Biopreservation Market Size, Share, Growth, Trends and Industry Analysis Reportby Susan Hill Business Consultant
The global biopreservation market size is expected to reach USD 8.93 billion by 2022, according to a new report by Grand View Research, Inc., exhibiting a 17.3% CAGR during the forecast period. Rising demand for advanced preservation methods and constantly increasing healthcare spending is anticipated to fuel growth potential in future. Hospitals, pharmaceutical companies, and biotechnology firms are increasingly adopting systems for in-house storage of samples and this is anticipated to provide a significant boost to the market. Surging R&D investments by major companies and research communities striving to improve product development capabilities is also presenting the market with immense potential.
Technological advancements such as advent of virtual bio-banks, which is predicted to witness a significant upsurge in the application, is also resulting in market progression. In addition, increasing preference for maintaining repositories for biological specimens, for application in organ transplantation and regenerative medicine, has benefited the market. Presence of government initiatives such as International Society of Biological and Environmental Repositories to enhance bio-banking and preservation standards and practices is also broadening the scope for growth over the coming years.
Further key findings from the report suggest:
- In 2014, equipment captured the dominant
share by product owing to growing demand from bio-banks. High preservation
costs of biological specimens has also benefited this segment
- The media segment, on the other hand, is
predicted to witness exponential CAGR during the coming years as a result
of wide adoption in regenerative medicine
- In 2014, bio-banking captured a
substantial share in terms of application owing to growing number of
tissue and organ transplantations and high awareness levels with respect
- Regenerative medicine, on the other hand,
is anticipated to register the highest CAGR owing to major investments by
public and private healthcare organizations in research focused on
- By cell provider, tumor cells captured
the largest share in terms of volume in 2014, as a consequence of
extensive application in R&D and treatment of cancers with high
- In 2014, North America accounted for the
largest share in the biopreservation market, which can be attributed to
existing government regulations supporting extensive usage of biological
samples in regenerative
- Asia Pacific is anticipated to observe
exponential growth throughout the forecast period owing to unmet clinical
needs in the region, coupled with continued infrastructure upgradation
- Key market players are involved in deploying extensive strategies such as new product development, mergers, and acquisitions to gain competitive edge over other players.
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Created on Apr 2nd 2020 04:48. Viewed 138 times.