CHICAGO, May 24, 2024 /PRNewswire/ -- Biopreservation Market in terms of revenue was estimated to be worth $4.4 billion in 2024 and is poised to reach $7.1 billion by 2029, growing at a CAGR of 9.8% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The growth of this market is majorly driven by rise in initiatives and investments for life science research, growth in cell & gene therapy areas, and establishment of new facilities by hospitals which will give rise to more organ donations and preservation.

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Biopreservation Market Scope:

The biopreservation media segment is expected to account for the largest share in 2023.

The Biopreservation market, by product, has been segmented into biopreservation media, biopreservation equipment, and biopreservation accessories. The biopreservation media segment accounted for the largest market share in 2023. This is attributed due to the most frequent purchasing of media as compared to equipment and increased stability of biospecimen during the storage and transportation. Biopreservation equipment segment is expected to register highest CAGR during the forecast period.

The Human Tissue Samples segment held the largest market share in the Biopreservation market.

Based on the biospecimen, the Biopreservation market is segmented into human tissue samples, organs, stem cells, and other biospecimens. The human tissue samples segment accounted for the largest market share in 2023. This can be attributed to the ongoing advancements in biomedical research, including genomics, proteomics, and personalized medicine, have increased the need for high-quality human tissue samples for basic and translational research studies.

The research application segment held the largest market share in the Biopreservation market.

Based on the application, the Biopreservation market is segmented into therapeutic applications, research applications, and other applications. The research applications segment accounted for the largest market share in 2023. The large share of this segment can be attributed to the growing research activities in in the fields of stem cell technology, cell-based research, genomic research, regenerative medicine, tissue engineering, drug discovery, and organ transplantation.

North America dominates the global Biopreservation market

Based on the region, the Biopreservation market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and GCC. The North America market is driven by availability of technologically advanced products and growing research investments by companies and government. The Asia Pacific segment is projected to register the highest CAGR during the forecast period. Developing healthcare infrastructure, rapid growth in the biotechnology industry, and growing incidence of chronic disorders are some of the major factors driving the growth of this regional market.

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Biopreservation Market Dynamics:

Drivers:

1.  Growing healthcare expenditure

Restraints:

1.  High cost of advanced techniques

Opportunities:

1.  Growing demand for organ transplants and cell & gene therapy

Challenge:

1.  Storage and transportation logistics

Key Market Players of Biopreservation Industry:

Major players in Biopreservation market include Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), PHC Holdings Corporation (Japan), and Azenta, Inc. (US).

Breakdown of supply-side primary interviews by company type, designation, and region:

• By Company Type: Tier 1 (20%), Tier 2 (45%), and Tier 3 (35%)
• By Designation: C-level (30%), Director-level (20%), and Others (50%)
• By Region: North America (34%), Asia- Pacific (27%), Europe (23%), Latin America- (7%) and MEA-(5%), and GCC (4%).

Recent Developments:

• In 2024, Merck invested more than USD 321.7 million (EUR 300 million) into a new Bioprocessing Production Center in Daejeon, South Korea. The new site is the largest investment by Merck's Life Science business sector in the Asia Pacific to date and demonstrates the company's commitment to expanding its capacities in the fast-growing region. Merck expects the investment to create approximately 300 additional jobs by the end of 2028.
• In 2024, Thermo Fisher Scientific introduced its newest line of high-performance, ultra-low temperature (ULT) freezers. With enhancements to performance, user experience, and energy efficiency, the Thermo Scientific TSX Universal Series ULT Freezers seamlessly adapt to scientists' workflows across a variety of lab settings, marking a new era in performance, reliability, and sustainability.
• In 2023, Avantor entered into an agreement with Tobin Scientific, a leading provider of biopharma cold chain, ambient storage, and transport & logistics services, to support end-to-end moves for US biopharma customers looking to relocate the labs, research facilities, and samples. This partnership will deal with the growing customer need for complex logistics solutions with temperature-specific requirements.

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Biopreservation Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Biopreservation market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

• Analysis of key drivers (Growing healthcare expenditure, Increasing R&D investments, Advances in biobanking and growing trend of conserving cord blood stem cells of newborns, Rising investments in regenerative medicine research, Increasing demand for personalized medicine), restraints (High cost of advanced techniques, Stability issues due to tissue injury during freezing and thawing, Issues related to biospecimen sample management), opportunities (Asia offers significant growth opportunities, Rising demand for organ transplants and cell & gene therapy), and challenges (Increasing demand for room temperature storage technologies, Storage and transportation logistics) influencing the growth of the Biopreservation market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Biopreservation market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the Biopreservation market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Biopreservation market
• Competitive Assessment: In-depth assessment of market ranking, growth strategies, and product offerings of leading players like Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), PHC Holdings Corporation (Japan), Azenta, Inc. (US), among others in the Biopreservation market strategies.

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