Biopreservation Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

The process of preserving biological products, such as stem cells, DNA, tissues, and organs, while they are removed from their natural environments is known as biopreservation. By keeping these biological components under different temperature conditions, biopreservation increases their lifespan.

MARKET OVERVIEW

The global market valuation of biopreservation market is valued at approximately USD 2.49 billion in 2023 and is projected to reach USD 38.61 billion by 2034 exhibiting a compound annual growth rate (CAGR) of 28.3% during the forecast period of 2024-2034. The primary purpose of biopreservation is maintaining the integrity and functionality of various biological materials while extending their lifespan outside of their natural habitat. The market is aligned with healthcare, biobanking and pharmaceuticals and biotechnology sectors which contributes to its continued viability and success.

GROWTH DRIVERS

Biopreservation market is growing primarily due to widespread use in labs and hospitals, increased support from public and commercial partners in the healthcare sector, an increase in research and development practices, and significant progress in product creation.

The advancement and use of biopreservation technologies are being fueled by increased funding from public and private institutions. In healthcare settings, biopreservation techniques are widely employed for a variety of purposes, including the storage and preservation of biological materials for use in therapeutic, diagnostic, and research applications. As an outcome, it is expected to boost global market demand. The creation of novel and innovative biopreservation solutions, including high-capacity controlled freezers, is expanding the market and catering to the growing demand.

MARKET SEGMENTATION:

·         By Product – Media, Equipment, Accessories

·         By Application – Therapeutic Applications, Research Applications, Other Applications

·         By End User – Biobanks, Gene Banks, Hospitals, Other End Users

·         By Region – North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Biopreservation Market By Product Segment Review:

In 2022, the equipment category accounted for more than three-fourth of the overall market share, driven by the growing need for bio-banking to preserve tissue culture, DNA, plasma, and stem cells. The market is anticipated to grow as a result of preservation's widespread acceptance and use, which has benefited from substantial storage capacity and inexpensive maintenance.

Biopreservation Market By Application Segment Review:

The research applications segment dominated the biopreservation market by acquiring largest revenue share globally. Biopreservation methods are used widely by biobanks, research labs, pharmaceutical businesses, and educational organizations to preserve biological samples for research applications.

Biopreservation Market By End User Segment Review:

Biobanks are the primary user of biopreservation, conquering the global market with the largest share of overall revenue. The need for sophisticated bio-preservation medium and tools to preserve the quality of biospecimens is growing as there are numbers of biobanks are increasing across the globe, therefore it is driving the demand of market.

Biopreservation Market By Region Segment Review:

North America accounted for the greatest portion of the revenue generated in the biopreservation market in 2022 due to the development of cutting-edge therapeutics and the progress made in biomedical research. Asia Pacific is expected to grow at the highest rate because of the increased financial backing for biobanking methods and services.

Biopreservation Market Regional Synopsis:

North America dominated the biopreservation market in 2022, securing a substantial market position with over two-fifth of the total global share. The primary reasons behind this dominance are the development of cutting-edge therapeutics, the progress made in biomedical research in the region and the growing number of chronic diseases needing medical treatment.

Asia Pacific is projected to grow at the fastest rate due to significant funding support for biobanking services and processes as well as an increase in partnerships and collaborations that follow biopreservation techniques. The region's expanding healthcare infrastructure and sizable population base both contribute to the market's growth. Additionally, it is anticipated that the market is likely to rise in upcoming years as greater numbers of individuals become aware of how biopreservation is crucial to treatments and diagnostics.

In Europe, biopreservation market is projected to grow considerably over the course of the forecast period due to factors such as increased funding for research and development, growing awareness of personalized medicine, and rising need for biobanking and drug discovery. The need for this biopreservation technology has surged in the region due to the rising incidence of chronic illnesses like cancer, diabetes, and neurological disorders.

The rising incidence of chronic illnesses, the expansion in research activities, and the expanding need for cutting-edge healthcare facilities are all factors contributing to increasing demand of this market in the Latin American region.

Over the course of the forecast period, the Middle East and Africa biopreservation market is anticipated to increase at a moderate rate. The region's growth has been attributed to the increasing number of research projects, the escalating incidence of chronic diseases, and the growing need for sophisticated medical facilities.

Biopreservation Market Key Challenges:

The lack of strict cybersecurity measures and the scarcity of qualified personnel represent two of the major challenges that the expanding biopreservation sector is confronting. Some of the other root causes include the high cost of personnel training and software uniformity. Furthermore, maintaining quality control requirements over a longer period of storage is expected to provide difficulties for manufacturers.

Adopting biopreservation techniques possibly be challenging for certain laboratories and healthcare facilities due to their complex nature and need for specialist knowledge. Higher expenses and lengthier implementation periods are possible to arise from the requirement for appropriate training and knowledge of various preservation approaches.

Biopreservation Market Competitive Landscape:

Numerous significant industrial participants acknowledge the growing biopharmaceutical sector. This is pushing them to make significant investments to guarantee the integrity and quality of these tests, which is improving the outlook for the market. Moreover, the notable developments in cell-based therapeutics and regenerative medicine are being recognized by a number of major players. To maintain the viability and efficacy of these therapies, cells, tissues, and synthetic constructions need to be preserved. Advanced protocols and technologies are being developed and adopted due to the growth of regenerative medicine and cell therapy.

Global Key Players:  

·         BioLife Solutions

·         Azenta US, Inc.

·         MVE Biological Solutions

·         OPS Diagnostics

·         LabVantage Solutions, Inc.

·         Thermo Fisher Scientific, Inc.

·         Taylor-Wharton

·         Panasonic Corporation

·         PrincetonCryo

·         X-Therma Inc.

·         Stirling Ultracold