StemCell Therapy

Biopreservation Market will exceed USD 9.5 billion by 2024; as per a new research report.

Increasing investment in R&D activities worldwide will drive the biopreservation market growth over the forecast period. Companies and research organizations are taking efforts to develop efficient and effective product and services for biopreservation. Increasing usage of biological laboratory specimens in various research and clinical trials should further boost the biopreservation business growth.

Growing prevalence of lifestyle disorders in developed as well as developing countries will positively impact the industry growth over the coming years. Rising incidence of organ deformities coupled with shortage of organ donors for transplantation will increase the demand for regenerative medicine. Need for appropriate storage and preservation of the biological preparations will surge the demand for biopreservation equipment thereby augmenting industry growth. However, stringent regulations pertaining to manufacturing biopreservation equipment and complications associated with required temperature maintenance may hamper the business growth during the forecast period.

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Media segment accounted for USD 0.5 billion in 2017 and is estimated to show significant growth over forecast period. The segment growth is accredited to increasing usage of media in biopreservation process to improve post-thaw cell viability, yield and recovery. Growing demand for biopreservation media such as pre-formulated and home-brew media should further increase segment size over the coming years.

Drug discovery segment will experience 13.5% CAGR by 2024 and segmental growth will be attributable to increasing investment in R&D activities to develop efficient treatment for chronic disease. Growing adoption of stem cell models and human tissues as experimental models for preclinical drug development will foster the demand for proper preservation and storage of these biologics thereby accelerating business growth.

CD34+ segment accounted for 16.0% revenue share in 2017 due to its wide application in research and its ability to differentiate into various cell types. CD34+ cells from umbilical cord blood (UCB) can be used in treatment of chronic and non-healing wounds in patients with type 2 diabetes mellitus. Such benefits should augment the segmental revenue size during the forecast period.

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U.S. biopreservation market accounted for USD 1.6 billion in 2017 and will show similar trend during the forecast timeline. Technological developments in the U.S. coupled with rising adoption of regenerative medicine in disease treatment will surge the demand for biopreservation products. Moreover, high healthcare expenditure and advancement in healthcare facilities will further drive the business growth.

Some of the notable competitors operating in biopreservation market include: BioCision, Biomatrica, Chart MVE Biomedical, BioLife Solutions, LabVantage Solutions, Custom Biogenic Systems Atlanta Biologics, Taylor-Wharton Cryogenics, Thermo Fisher Scientific, Panasonic Biomedical, Qiagen, and VWR International. Industry players are majorly focusing on inorganic strategies such as partnership, merger, acquisition and novel product launch to strengthen their existing product portfolio and maintain market position.

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Biopreservation Market share research by applications and regions for 2018 2024 - Cole of Duty

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