The global biopreservation market accounted for a value of USD 2,406 million in 2017 and is estimated to grow at a CAGR of about 8.3%, during the forecast period. Biopreservation is defined as the extension of shelf life and improved safety of foods, by using the natural or controlled microbiota or antimicrobial compounds. It is an innocuous and ecological method to deal with the problem of food preservation and has gained increasing attention in the recent years.
Improving Healthcare Expenditure
Healthcare spending continues to rise faster than the economic growth in most countries, maintaining a trend that has been observed over decades. The presence of equitable, responsive, and efficient health systems across North America, Europe, UK, and Asia-Pacific, has also contributed to the maximum share of GDP that is being utilized in healthcare expenditure. In 2009, the United States had the highest health expenditure per capita (approximately USD 7,960), and a similar trend was also recorded in 2015. Countries like Norway and Switzerland were also the next big spenders on health, per capita. And with growing technological advancements in biopreservation and healthcare equipment, along with the cost-effectiveness of these instruments, a major share of healthcare spending is going to be in this domain. Factors like increasing life-expectancy and increasing patients with communicable and non-communicable diseases are major factors that have contributed to the growth of the market.
And the other factors, such as increasing advancements in R&D, adoption of in-house sample storage in hospitals and labs, and investments in biobanks and personalized medicine are increasing the growth of the biopreservation market.
High Cost of the Instruments and its Maintenance
Biopreservation facilities require highly sophisticated equipment and instruments to maintain samples at constant temperatures. These sophisticated equipment and instruments are expensive, and their high cost is a major restraint for the growth of the global biopreservation market. Systems from top companies start around USD 1 million and can hold between 250,000 and 10 million samples. Researchers may use laboratory information-management systems to search for appropriate samples for a particular study, such as those from donors of a particular age or weight, and then transmit their request to be retrieved. Few companies also sell automated freezers and data-management software for storing and tracking samples. The infrastructure required for a start up in its first year would probably cost between USD 3 million and 5 million, not including information systems. Operating costs for ten years could be more than USD 10 million. Obtaining funds for maintenance and ongoing expenses is also a major challenge. All these issues are hindering the market. The other factors, such as the possibility of tissue injury during preservation and thawing, are hindering the market growth.
Asia-Pacific is Expected to Record a Substantial Growth
North America is dominating the biopreservation market due to novel drug developments and therapies in the biomedical research, in this region, and along it, the population that requires diagnosis and treatment of acute and chronic diseases is increasing. Asia-Pacific is expected to record a substantial growth over the forecast period.
Key Developments in the Market
- February 2018: BioLife Solutions executed OEM Agreement with MilliporeSigma.
- July 2017: Cesca Therapeutics acquired the cell processing systems of SynGen.
Major Players: BioLife Solutions Inc., Cesca Therapeutics Inc., Lifeline Scientific Inc., Sigma-Aldrich Corporation, Thermo Fisher Scientific Inc., BioCision LLC, Custom Biogenic Systems Inc., Core Dynamics Ltd, Princeton CryoTech Inc., and VWR International.
Reasons to Purchase the Report
- Current and future market outlook for biopreservation in the developed and emerging markets
- Analyze various perspectives of the market, with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth, during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3-month analyst support, along with the market estimate sheet in excel.
Customization of the Report
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1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Products and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities and Challenges Analysis (DROC)
6.1 Market Drivers
6.1.1 Improving Healthcare Expenditure
6.1.2 Increasing Advancements in R&D
6.1.3 Adoption of In-House Sample Storage in Hospitals and Labs
6.1.4 Investments in Biobanks and Personalized Medicine
6.1.5 Increased Adoption of Advanced Technologies, Like Asissted Reproductive Technology, Stem Cell Therapies, and Regenerative Medicines
6.2 Market Restraints
6.2.1 High Cost of the Instruments and its Maintenance
6.2.2 Possibility of Tissue Injury During Preservation and Thawing
6.4 Key Challenges
7. Market Segmentation
7.1 Segmentation -By Products
7.1.1 Biopreservation Media
220.127.116.11 Nutrient Media
18.104.22.168 Other Supplements
22.214.171.124 Temperature Maintaining Units
126.96.36.199.2 Cryogenic Storage Systems
188.8.131.52.3 Thawing Equipment
7.2 Segmentation -By Services
7.2.1 Biobanking for Individuals
184.108.40.206 Umbilical Cord/Stem Cell Banking
220.127.116.11 Ovum/ Egg Banking
18.104.22.168 Sperm Banking
7.2.2 Biobanking for Institutions
22.214.171.124 Tissue Banking
126.96.36.199 Cell Banking Service
188.8.131.52 Organ Banking
184.108.40.206 Repository Services
7.3 Segmentation -By Biospecimens
7.3.1 Human Tissue Samples
7.3.2 Stem Cells
7.3.4 Other Biospecimens
7.4 Segmentation -By Application
7.4.3 Clinical Trials
7.5 Segmentation -By End-users
7.5.2 Gene Bank
7.6 Segmentation - By Geography
7.6.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest Of Europe
126.96.36.199 New Zealand
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
7.6.4 Middle East & Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East & Africa
7.6.5 South America
22.214.171.124 Rest of South America
8. Competitive Landscape
8.1 Mergers and Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Product Launches
9. Key Players
9.1 BioLife Solutions Inc.
9.2 Cesca Therapeutics Inc.
9.3 Lifeline Scientific Inc.
9.4 Sigma-Aldrich Corporation
9.5 Thermo Fisher Scientific Inc.
9.6 BioCision LLC
9.7 Custom Biogenic Systems Inc.
9.8 Core Dynamics Ltd
9.9 Princeton CryoTech Inc.
9.10 VWR International
10. Future of the Market