Biopreservation Market - Growth, Trends, and Forecast (2019 - 2024)
Global Biopreservation Market is expected witness a CAGR of 15.3% during the forecast period. Certain factors that are driving the market growth include improving healthcare expenditure, adoption of in-house sample storage in hospitals and labs, and increasing R&D investment.
Healthcare expenditure continues to increase faster than economic growth in most countries, maintaining a trend observed over the decades. The presence of equitable, responsive, and efficient health systems across North America, Europe, and Asia-Pacific has also contributed to the maximum possible share of GDP being utilized for healthcare expenditure. Biopreservation has broad public health and socio-economic impacts and is affecting many lives across the world. It has been widely used to preserve cells and tissues, targeting its applications in reproductive medicine and organ transplantation. Stem cell banking and gene banking have also gained global popularity. With growing healthcare expenditure each year, there is growing government collaboration with companies and universities for better exposure to the technology used and its development for higher efficiency, with approval rate of a product in the market. With growing technological advancements in biopreservation and healthcare equipment, along with cost-effectiveness of these instruments, a major share of healthcare spending is going to be invested in this domain.
However, concerns with the transition from laboratory to the market include the major problems of preservation and storage of tissues or cells. Despite the protection, the processes of freezing and thawing often cause tissue damage or cell injury. This factor hinders the growth of the market potential of biopreservation. Tissue cryopreservation is highly complicated and difficult than cryopreservation of individual cells. Injury to cells during freezing and thawing are related to the physicochemical and biophysical changes occurring during cryopreservation.
Biopreservation is a process that helps store biological samples for a longer period. Cells, tissues, plasma, and others are some of the common biological samples preserved through biopreservation.
Biopreservation Media is Expected to Hold Significant Market Share in the Product Type Segment
Nutrient media has found wide application in stem cell therapy and transplanted organ preservation. Tissue engineering, which includes stem cell storage, has seen prominent usage of nutrient media. Early stage of stem cell culture depends on continuous supply of oxygen and nutrition diffusion. Stem cell engineering has been widely used for treating bone defects. Nutrient media has also been used exclusively for organ preservation and organ transportation. The most common approaches for organ preservation during an organ transplant are simple static cold storage (SCS) and hypothermic machine perfusion (HMP). They are approved for transplantation of liver, lungs, pancreas, heart, and kidney.
North America Dominates the Market and Expected to do Same in the Forecasted Period
The North America market is primarily driven by the rise in demand for preservation of blood, solid tissue specimen, including paraffin-embedded or frozen bio-specimen of tumors, and other tissues, peripheral blood cells and bone marrow, along with stem cells-derived cord blood and its derivatives, across multiple research institutes, pathological centers, and hospitals. Favorable government regulations have also been observed in the country, which are supporting the sharing of biological samples.
The global Biopreservationmarket is highly competitive and consists of a number of major players. Companies like BioCision LLC, BioLife Solutions Inc., Cesca Therapeutics Inc., Core Dynamics Ltd, Custom Biogenic Systems Inc., Lifeline Scientific Inc., Merck KGaA, Princeton CryoTech Inc., VWR International, among others, hold the substantial market share in the Biopreservation market.