Global Biopreservation Market: Overview
Biopreservation involves maintaining the functionality and integrity of cells, tissues, and organs outside their natural environment for an extended period of storage at different temperatures. For instance, vaccines save 3 million lives every year in the U.S, however, vaccines worth US$ 20 million are wasted each year due to inadequate storage and improper refrigeration.
Biopreservation safeguards the stability, purity, and quality of biospecimens saved in hospitals, biobanks, and gene banks. For instance, preservation of red blood cells (RBCs) is required for the ready availability of safe blood for blood transfusion needs. The biopreservation of RBCs for clinical purposes can be divided on the basis of techniques used to attain biologic stability and safeguard a viable state after extended storage times.
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Global Biopreservation Market: Key Trends
The major factors driving the global biopreservation market include increasing R&D expenditure, increasing number of sperm and egg banks, increasing demand for preserving the stem cells of newborns, and rising adoption of regenerative medicine.
Across the world, the increasing healthcare expenditure for health and well-being will stimulate the growth of the biopreservation market. This is because healthcare expenditure accounts for a significant part of the developmental budget of most countries. According to data from the World Bank, public healthcare spending is expected to rise at a substantially high rate, which along with a substantial healthcare spending will be an important driver for gene banks, hospitals, and biobanks, which are the key end-users of biopreservation market.
A large population afflicted with chronic disorders such as cardiovascular diseases, diabetes, cancer, and hypertension as well as lifestyle diseases will bolster the market’s growth. The increasing public and private spending on, medical goods and services, rising disposable income, increasing demand for biobanking services for the preservation of cells, tissues, and organs, and rising disposable income are also expected to further enhance the growth of the global biopreservation market.
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Global Biopreservation Market: Market Potential
In a recent development in the biopreservation industry, BioLife Solutions, a leading name in developing, manufacturing, and marketing of proprietary cell and tissue has entered into a ten year business supply agreement with Bellicum Pharmaceuticals. The latter is a leading name in the development of cellular immunotherapies for cancers and inherited blood disorders. On account of this supply agreement, BioLife’s CryoStor cell freeze media is incorporated into Bellicum’s production process for various cellular immunotherapies that targets blood cancers and solid tumors.
In another industry development, BioLife Solutions has entered into a partnership with transportation firm MNX and expects heightened demand for its biologistics services with the entry of more cell therapies into the clinic.
Global Biopreservation Market: Regional Outlook
The global biopreservation market can be analyzed with respect to the regional segments of North America, Europe, Asia Pacific, and Rest of the World. In North America, the U.S. accounts for almost half the revenue of the region. This is due to the increasing demand for detection of chronic diseases, government stipulations for the ethical usage of biological samples, and introduction of newer of biopreservation methodologies.
Asia Pacific biopreservation market, driven by India and China will display a sustainable growth over the next couple of years
Global Biopreservation Market: Competitive Analysis
Some of the key companies operating in the global Biopreservation market include Thermo Fischer Scientific Inc., VWR Corporation, Lifeline Scientific Inc., BioCision LLC, Custom Biogenic Systems Inc., Princeton Cryotech Inc., Sigma-Aldrich Corporation, Biolife Solutions Inc., Cesca Therapeutics Inc., Core Dynamics Ltd., and So-Low Environmental Equipment Co. Inc.
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Top companies in the market are focused on mergers and acquisitions, practicing effective services, and develop new products to stay competitive in the biopreservation market. Expanding geographical reach and developing a broad product portfolio with respect to refrigerators, freezers, and consumables is also leading to the increased market share of some of the top players.
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