February 10, 2021 13:00 ET | Source: Fior Markets

Newark, NJ, Feb. 10, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, theglobal biopreservation market is expected to grow from USD 3.55 billion in 2020 to USD 7.67 billion by 2028, at a CAGR of 10.1% during the forecast period 2021-2028.

Some of the critical factors that are fuelling the growth of the global biopreservation market are technological advancements in the field of biopreservation, increasing private as well as government investment in R&D, increasing health care expenditure, and a rising regenerative medicine demand due to the expanding rate of lifestyle diseases. Biopreservation is crucial for the success of distinct commercial & clinical applications of emerging cell-based technologies. Advancements in biopreservation such as next-gen cryopreservation solutions, integration & design with nanoscale technology, and standardization of hypothermic storage are leading to important long period preservation of complex tissues & organs in transplantation & regenerative medicine. The Cooperative Human Tissue Network (CHTN) was set up by the National Cancer Institute, which uses collective efforts to advance bio-banking.

With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the biopreservation market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Research activities all over the world had been stopped due to lockdowns. The emergence of competing technologies like room temperature storage technology has a negative effect on the market. Another challenge is the strict regulations that governments have put up regarding biopreservation.

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Key players operating in the global biopreservation market include BioCision, Custom Biogenic Systems, Panasonic Biomedical, Thermo Fisher Scientific, VWR International, Atlanta Biologics, BioLife Solutions, Chart MVE Biomedical, LabVantage Solutions, and Taylor-Wharton Cryogenics, among others. To gain a significant market share in the global biopreservation market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Thermo Fisher Scientific and Taylor-Wharton Cryogenics are some of the biggest players in the global biopreservation market.

The equipment segment dominated the market and held the largest market share of 61.8% in the year 2020

The product segment consists of laboratory information management system, media, and equipment. The equipment segment dominated the market and held the largest market share of 61.8% in the year 2020. The extensive use of equipment in plasma, DNA, tissue, and stem cell research is driving the growth of this segment. Advanced equipment is necessary for high cost-efficiency, low maintenance and adequate storage capacity.

The tumor cells segment dominated the market and held the largest market share of 22.45% in the year 2020

Based on cell provider, the global market has been divided into tumor cells, hESC (human Embryonic Stem Cell), CD19+, CD34+, iPSC (Induced Pluripotent Stem Cells), MSC (Mesenchymal stem cells), and others. The tumor cells segment dominated the market and held the largest market share of 22.45% in the year 2020 due to its numerous applications in R&D, diagnosis, and cancer treatment. Tumor cells act as effective biomarkers in different types of cancers like breast, prostate, and colon cancer.

The bio-banking segment dominated the market and held the largest market share of 58.36% in the year 2020

On the basis of application, the biopreservation market has been segmented into bio-banking, regenerative medicine, and drug discovery. The bio-banking segment dominated the market and held the largest market share of 58.36% in the year 2020 due to the various advantages of stem cell preservation. The expanding number of egg banks and sperm banks around the world boost the growth of this segment.

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Regional Segment Analysis of the Biopreservation Market

On the basis of geography, the global biopreservation market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 46.9% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the growing geriatric population, advancing drug development & biomedical research, an increasing number of patients needing specialized treatment for lifelong diseases, and the presence of significant pharmaceutical & pharmaceutical companies in the region. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like an increasing patient base and rising government investments in biomedical research & development.

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About the report:

The global biopreservation market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.

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Global Biopreservation Market Is Expected to Reach USD 7.67 Billion by 2028 : Fior Markets - GlobeNewswire