According to the report “Biopreservation Market “, published by Market Data Forecast, the global market is projected to reach USD 4.37 Billion by 2021, at a CAGR of 12.3% from 2016 to 2021.
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Biopreservation is a process of storing the biological samples in an environment suitable for their survival. With the growing prevalence of chronic diseases like cancer, cardiovascular diseases, diabetes and acute respiratory diseases, Biopreservation is gaining significance. Biopreservation Media is being increasingly used by the life sciences companies to develop tissue or cell related therapies. Many academic institutions, governments, healthcare establishments, pharmaceuticals and bio technology companies are funding biorepositories and bio banks clinical research. Increasing healthcare expenditure and rise in demand for novel bio-preservatives techniques is expected to aid the growth of the market.
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The biopreservation market is driven by the rising healthcare spending, increasing demand to preserve new-born’s cord cells, rising R&D expenditure on advances in regenerative market, biobanks and drug discovery. The growth of the market is also fuelled by the advancements in personalized diagnostics medicines and increased facilities in biopreservation applications. However, the market has to overcome a few restraints that is proving to be fatal to the growth of the market which include stability issues of a specimen and high costs relating to biopreservation.
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The biopreservation market is segmented on the basis of product type, applications and bio-specimens.
By Product Type:
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The major companies in the biopreservation industry are Sigma-Aldrich Corporation, Thermo Fisher Scientific, Inc., BioLife Solutions, Inc., VWR Corporation, BioCision LLC, Taylor-Wharton, Cesca Therapeutics Inc., Lifeline Scientific Inc., So-Low Environmental Equipment Co. and Panasonic Corporation
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