Biopreservation Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Biopreservation Market Analysis

The biopreservation market is expected to register a CAGR of 15.3% during the forecast period.

The impact of COVID-19 was significant owing to the increased research and development activities of pharmaceutical and biotech companies to prepare and manufacture a vaccine, which required biopreservation. For instance, an article published in Stem Cells Translational Medicine Journal stated that the pandemic resulted in the USFDA approving EUA for three mRNA vaccines that Pfizer-BioNTech manufactured in December 2020, Moderna in December 2020, and Janssen in February 2021. The shipping and storage requirements for these vaccines (ultra-cold vs. refrigerated) necessitated bioprocessing methods. Thus, the COVID-19 pandemic is expected to impact the market significantly.

Biopreservation has broad public health and socio-economic impacts, and it is affecting many lives across the world. It has been widely used to preserve cells and tissues, targeting its reproductive medicine and organ transplantation applications. Stem cell banking and gene banking have also gained global popularity.

Factors driving the market growth include improving healthcare expenditure, adopting in-house sample storage in hospitals and labs, and increasing research and development investment.

Biopreservation is crucial in evolving regenerative medicine. The rise in funding by companies to support biopreservation-based pharmaceutical companies to fulfill the growing demand for tissue and cell preservation is likely to propel market growth. For instance, in December 2021, X-Therma Inc., a biotechnology startup creating technology for regenerative medicine and organ preservation, closed an oversubscribed USD 13 million Series A funding round. The financing was being handled by the entrepreneur-run investment company LOREA AG, with participation from notable return angel investors as well as Zen11 Holdings, Graphene Ventures, VU Venture Partners, Methuselah Foundation, and a few others.

Also, in January 2022, Ori Biotech launched a cell and gene therapy platform after securing over USD 100 million in Series B funding. The interest of entrepreneurs and pharmaceutical companies in investing in a biopreservation company is likely to propel market growth.

Additionally, advancements in technology, increasing product approvals, partnerships, and acquisitions by key players, are helping in the market growth. For instance, in February 2022, Guy’s and St Thomas’, United Kingdom, launched a fertility preservation service for ovarian tissue cryopreservation for women undergoing cancer treatment. Growing technological advancements and launches in biopreservation, along with the cost-effectiveness of these instruments, are expected to create lucrative opportunities for the target market growth in the given timeframe.

However, the high cost of the instruments and their maintenance and the possibility of tissue injury during preservation is likely to impede the market growth.

Biopreservation Industry Segments

As per the scope of the report, biopreservation is a process that helps store biological samples for a longer period. Cells, tissues, and plasmas are some of the common biological samples preserved through biopreservation. The biopreservation market is segmented by Product, Biopreservation Media, and Equipment (Temperature Maintaining Units, Consumables, and Other Equipment), Application Area (Biobanking, Regenerative Medicine, Drug Discovery, and Other Application Areas), End User (Biobanks, Hospitals, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.

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Biopreservation Market Trends

This section covers the major market trends shaping the Biopreservation Market according to our research experts:

Regenerative Medicine is Expected to Hold a Significant Market Share Over the Forecast period.

Regenerative medicines repair, replace, and regenerate the tissues and organs affected by injury, disease, or the natural aging process. These medicines restore the functionality of cells and tissues and are used in several degenerative disorders, such as dermatology, neurodegenerative diseases, cardiovascular, and orthopedics.

Various partnerships worldwide in regenerative medicine to boost research and development are projected to augment the segment's growth. For instance, in September 2021, the Regenerative Medicine Catalyst Project was launched in collaboration with seven partners to monitor regenerative medicine research development and funding in the country over the next three years. The increased demand for regenerative medicine that employs biopreservation to treat life-threatening diseases like cancer is likely to propel the segment's growth.

Furthermore, the increasing innovation, product approvals, and launches by key market players in regenerative medicine cryopreservation are expected to boost segment growth. For instance, in May 2022, X-Therma Inc. received Breakthrough Device status from the FDA for its XT-ViVo Preservation Solution and TimeSeal Organ Transport Device. The TimeSeal Organ Transport Device is intended to maintain adult donor kidneys at a static hypothermic temperature during transport and subsequent transplantation into a recipient. It uses XT-ViVo, a cutting-edge organ preservation solution, which is indicated for perfusing and flushing a donor's kidney either just before or right away after removal from the donor. Such advancements and launches in regenerative medicine are projected to propel the segment's growth during the forecast period.

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