During the projection period, the global biopreservation market is expected to increase at a CAGR of 13.07 percent, from USD 7222 million in 2027 to USD 3907.7 million in 2022.
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The COVID-19 has had a positive impact on the growth of the global biopreservation market. A nationwide lockdown has been implemented to prevent the SARS-COV-2 pandemic from spreading between countries because of its quick onset. There was a transit ban in place during the pandemic. The supply chain had been completely disrupted, affecting all sectors of the economy and producing significant market volatility.
Biopreservation is essential in the diagnosis and development of treatments for a wide range of diseases. Patient sample collection, processing, and analysis of tests conducted in an emergency; frantic international endeavours to develop SARS-COV-2 vaccines; and patient sample collection, processing, and analysis of tests conducted in an emergency. To determine the disease structure, the specimens must be kept for a longer period of time. Disease impacts and vaccinations can be discovered by infection sample analysis.
COVID-19 depicts a variety of biopreservation concerns. In this situation, this pandemic is projected to be a major issue for the entire world. The CDC in the United States has issued guidelines for handling COVID-19 samples. Bio preservation, which helps store the COVID-19 sample for an extended period, is likely to be handled by laboratories until the vaccine arrives.
Growing R&D activities, an increase in regenerative medicine year over year, and increased healthcare spending are driving the global biopreservation market forward.
According to the World Health Organization, global healthcare spending was about USD 7.8 trillion in 2017 and USD 7.6 trillion in 2016. In 2017, the average healthcare expenditure per person in low-income nations was USD 41, whereas it was USD 2937 in high-income countries. According to Deloitte, global healthcare spending would grow at a CAGR of 5% between 2019 and 2023. The United Kingdom’s government plans to spend USD 6.8 million on health and research development in 2020. The bio preservation market is growing in lockstep with global healthcare spending.
Furthermore, increasing research and development investments to preserve biological samples is a major driver driving the worldwide bio preservation market demand. Governments have taken steps to raise public knowledge about the need of bio-preservation of samples, which is expected to boost the market’s growth pace. Another important reason driving the market is the advancement of regenerative medicine, which aids in the treatment and management of ailments such as heart attacks and diabetes.
In most countries, healthcare spending continues to outpace economic growth, a tendency that has been seen for decades. The presence of egalitarian, responsive, and efficient health systems in North America, Europe, and Asia Pacific has also resulted in healthcare spending accounting for the largest possible share of GDP. Bio preservation has numerous public health and economic implications, and it affects a vast number of individuals around the world. It’s utilised a lot in cell and tissue preservation, and it’s also employed in reproductive medicine and organ transplantation. Around the world, the practise of preserving genes and stem cells is becoming more popular.
As healthcare expenses continue to rise year after year, the government’s collaborations with businesses and institutions to raise public understanding of current technology and its development for higher efficiency are expanding. With increasing technological breakthroughs in bio preservation and healthcare equipment, as well as the cost-effectiveness of these devices, this domain will account for a significant portion of healthcare spending.
On the other hand, the high costs of maintaining biological samples are projected to limit the growth of the worldwide biopreservation market. Another aspect impeding market expansion is a lack of public understanding regarding bio preservation. Due to a lack of sufficient understanding, biological samples placed in refrigerators for freezing become warm, liquid, or soft, limiting the worldwide bio preservation market’s need.
The fundamental obstacles of tissue or cell preservation and storage are important considerations with the move from laboratory to market. Despite the protection, the freezing and thawing processes frequently cause tissue or cell injury. This stifles the expansion of bio preservation’s market potential. Tissue cryopreservation is much more complicated and difficult than individual cell cryopreservation. The physicochemical and biophysical changes that occur during cryopreservation are linked to cell injuries during freezing and thawing.
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KEY MARKET INSIGHTS:
- Based on the product, the global biopreservation equipment sector is expected to account for a substantial portion of the global bio preservation market during the projected period, based on product type. The LIMS segment, on the other hand, is expected to increase at the fastest rate of 15.6% throughout the projected period.
- Geographically, during the forecast period, North America is predicted to remain the world’s top revenue-generation geography. In the bio preservation market, the increased prevalence of chronic illnesses such as heart disease, cancer, diabetes, and acute respiratory infections has played a significant role. Life sciences companies are becoming more interested in using bio preservation medium for cell and tissue therapies. Bio-preservation has gained in popularity in recent years as academic institutions, governments, healthcare organizations, pharmaceutical companies, and biotechnology companies have increased their funding. Market growth will be driven by an increase in the number of bio-preservative techniques, as well as an increase in healthcare spending.
- North America held the largest proportion due to consistent medication development and the launch of improved medicines in biomedical research. A significant surge in patients seeking high-end therapy for chronic diseases is driving up demand for bio preservation items and services in this region. In addition, the North American market is being driven by an increase in demand for blood, solid tissue specimens (including paraffin-embedded or frozen bio-specimens of tumours), and other tissues (such as peripheral blood cells and bone marrow) from a variety of research institutions, pathology centres, and hospitals. Because of greater technological use, a well-developed healthcare system, and more in-house sample storage in hospitals and research organisations, the Americas are projected to lead the bio preservation industry.
- Because of the availability of egalitarian, responsive, and effective healthcare systems, healthcare spending now accounts for the highest possible percentage of GDP in Asia Pacific. The APAC region in the worldwide bio preservation media market has a significant growth potential due to increased population and the incidence of various diseases. Stem cell technology, cell-therapy-based research, and transplantation, which includes conserving and processing tissues, cells, and organs, are all relatively new in this region, yet it is a rapidly growing industry. Growing government development investments are enhancing bio-storage acceptance, which is projected to propel the region’s bio preservation market forward in the coming years.
- BioLife Solutions, Inc., Sigma-Aldrich Corporation, BioCision LLC, VWR Corporation, Cesca Therapeutics Inc., So-Low Environmental Equipment Co, Panasonic Corporation, and Lifeline Scientific Inc. are some of the notable companies operating in the global biopreservation market.
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SEGMENTS INCLUDED IN THIS REPORT:
By Product type:
- Biopreservation Media
- Biopreservation Equipment
- Lab Information System Management
- Human Tissue Samples
- Stem Cells
- Other Bio-specimens
- Therapeutic Applications
- Research Applications
- Clinical Trials
- Other Applications
- Gene banks
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
BROWSE REGIONAL REPORTS:
- North America Biopreservation Market
- Europe Biopreservation Market
- APAC Biopreservation Market
- Latin America Biopreservation Market
- MEA Biopreservation Market
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