Biopreservation Market
Number of pages: 100 | Report Format: PDF | Published date: June 05, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 2.1 billion |
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Revenue Forecast in 2031 |
US$ 19.09 billion |
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CAGR |
27.8% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the biopreservation market was valued at US$ 2.1 billion in 2022 and is expected to register a revenue CAGR of 27.8% to reach US$ 19.09 billion by 2031.
Biopreservation Market Fundamentals
Biopreservation is a crucial field that involves the preservation and storage of biological materials to maintain their viability and functionality over extended periods. It plays a vital role in various scientific and medical applications. Through techniques like cryopreservation, chemical fixation, lyophilization, and controlled temperature storage, biopreservation allows researchers, clinicians, and biobanks to store and utilize biological samples for research, diagnostics, and therapeutic purposes. By preventing damage and degradation caused by chemical, physical, and biological processes, biopreservation ensures the integrity and viability of cells, tissues, and organs. This enables advancements in medical research, regenerative medicine, transplantation, and pharmaceutical development. The field of biopreservation continues to evolve, driven by the increasing demand for long-term storage of biological materials and the need to improve preservation techniques for various applications.
Biopreservation Market Dynamics
Factors driving the global biopreservation market growth include improving healthcare expenditure, adopting in-house sample storage in hospitals and labs, and increasing research and development investment. Biopreservation is crucial in evolving regenerative medicine. The rise in funding by investors to support biopreservation-based pharmaceutical companies to fulfill the growing demand for tissue and cell preservation is likely to propel market growth. For instance, X-Therma Inc., a biotechnology business developing regenerative medicine and organ preservation technology, finished a USD 13 million Series A investment round in December 2021 with an oversubscribed investor base. Ori Biotech also introduced a cell and gene therapy platform in January 2022 after collecting over USD 100 million in Series B funding. The interest of entrepreneurs and pharmaceutical firms to invest in biopreservation companies is going to stimulate market growth. Technology developments, rising product approval rates, partnerships, and acquisitions by major players also contribute to the market's expansion. For instance, Guy's and St Thomas' in the UK began offering ovarian tissue cryopreservation as a fertility preservation option to women receiving cancer treatment in February 2022. The target market is anticipated to have profitable prospects for growth during the allotted time due to the expanding technological developments, biopreservation product launches, and the affordability of these instruments.
However, the absence of qualified personnel and inadequate cybersecurity regulations are two issues that affect the global biopreservation market. Some of the contributing issues are the high cost of labor training and the standardization of software. Such challenges can slow the growth of the market as a whole.
Biopreservation Market Ecosystem
The global biopreservation market is analyzed from the following perspectives: product, application, end user, and region.
Biopreservation Market by Product
Based on the product, the biopreservation market is segmented into biopreservation media and equipment. The equipment segment is further divided into temperature maintaining units, consumables, and others.
The equipment segment accounts for the largest revenue share in the global biopreservation market. This is because there is a growing need for bio-banking to preserve tissue culture, DNA, plasma, and stem cells. The market is predicted to grow as a result of preservation being widely accepted and used, which has benefited from enough storage space and minimal maintenance.
The biopreservation media segment is projected to grow at a high revenue CAGR during the forecast period. Applications for media provide more features and information, making it easier for researchers to access and exchange research data and analysis. This increases their capacity to study, identify, track, and treat health conditions. During the projection period, it is anticipated that this tendency will fuel the growth of the market.
Biopreservation Market by Application
Based on the application, the biopreservation market is segmented into regenerative medicine, drug discovery, biobanking, and others.
