The global Biopreservation Market size is likely to reach USD 8.93 billion by 2022 which is projected to grow at a CAGR of 17.3% during the forecast period. Rapid growth can be attributed to the rise in healthcare expenditure which is expected to boost the market in the forecast period.
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Market Synopsis of Biopreservation Market:
Moreover, increasing R&D
activities by various companies as well as research organizations funded by
government initiatives in the form of grant, contacts and various other funding
mechanisms have led to development of novel and innovative bio-preservation
services, leading to augment the revenue growth.
Growing use of bio-preservation
are also supported by the rising participation of government or non-government
bodies for the development of this field. For example, due to the support of
the institutional and government repositories, the storage of bio-specimen has
evolved to next level of advanced information from basics of patient’s
phenotype, extending to genetics as well as “omics” such as proteomic
information.
Product Insights
The key segments included
laboratory information management systems (LIMS), media and equipment. In 2014,
the equipment segment dominated the market which includes liquid nitrogen,
consumables, refrigerators and freezers, having a revenue share of more than
80%. The larger share can be attributed to the high demands pertaining to
bio-banks and the extensive use and importance of the aforementioned products
in bio-preservation. Media segment which includes home brewed and
pre-formulated media is projected to witness a healthy growth as a consequence
of the increased demands of tissues, cells and other materials in bio banking
and advanced products in regenerative medicines. Furthermore, the high share
and preference of home brewed media in terms of bio-storage can be attributed
to its cost-efficiency and effectiveness in comparison to pre-formulated media.
Application Insights
The major application analyzed in
the study comprised of drug discovery, bio-banking and regenerative medicines.
Moreover, the further segmentation of bio-banking includes veterinary IVF,
human sperm and human eggs. Bio-banking segment held the largest share of 72.5%
in 2014. Rising awareness related to preservation of stem cells, use of assisted
technology for reproduction in animals and increasing number of sperm and egg
banks are anticipated to drive the growth.
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