Biopreservation Market To Reach USD 21.6 Billion By 2032 Report By DataHorizzon Research
Revolutionary development in medicare is creating new possibilities for the biopreservation market.
Fort Collins, Colorado, Jan. 22, 2024 (GLOBE NEWSWIRE) — The Biopreservation Market was valued at USD 2.5 Billion in 2022 and is projected to reach USD 21.6 Billion by 2032 at a CAGR of 24.1%.
The bioprocessing market is experiencing growth due to increased investments from major market players. One technique used is biopreservation, which involves storing biospecimens at low temperatures to reduce their metabolic and physiochemical activities. When required, these specimens can be revived to their natural physiological state.
The biopreservation process strives to maintain the functionality and well-being of biological products, including but not limited to stem cells, DNA, tissues, and organs, even when exposed to different temperatures, expanding their lifespan beyond their natural environment. Recent technological advancements have facilitated using microarrays, predictive models, hybrid models, and various API algorithms to streamline the process and reduce its overall cost, time, and complexity.
The biopreservation media market is experiencing growth due to increased demand. These media preserve biospecimens, including organs, tissues, and cells, for research or clinical purposes. This helps to extend their shelf-life and makes them more valuable in fields such as biobanking, regenerative medicine, and drug discovery. Furthermore, biopreservation capabilities are expected to improve using multiplex cellular imaging platforms. These platforms are likely to aid in understanding disease progression and suggest appropriate diagnostic and treatment options in gynecology, cardiology, and point-of-care applications.
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The global biopreservation market has been segmented into product, application, and region. The equipment industry had the highest market share in 2022 due to the rising demand for biobanking, which involves preserving stem cells, plasma, DNA, and tissue culture. The biobanking sector is expected to benefit from the wide usage and acceptance of preservation techniques, offering ample storage capacity and low maintenance costs. Factors such as increased awareness about stem cell preservation, higher acceptance of egg and sperm banking, and fruitful collaborations between pharmaceutical companies, reserve bio-banks, and hospitals have contributed to the trend.
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Biopreservation Market Report Highlights:
- The global biopreservation market growth is anticipated at a CAGR of 24.1% by 2032.
- The bioprocessing market is growing because of major investments from market players. Biopreservation is a technique that preserves biospecimens by storing them at low temperatures. Recent technological advancements have streamlined the process, reducing its cost, time, and complexity. Biopreservation media are in higher demand as they extend the shelf-life and value of biospecimens for research and clinical purposes. Multiplex cellular imaging platforms are expected to aid in understanding disease progression and suggest appropriate diagnostic and treatment options in various medical fields.
- North America emerged as the top revenue-generating region in the biopreservation market in 2022. This rise can be attributed to the progress made in biomedical research and the development of advanced therapies. Besides, the increasing number of chronic incidences requiring treatments has created a demand for biopreservation in the region, strengthening its market presence.
- Some prominent players in the biopreservation market report include Azenta US, Inc., Biomatrica, Inc., BioLife Solutions, MVE Biological Solutions, Lifeline Scientific Inc., Merck KGaA, LabVantage Solutions, Inc., Taylor-Wharton, Thermo Fisher Scientific, Inc., VWR International, LLC, Panasonic Corporation, X-Therma Inc., Princeton CryoTech Inc., and Stirling Ultracold.
Industry Trends and Insights:
– Azenta, Inc. will provide sample management services for the Lupus Nexus patient registry, supporting lupus research and drug discovery through biorepository storage, lab services, logistics, and collection kit design.
– Merck has announced a licensing agreement with Inspirna, Inc. for Ompenaclid, a first-of-its-kind oral inhibitor of the creatine transport channel SLC6A8 and SLC6A8-targeting follow-on compounds. Ompenaclid is currently being evaluated in a Phase II study for second-line treatment of RAS-mutated advanced or metastatic colorectal cancer (mCRC).
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Biopreservation Market Segmentation:
By Product: Equipment (Freezers, Refrigerators, Consumables, Others), Media (Pre-formulated, Home-brew) and Laboratory Information Management System (LIMS)
By Application: Regenerative Medicine, Bio-banking and Drug Discovery
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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