Zion Market Research has published a new report titled “Biopreservation Market by Product (Equipment, LIMS, and Media) for (Bio-banking, Regenerative Medicine, and Drug Discovery) Application: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022.” According to the report, global demand for biopreservation market was valued at around USD 2.29 billion in 2016 and is expected to generate revenue of around USD 4.48 billion by end of 2022, growing at a CAGR of around 11.8% between 2017 and 2022.
Biopreservation is the process used to store cells, tissues, plasma, saliva, and other body fluids outside the body for extended storage time at different temperatures. Inadequate storage and improper refrigeration can result in loss of vital cells, tissues, and organs which are vital bio-specimen.
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Global biopreservation market is primarily driven by growing usage of tissues, plasma, DNA and stem cells for medical research. Other major driving factors for the growth of biopreservation market are the emergence of biomedical research for new drugs and therapies coupled along with increasing demand for organ transplantation. However, developments of room temperature storage technology coupled along with economic restraints are major restraints that may curb the growth of the market. Nonetheless, emerging markets across the globe are likely to disclose the new avenues for biopreservation market in the near future.
The biopreservation market is segmented on the basis of different products including Equipment, LIMS, and Media. Equipment segment is further sub-segmented into refrigerators, freezers, liquid nitrogen, and consumables. In 2016, equipment segment was the largest segment in biopreservation market and accounted for largest share of the total market. The freezer was the largest sub-segment of equipment market. The media segment is sub-segmented into home-brew media and pre-formulated media. Equipment segment is expected to continue its dominance, whereas consumables segment is expected to be the fastest growing segment over the forecast period.
Bio-banking, regenerative medicine, and drug discovery are the key application segments of the global biopreservation market. The bio-banking application segment dominated the market in terms of revenue. Bio-banking segment is expected to continue its dominance over the forecast period. Factors such as increasing demand for stem cell storage are expected to boost the demand for biopreservation market.
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North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of global biopreservation market. North America is expected to remain the dominant region over the forecast period. Europe was the second largest market for biopreservation in 2016. Asia Pacific is expected to be the fastest growing region in biopreservation market during the forecast period. Moreover, Latin America is also expected to show considerable growth for this market in the years to come.
Some of the key players in biopreservation market include Biomatrica Inc., Thermo Fisher Scientific Inc., BioCision LLC, VWR International LLC, Qiagen, Panasonic Corporation, Labvantage Solutions Inc., and BioLife Solutions Inc. among others.
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