CHICAGO, May 24, 2024
/PRNewswire/ -- Biopreservation Market in terms of
revenue was estimated to be worth $4.4
billion in 2024 and is poised to reach $7.1 billion by 2029, growing at a CAGR of 9.8%
from 2024 to 2029 according to a new report by
MarketsandMarkets™.
The growth of this market is majorly driven by rise in
initiatives and investments for life science research, growth in
cell & gene therapy areas, and establishment of new facilities
by hospitals which will give rise to more organ donations and
preservation.
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Browse in-depth TOC on "Biopreservation Market"
361 - Tables
53 - Figures
315 -
Pages
Biopreservation Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$4.4 billion
|
Estimated Value by
2029
|
$7.1 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 9.8%
|
Market Size Available
for
|
2022–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Product, Biospecimen,
Application, and End User
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, Middle East & Africa,
GCC
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Growing demand for
organ transplants and cell & gene therapy
|
Key Market
Drivers
|
Growing healthcare
expenditure
|
The biopreservation media segment is expected to account for
the largest share in 2023.
The Biopreservation market, by product, has been segmented into
biopreservation media, biopreservation equipment, and
biopreservation accessories. The biopreservation media segment
accounted for the largest market share in 2023. This is attributed
due to the most frequent purchasing of media as compared to
equipment and increased stability of biospecimen during the storage
and transportation. Biopreservation equipment segment is expected
to register highest CAGR during the forecast period.
The Human Tissue Samples segment held the largest market
share in the Biopreservation market.
Based on the biospecimen, the Biopreservation market is
segmented into human tissue samples, organs, stem cells, and
other biospecimens. The human tissue samples segment accounted for
the largest market share in 2023. This can be attributed to the
ongoing advancements in biomedical research, including genomics,
proteomics, and personalized medicine, have increased the need for
high-quality human tissue samples for basic and translational
research studies.
The research application segment held the largest market
share in the Biopreservation market.
Based on the application, the Biopreservation market is
segmented into therapeutic applications, research applications, and
other applications. The research applications segment accounted for
the largest market share in 2023. The large share of this segment
can be attributed to the growing research activities in in the
fields of stem cell technology, cell-based research, genomic
research, regenerative medicine, tissue engineering, drug
discovery, and organ transplantation.
North America dominates the
global Biopreservation market
Based on the region, the Biopreservation market is segmented
into North America, Europe, Asia
Pacific, Latin America,
Middle East & Africa, and GCC. The North America market is driven by availability
of technologically advanced products and growing research
investments by companies and government. The Asia Pacific segment is projected to register
the highest CAGR during the forecast period. Developing healthcare
infrastructure, rapid growth in the biotechnology industry, and
growing incidence of chronic disorders are some of the major
factors driving the growth of this regional market.
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Biopreservation Market Dynamics:
Drivers:
1. Growing healthcare expenditure
Restraints:
1. High cost of advanced techniques
Opportunities:
1. Growing demand for organ transplants and cell &
gene therapy
Challenge:
1. Storage and transportation logistics
Key Market Players of Biopreservation
Industry:
Major players in Biopreservation market include Thermo Fisher
Scientific Inc. (US), Merck KGaA (Germany), PHC Holdings Corporation
(Japan), and Azenta, Inc.
(US).
Breakdown of supply-side primary interviews by company type,
designation, and region:
- By Company Type: Tier 1 (20%), Tier 2 (45%), and Tier 3
(35%)
- By Designation: C-level (30%), Director-level (20%), and
Others (50%)
- By Region: North
America (34%), Asia-
Pacific (27%), Europe
(23%), Latin America- (7%) and
MEA-(5%), and GCC (4%).
Recent Developments:
- In 2024, Merck invested more than USD
321.7 million (EUR 300
million) into a new Bioprocessing Production Center in
Daejeon, South Korea. The new site
is the largest investment by Merck's Life Science business sector
in the Asia Pacific to date and
demonstrates the company's commitment to expanding its capacities
in the fast-growing region. Merck expects the investment to create
approximately 300 additional jobs by the end of 2028.
- In 2024, Thermo Fisher Scientific introduced its newest line of
high-performance, ultra-low temperature (ULT) freezers. With
enhancements to performance, user experience, and energy
efficiency, the Thermo Scientific TSX Universal Series ULT Freezers
seamlessly adapt to scientists' workflows across a variety of lab
settings, marking a new era in performance, reliability, and
sustainability.
- In 2023, Avantor entered into an agreement with Tobin
Scientific, a leading provider of biopharma cold chain, ambient
storage, and transport & logistics services, to support
end-to-end moves for US biopharma customers looking to relocate the
labs, research facilities, and samples. This partnership will deal
with the growing customer need for complex logistics solutions with
temperature-specific requirements.
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Biopreservation Market - Key Benefits of Buying the
Report:
The report will help the market leaders/new entrants in this
market with information on the closest approximations of the
revenue numbers for the overall Biopreservation market and the
subsegments. This report will help stakeholders understand the
competitive landscape and gain more insights to position their
businesses better and plan suitable go-to-market strategies. The
report also helps stakeholders understand the pulse of the market
and provides them with information on key market drivers,
restraints, challenges, and opportunities.
The report provides insights on the following
pointers:
- Analysis of key drivers (Growing healthcare expenditure,
Increasing R&D investments, Advances in biobanking and growing
trend of conserving cord blood stem cells of newborns, Rising
investments in regenerative medicine research, Increasing demand
for personalized medicine), restraints (High cost of advanced
techniques, Stability issues due to tissue injury during freezing
and thawing, Issues related to biospecimen sample management),
opportunities (Asia offers
significant growth opportunities, Rising demand for organ
transplants and cell & gene therapy), and challenges
(Increasing demand for room temperature storage technologies,
Storage and transportation logistics) influencing the growth of the
Biopreservation market
- Product Development/Innovation: Detailed insights on upcoming
technologies, research & development activities, and new
product & service launches in the Biopreservation market.
- Market Development: Comprehensive information about lucrative
markets – the report analyses the Biopreservation market across
varied regions.
- Market Diversification: Exhaustive information about new
products, untapped geographies, recent developments, and
investments in the Biopreservation market
- Competitive Assessment: In-depth assessment of market ranking,
growth strategies, and product offerings of leading players like
Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), PHC Holdings Corporation
(Japan), Azenta, Inc. (US), among
others in the Biopreservation market strategies.
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Companies and Biopreservation Market Share
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