Biopreservation Market – Overview
The escalating demand for effective preservation of biological material is anticipated to motivate the market for biopreservation. Market reports connected with the healthcare industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is poised to achieve an 11.2% CAGR in the duration of the forecast period.
The increased demand traction observed from the healthcare and food industry is expected to create considerable opportunities for the market for biopreservation. Factors such as escalating expenditure on healthcare and mounting demand for stem cell preservation is projected to fuel the advancement of the market in the forecast period.
The biopreservation market globally has been segmented on the basis of biospecimen, product, and application. Based on product, the biopreservation market has been segmented into media and equipment. By source, the biopreservation market has been segmented into biobanking, regenerative medicine, and drug discovery. The biopreservation market has been segmented by region into Europe, the Americas, Asia Pacific, the Middle East, and Africa.
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Detailed Regional Analysis
The regional analysis of the biopreservation market finds that the Americas region is likely to control the global biopreservation market due to the implementation of advanced technology, growing spending on healthcare RD, the existence of a well-established healthcare system, and growing in-house sample storage in hospitals and research institutes. Additionally, the incidence and recent merger and acquisition activities by market companies in the region is contributing to the development of the market. The European market is estimated to be the subsequent major biopreservation market. The market development in this region can be credited to the growing number of births and continuous rise in the demand for umbilical cord preservation.
Furthermore, a mounting number of sperm and egg banks are contributing to the development of the market in this region. The Asia Pacific region is anticipated to be growing swiftly in the market all through the forecast period due to the rising population in the region, escalating awareness about stem cell preservation and constant development in the healthcare sector owing to government backing. The market in the Middle East Africa is projected to be responsible for the smallest portion of the global biopreservation market owing to a minor healthcare sector, deficiency of technical knowledge, and inadequate medical facilities.
The expansion of a strong value chain is additionally motivating the development of the market. The vertical supplements and product tactics of the market are advancing the potential of the market players. The growth of the market is moving in a promising direction due to new product introductions or intensifying gross revenue of the players in the market. Increased conformity of market players to new customers and market trend inclinations are boosting the growth curve of the market and will persist in the forecast period. The tactical goals intended for the market are buoyed due to advantageous product differentiation carried out by market contestants. Substantial cuts in administrative costs are inducing further expansion of the market. The effective implementation of strategies is likely to stimulate the market in the coming years.
The distinguished companies in the biopreservation market are VWR International, LLC., CUSTOM BIOGENIC SYSTEMS., BioLifeSolutions Inc., Chart Industries, Thermo Fisher Scientific, Inc, BioCision., QIAGEN, Lifeline Scientific, Cesca Therapeutics Inc., Core Dynamics, Ltd., Sigma-Aldrich Co., Princeton CryoTech, Panasonic Biomedical, Inc., Biomatrica, Inc., and Atlanta Biologicals.
Nov 2018 BioLife, a regenerative medicine consumables and tools firm reported sales of its biopreservation media product of $5.3 million (€4.7 million), up 79% year-on-year. Following this development, the market is considering the scaling-up of opportunities to take advantage of the sustained demand from the cell and gene therapy market, comprising of suitable MA prospects.
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