Dublin, May 02, 2024 (GLOBE NEWSWIRE) -- The "Biopreservation Market Report by Product Type (Biopreservation Equipment, Biopreservation Media), Application (Therapeutic Applications, Biobank Applications, Drug Discovery Applications), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
An exhaustive study on the global biopreservation market has unveiled that the sector is expected to surge from its present valuation of US$ 7.7 billion in 2023 to a projected US$ 19.3 billion by 2032, registering a compounded annual growth rate of 10.7% over the forecast period. The growth of the market can be largely attributed to the expanding emphasis on personalized medicine, augmenting investments in research and development activities, and an enhanced awareness and understanding of rare diseases among the population.
The industry report highlights that a notable factor influencing the market is the mounting demand for biobanking applications. Biobanks play a pivotal role in preserving biological specimens essential for healthcare research and are thus representing the largest share in the market. Additionally, with personalized healthcare gaining prominence, the utility of biobanks has been given a substantial boost.
Continual advancements in regenerative medicine, where the preservation of viability and functionality of cells, tissues, and engineered constructs is paramount, are further contributing to the market growth. Similarly, the burgeoning biopharmaceutical sector that demands stringent stability and integrity of biological products from manufacture to distribution is driving the adoption of biopreservation methods.
Biopreservation Segmentation Insights
The report segregates the market into various segments based on product type, which includes biopreservation equipment and biopreservation media. Among these, biopreservation equipment has captured the lion's share, attributed to the critical role it plays in maintaining biological materials' viability during storage.
In terms of application, biobank applications have been observed to hold the largest slice of the market pie due to their indispensable services in the curation of a spectrum of biological samples for diverse purposes.
Geographical Market Analysis
Region-wise, North America has surfaced as the predominant market, with its advanced healthcare infrastructure, extensive network of biobanks, and robust biopharmaceutical presence. Following North America, the Asia-Pacific region stands firm due to its burgeoning healthcare needs, population size, and swiftly growing biopharmaceutical industry.
Competitive Landscape and Market Dynamics
The market is being positively stimulated by the strategic moves and innovations of key players within the industry. The latest developments include the introduction of new controlled-rate freezers, expansion of diagnostic portfolios through mergers and acquisitions, and the strengthening of life sciences businesses in expanding regions. These strategic advancements underscore a steadfast commitment to enhancing biopreservation practices worldwide.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $7.7 Billion |
| Forecasted Market Value (USD) by 2032 | $19.3 Billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
Companies Featured
- BioLife Solutions Inc.
- Thermo Fisher Scientific Inc.
- VWR International LLC
- Panasonic Corporation and BioCision LLC
For more information about this report visit https://www.researchandmarkets.com/r/1n4v9n
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
