Biopreservation Market: Current Analysis and Forecast (2021-2027)
Biopreservation is a science which comprises testing the DNA and gene samples of entities so that they can be delivered with specially required nutrients, diet and healthcare services. The biopreservation market progression is likely to benefit from increasing advances in genomics and molecular biology. The prominent biopreservation firms in developed and developing nations provide in-house sample storage in hospitals and labs, is expected to accelerate the adoption of biopreservation during the forecast period. For instance, in July 2020, BioLife Solutions Inc. announced that its evo Cold Chain Management Platform supports over 100 early-stage cell & gene therapy clinical trials. Apart from this, the growing prevalence of biobanking across the world is anticipated to provide a thrust to the market, as biopreservation is used for conserving various bodily fluids and tissues for research purposes.
The Human blood, tissues, cells and organs own potential to treat damaged tissues and organs with long term benefits. The knowledge of human cells and tissues being utilized for further research and development of novel treatment therapies led to the arrival of biobanking. The growing number of biobanks across the globe is anticipated to impel the growth of biopreservation market over the forecast period. For instance, in March 2020, Columbia University Vagelos College of Physicians and Surgeons, U.S., in partnership with New York-Presbyterian Hospital, established a COVID-19 Biobank as a centralized resource to collect, store, and disseminate biological specimens and clinical data for researchers at Columbia University and elsewhere
Some of the factors which can hamper the growth of this market include high cost of biopreservation equipment's, high-cost recovery model of biobanking, lack of awareness in people about biopreservation, and constant concerns of people regarding tissue and cell injury during freezing and thawing will hinder the growth of biopreservation market in the forecast period
Since the World Health Organization (WHO) announced that Covid-19 had become a global pandemic, and it has affected almost all the sectors of the market, so it affected the biopreservation market as well. But due the emergence of COVID-19 an unexpected boost and demand for biopreservation was seen in the healthcare sector. For instance, as the biobanking operations in Canada became an essential research operation, the COVID-19-related studies were authorized and initiated. This made biobanking an essential service, which allowed for expediting COVID-19 research and sustaining essential research operations. At the peak of COVID-19 operations, the UHN Biospecimen Services has supported more than 20 essential clinical trials. Also, the major challenges faced by the biopreservation industry during Covid-19 include data management and secure exchange, due to remote operations of staff. Moreover, to tackle many different needs and responses to COVID-19, the research infrastructures, biobanks, and biopreservation firms have presented themselves on the front line.
Based on types, the market is bifurcated into biopreservation media, biospecimen equipment, freezers, cryogenic storage systems, thawing equipment, refrigerators. The biospecimen equipment segment grabbed the major market in 2020 due to the increased investments from private and public organizations for research and development of cell and gene therapies and increasing acceptance of refrigerators, and biological freezers for the preservation of biological specimens
Based on biospecimen, the market is bifurcated into human tissue samples, organs, stem cells, and others. The stem cells segment ruled the major market and accounted for the maximum share in 2020 due to the augmenting awareness of people about conserving cord blood stem cells of newborns to treat chronic diseases like cancer and others
Based on application, the market is bifurcated into therapeutic applications, research applications, clinical trials, and others. The therapeutic applications segment grabbed the major market in 2020 and accounted for the maximum revenue during the forecast period. The highest growth of this segment is accredited due to the advancements in the fields of regenerative medicine, personalized medicine and biobanking. Also, the high growth of this segment is shown due to the emergence in new treatment techniques, and high prevalence of chronic diseases across the world
Based on end-user, the market is bifurcated into biobanks, gene banks, hospitals, and others. The biobanks segment ruled the major market and accounted for the maximum share in 2020 due to the increasing demand of conserving biospecimens, tissues, organs and stem cells for various research purposes.
For a better understanding of the market adoption of Biopreservation, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. North America constitutes a major market for Biopreservation and generated maximum revenue in 2020 owing to the high government funding, robust personal healthcare spending, developed awareness programs, rapid acceptance of new analytical techniques, and the presence of skilled professionals and physicians. Moreover, the increasing incidences of cancer and other chronic diseases are also propelling the biopreservation market in this region. For instance, according to the World Health Organization (WHO), there were approximately 300,000 cases of cancer diagnosed each year among children aged 0-19 years and almost 9.6 million people worldwide are estimated to have died from cancer in 2018
Some of the major players operating in the market include: Thermo Fisher Scientific Inc., Merck KGaA, ThermoGenesis Holdings, Inc., Bio-Techne Corporation, BioLife Solutions, Inc., Exact Sciences Corporation, Princeton CryoTech, Inc., Stemcell Technologies, Inc., OPS Diagnostics, AMS Biotechnology, etc. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions
The Biopreservation Market was valued at USD XX million in 2020 and is projected to expand significantly with a CAGR of XX% from 2021F to 2027F. The Biopreservation Market is expected to witness a boost on account of increasing demand of people towards regenerative medicine for treating and controlling various chronic diseases across the globe. Also, the growing advancements in biobanking will boost the growth of biopreservation market