Regenerative medicine is projected to grow at a high revenue CAGR during the forecast period. The segment is projected to grow as a result of numerous international partnerships in regenerative medicine that will advance research and development. For instance, the Regenerative Medicine Catalyst Project was started in September 2021 in conjunction with seven partners to track the funding and progress of regenerative medicine research in the nation over the following three years. The demand for regenerative medicine that uses biopreservation to treat terminal illnesses like cancer is expected to expand, fueling the market's expansion. Additionally, the category growth is anticipated to be boosted by the rising innovation, product approvals, and launches by leading market players in regenerative medicine cryopreservation. For instance, the FDA granted X-Therma Inc.'s TimeSeal Organ Transport Device and XT-ViVo Preservation Solution Breakthrough Device classification in May 2022. When being transported and later transplanted into a recipient, adult donor kidneys are supposed to be kept at a static hypothermic temperature via the TimeSeal Organ Transport Device. It uses XT-ViVo, a state-of-the-art organ preservation fluid designed for perfusing and flushing a donor's kidney either soon before or immediately after removal from the donor. During the forecast period, such developments and launches in regenerative medicine are anticipated to fuel the segment's growth.
The biobanking segment accounts for the largest revenue share of 60% in the global biopreservation market. Stem cell preservation is becoming more widely known, sperm and egg banking is becoming more widely accepted, and animal assisted reproduction is being used. Pharmaceutical corporations work with reserve biobanks and hospitals on tissue preservation.
Biopreservation Market by End User
Based on the end user, the biopreservation market is segmented into hospitals, biobanks, and others.
The biobanks segment accounts for the largest revenue share in the global biopreservation market. Biopreservation plays a critical role in the operations of biobanks, which are repositories that store and manage biological samples for research and clinical purposes. Biobanks are responsible for keeping samples for extended durations, often spanning many years or even decades. Biopreservation methods, such as cryogenic storage at ultra-low temperatures (-80°C or below) or liquid nitrogen (-196°C), effectively preserve the samples' viability and integrity during long-term storage.
Biopreservation Market by Region
Geographically, the global biopreservation market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share of 45% in the global biopreservation market. The market is primarily driven by the increase in demand from various research institutes, pathological facilities, and hospitals for the preservation of blood, and solid tissue specimens, including paraffin-embedded or frozen bio-specimens of tumors, and other tissues (like peripheral blood cells, bone marrow, and stem cells-derived cord blood and its derivatives). The increase in government spending on drug research is anticipated to increase the usefulness of biopreservation for the ex-vivo preservation of cells, tissues, and organs for storage, shipment, and transportation purposes. For instance, the Canadian government has allocated USD 45 million to the Stem Cell Network for the next three years to promote stem cell and regenerative medicine research. These expenditures are predicted to increase the demand for and utility of biopreservation in the area, which will accelerate market expansion over the course of the projection period. Technology developments, rising product approval rates, partnerships, and acquisitions by major players are also contributing to the market's expansion. For instance, CryoStore FLEX Freezing Bag was introduced in the United States and Europe in February 2022 by OriGen Biomedical Inc., a multinational medical device manufacturer of cryopreservation, cell culture, and respiratory products.
The biopreservation market in the Asia Pacific region is experiencing significant growth and is expected to continue growing in the coming years. The Asia Pacific region has witnessed a rise in healthcare expenditure, driven by a growing population, increasing prevalence of chronic diseases, and rising healthcare awareness. This increased investment in healthcare infrastructure and research facilities provides a favorable environment for developing biobanking and biopreservation capabilities. Several countries in the Asia Pacific region are investing in biobanking infrastructure and initiatives. Governments and research institutions are establishing biobanks to facilitate medical research, personalized medicine, and population health studies. These biobanks require efficient biopreservation solutions to store and maintain the integrity of biological samples.
Biopreservation Market Competitive Landscape
The prominent players operating in the global biopreservation market are: -
Biopreservation Market Strategic Developments
Biopreservation refers to storing and preserving biological materials, such as cells, tissues, organs, or even whole organisms, under controlled conditions to maintain their viability, functionality, and integrity for extended periods.
The global biopreservation market during the forecast period is expected to grow at a revenue CAGR of 27.8%.
Merck KGaA, BioLife Solutions, Lifeline Scientific Inc., Princeton CryoTech Inc., and VWR International, LLC are the major players in the biopreservation market.
The Asia Pacific region is projected to grow at a high revenue CAGR in the global Biopreservation market.
Biopreservation involves handling and storing biological materials, which may be subject to stringent regulatory requirements and ethical considerations.
*Insights on financial performance are subject to the availability of information in the public domain