Biopreservation Market To Reach USD 5.63 Billion By 2027 | Reports and Data
An increase in the research of biobanking and the growing trend of preserving cord cells is driving the market for Biopreservation.
New York, Sept. 08, 2020 (GLOBE NEWSWIRE) -- The global Biopreservation Market is forecast to reach USD 5.63 Billion by 2027, according to a new report by Reports and Data. A rise in the incidence of chronic diseases, such as renal, cardiac, cancer, and diabetes, will propel the demand for the market.
According to the International Diabetes Federation (IDF), approximately 463 million adults, in 2019, were living with diabetes, and by the year 2045, the number is expected to rise to 700 million. The disease led to 4.2 million deaths and caused the healthcare sector USD 760 billion. Cancer caused almost 9.6 million deaths in 2018. The number of cases is expected to rise to 30 million by 2040 from 18 million in 2018.
Moreover, factors like varying disease patterns, increasing awareness among the population for general wellness and overall healthcare, flexible government policies and regulations together with the applicability of stem cells in research centers focusing on cancer treatment is estimated to escalate the market demand across regions in the upcoming years.
North America dominates the market owing to the increasing number of manufacturers in the region, the spread of infectious diseases, improved healthcare infrastructure, and the development of various new products. Increasing the production of innovative products and the growth of manufacturers in their countries has led Europe to expand its global presence in the industry supported by mergers and acquisitions that are increasing the global presence of European market players.
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The Covid-19 Impact
The market will witness a huge surge as biopharmaceutical innovators are in the front line for the human response to the global COVID-19 pandemic. A significant number of biotech firms are in the middle of the race to investigate the virus's genome and are preparing a viable vaccine. These companies are investigating the virus at an unprecedented rate, and considerable funds are being put into the research. The companies are in trial stage, and the public and private sectors are working continuously for the development of the vaccine. Cash inflow for research in the healthcare sector to find a cure for infectious and autoimmune diseases will aid the market in growth.
Further key findings from the report suggest
- The demand for biospecimen equipment is growing due to its extensive application in plasma, stem cells, DNA, and tissue research. The surge in adoption can also be accredited to certain benefits such as high-cost efficiency, storage capacity, and low maintenance.
- Stem cells are used in regenerative medicine, especially in the field of dermatology. The market for stem cell is witnessing an increased growth owing to the increased number of clinical trials across the globe.
- Successful clinical and commercial applications of biospecimens require practical and robust cryopreservation protocols. Stem cells are notoriously sensitive to cryopreservation, which required specialized protocols to maintain the optimal cell viability and recovery.
- The number of Biopreservation banks is increasing in developing nations, which is further driving the market growth. Also, increasing awareness regarding the storage of stem cells has had a positive effect on the market. The market is still at a nascent stage, but it holds potential in both therapeutic and diagnosis fields.
- North America is expected to account for a significant share of the global Biopreservation market. The United States will be the primary contributor and is likely to witness high growth due to the huge amount of funding by the government and private firms for clinical trials. The region is forecasted to grow with a CAGR of 9.0% during the forecast period.
- Key participants include Merck KGaA, ThermoGenesis Holdings, Inc., Thermo Fisher Scientific Inc., Avantor, Inc., Bio-Techne Corporation, Exact Sciences Corporation, BioLife Solutions, Inc., and Worthington Industries, Inc., BioCision, and Chart Industries, Inc., among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/biopreservation-market
For the purpose of this report, Reports and Data have segmented into the global Biopreservation market on the basis of the type, biospecimen, application, end-users, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Biospecimen Equipment
- Biopreservation Media
- Cryogenic Storage Systems
- Freezers
- Refrigerators
- Thawing Equipment
Biospecimen Outlook (Revenue, USD Billion; 2017-2027)
- Organs
- Human Tissue Samples
- Stem Cells
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Research Applications
- Therapeutic Applications
- Clinical Trials
- Others
End Users Outlook (Revenue, USD Billion; 2017-2027)
- Gene Banks
- Biobanks
- Hospitals
- Others
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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