported by increasing healthcare expenditure and investment in biotechnology and pharmaceutical research and development.
However, budget constraints and reduced funding for healthcare research may temporarily slow down the adoption of advanced biopreservation technologies in some regions. Nevertheless, the long-term potential of biopreservation in enabling groundbreaking therapies and advancing scientific research is expected to drive continued investment and mitigate the impact of economic fluctuations.
Regional Analysis
North America currently leads the global biopreservation market, driven by the presence of a well-established biotechnology industry, significant research and development activities, and a strong focus on regenerative medicine. Europe is also a major market, with robust investment in life sciences research and favorable regulatory frameworks for advanced therapies.
The Asia-Pacific region is projected to witness the highest growth rate during the forecast period, fueled by the rapid adoption of advanced medical technologies, increasing healthcare expenditure, and the growing emphasis on biotechnology research in countries like China, India, and Japan.
Latin America and the Middle East and Africa regions are expected to contribute to market growth as well, driven by improving healthcare infrastructure, rising awareness of advanced therapies, and increasing investment in biomedical research.
Key Takeaways
- The global biopreservation market size was estimated at $2.2 billion in 2022 and is expected to reach $16.2 billion by 2030, growing at a CAGR of 28.4% during the forecast period of 2023-2030.
- Advancements in regenerative medicine, cell-based therapies, and the need to preserve biological materials for research are driving market growth.
- High costs of biopreservation equipment and the need for specialized infrastructure pose challenges to market growth.
- The Russia-Ukraine conflict and global economic slowdown have had a limited direct impact on the market, but economic factors may temporarily affect investments in healthcare research and development.
- North America leads the market, while the Asia-Pacific region is projected to witness the highest growth rate during the forecast period.
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