Consistent adoption of unhealthy lifestyles by consumers in developed and developing countries will accelerate the biopreservation market forecast over the coming years.
Consistent adoption of unhealthy lifestyles by consumers in developed and developing countries will accelerate the biopreservation market forecast over the coming years. Several firms and research institutes across the globe are investing in R&D activities to introduce effective products as well as services in biopreservation.
This can be owed to the optimum use of biological laboratory specimens across multiple research and clinical trials. The prevalence of organ deformities along with the dearth of organ donors for transplantation has pushed the need for regenerative medicine. Biopreservation components are used to cater to the rising requirements of appropriate storage and preservation of biological preparations.
As per estimates, the global biopreservation market size will surpass more than USD 9.5 billion in annual remuneration by 2024.
Operational benefits of biopreservation media
Demand for biopreservation media in the form of pre-formulated and home-brew products contributed to a global revenue share of more than USD 0.5 billion in 2017 and the value is expected to rise over the coming years. This is due to the robust adoption of the media in biopreservation techniques to enhance the post-thaw cell viability, yield, and recovery during the processes.
Scope in drug discovery and cell differentiation
Annual remuneration from the biopreservation drug discovery market is likely to strike a 13.5% CAGR through 2024 owing to the surge in R&D investments to develop some of the effective treatment methods for various chronic diseases. Consistent use of experimental models like stem cells and human tissues in the preclinical development of drugs will further add impetus to the need for biopreservation in drug discovery.
CD34+ cells derived from the umbilical cord blood (UCB) are utilized to treat chronic and non-healing wounds in type 2 diabetes mellitus patients. Preservation of these cells was responsible for close to 16% of the total biopreservation market share in 2017, considering their excessive use in research processes to differentiate between various types of cells.
U.S to record a considerable demand
The U.S. is a hub for various biological as well as drug development activities and hence observes a rising adoption of biopreservation techniques and products. The regional biopreservation market recorded more than USD 1.6 billion in 2017 due to the influx of technological progressions in the region and the continued preference for regenerative medicines in the treatment of diseases.
Furthermore, a jump in consumer healthcare spending, as well as improvements in healthcare facilities, will foster regional demand for biopreservation.
To access sample pages of this report titled, “Biopreservation Market Size By Product (Equipment {Freezers, Refrigerators, Consumables [Vials, Straws, Microtiter, Bags], Liquid Nitrogen}, Media {Pre-formulated, Home-brew}, Laboratory Information Management System [LIMS]), By Application (Regenerative Medicine {Cell Therapy, Gene Therapy}, Biobanking {Human Eggs, Human Sperm, Veterinary IVF}, Drug Discovery), By Cell Provider (CD34+, CD19+, MSC, iPSC, hESC, Tumor Cells)), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/762
Marketing strategies to favor the rise in demand
Solution providers in the biopreservation market are keen on implementing several inorganic marketing strategies like mergers, product launches, and acquisitions to expand their customer and product base, besides gaining a competitive edge over the other participants. For instance, BioLife Solutions, Inc, in September 2020, acquired SciSafe, a privately held firm, to facilitate the storing of its biological materials pertaining to cell and gene therapy as well as drug development.
BioCision, Chart MVE Biomedical, LabVantage Solutions, Biomatrica, Custom Biogenic Systems, Thermo Fisher Scientific, VWR International, Atlanta Biologics, Taylor-Wharton Cryogenics, Panasonic Biomedical, and Qiagen are some of the other leading brands in the biopreservation business.
The present COVID-19 pandemic and the ongoing research towards the development of the novel coronavirus vaccine could have also positively influenced the demand for biopreservation and biobanking. However, the regulation of severe norms as a result of complications incurred in temperature maintenance during the production of storage and preservation equipment may negatively influence the industry forecast to a certain extent.
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