Biopreservation Market Expected to Reach USD 5.74 Billion Globally in 2019
News Feb 11, 2014
According to a new market report published by Transparency Market Research "Biopreservation Market (Product Types - Equipment, LIMS, and Media; Applications - Regenerative Medicine, Biobanking, and Drug Discovery) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,"the global biopreservation market was valued at USD 1.95 billion in 2012 and is expected to reach a value of USD 5.74 billion in 2019, growing at a CAGR of 16.7% from 2013 to 2019.
Browse Biopreservation Market Report with Full TOC at http://www.transparencymarketresearch.com/biopreservation-market.html.
Extensive undertaking of biomedical research for new drugs and therapies will be one of the major factors responsible for growth of the global biopreservation market. Use of stem cells, tissues, plasma and DNA in the research sector also requires adequate storage facilities to accommodate the growing number of samples, while also maintaining their stability.
Increase in sample size will lead to rise in demand for equipment such as freezer, refrigerator, liquid nitrogen and consumables, along with media and laboratory information management systems (LIMS). In addition, increase in funding aimed at boosting the capacity for sample storage by the government as well as private institutions will expedite the introduction of new biopreservation facilities and hence will drive growth of the overall market.
Other driving factors include rising incidences of cardiovascular, orthopedic, oncological, autoimmune and infectious diseases, rising population awareness and increase in the number of individual sample contributions.
The global biopreservation market by product type was dominated by the equipment segment with a market share of approximately 82% in 2012, on account of the high cost and demand from biobanks and in-house preservation facilities of pharmaceutical and biotechnology companies. Increase in the sample size will also result in the need for capacity expansion and so will lead to increase in demand for biopreservation equipment.
However, the global market for biopreservation consumables will be the fastest growing product segment. Factors such as increased research and transnational activities will have a high demand for biological samples, which would also increase the demand for media solutions. The home-brew media segment held the majority share of over 72% in the total market for biopreservation media in 2012.
The global biopreservation market by applications was dominated by the biobanking segment with a market share of approximately 72% in 2012 on account of the high demand and usage of equipment, media and LIMS in this segment. Establishment of new biobanks during the forecast period will be one of the major growth factors for the biobanking application segment.
However, the global regenerative medicine market for biopreservation will be the fastest growing application segment. A factor such as high prevalence of chronic diseases such as diabetes, rheumatoid arthritis, cardiac disorders and tumors is driving the regenerative medicine market which will result in increased demand for biopreservation media and equipment.
North America dominated the biopreservation market in 2012 and is expected to maintain its position till 2019. However, the Asia-Pacific market is estimated to grow at a faster CAGR of 19.6% from 2013 to 2019, due to increase in biobanking and research activities in the region.
The European market is expected to grow at a fairly higher rate than North America, on account of the constantly improving infrastructure, regulatory framework and new biobanking projects, especially in the Eastern European region.
Some of the key players in the global biopreservation market include Thermo Fisher Scientific Inc., VWR International LLC, BioLife Solutions Inc., BioCision LLC, Biomatrica Inc., Qiagen, LABVANTAGE Solutions Inc. and Panasonic Corporation.
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The global biopreservation market is categorized into the following segments:
Biopreservation Market, by Product Type
• Liquid Nitrogen Tanks
Laboratory Information Management Systems(LIMS)
Biopreservation Market, by Application
• Regenerative Medicine
• Drug Discovery
Biopreservation Market, by Geography
• North America
• Rest of the World (RoW)
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