Biopreservation is an important aspect of biobanking. The duration for preservation of biological samples may either short or long-term, depending on the demand for the specific specimen. In order to encourage sample donation for research activities, it is very essential to maintain the functionality and stability of samples throughout their preservation period apart from securing the donor information.
The global biopreservation market is estimated to account for US$ 6,646.2 Mn in terms of value in 2020 and is expected to reach US$ 19,748.6 Mn by the end of 2027.
Global Biopreservation Market: Drivers
Increasing prevalence of chronic disorders is expected to propel growth of the global biopreservation market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Global Biopreservation Market: Opportunities
Development of networks for the access of biospecimens and research data is expected to offer lucrative growth opportunities for players in the global biopreservation market. Success in biomedical research can be achieved faster through collaborations and creating networks for the access of biospecimens and research data globally. The implementation of global accessibility model will result in rise in the transnational activity. This in turn will generate demand for media for maintaining sample stability while transporting the biospecimen to a destination.
Global Biopreservation Market: Restraints
Expenses incurred for the maintenance and sustenance of biobanks are a concern for the global biopreservation market. A small biobank requires huge capital to store and process biospecimens throughout the preserving period.
The global biopreservation market was valued at US$ 5,692.8 Mn in 2019 and is forecast to reach a value of US$ 19,748.6 Mn by 2027 at a CAGR of 16.8% between 2020 and 2027. Major factor driving the growth of global biopreservation market during the forecast period include increasing number of biobanks, and emergence of COVID-19.
Equipment held dominant position in the global biopreservation market in 2019, accounting for 82.0% share in terms of value, followed by culture media.
Increasing cell therapy manufacturing activities are expected to propel growth of the global biopreservation market. For instance, in August 2020, IsoPlexis collaborated with Lonza Group under which IsoLight automated proteomics platform will be used for functional quality analytics for products produced on Lonza’s Cocoon automated cell manufacturing system.
However, stringent regulatory scenario for gene therapy is expected to limit adoption for biopreservation in the healthcare sector, thereby hindering growth of the market. For instance, in August 2020, the U.S. Food and Drug Administration rejected a one-time gene therapy for hemophilia A.
Global Biopreservation Market: Competitive Landscape
Major players operating in the global biopreservation market include, BioCision, LLC, BioLife Solutions, Inc., Biomatrica, Inc., CHART MVE BIOMEDICAL, Dometic Group, Panasonic Corporation, VWR International, LLC, Thermo Fisher Scientific, Inc., Simport Scientific, ThermoGenesis Holdings, Inc., Atlanta Biologics, Lifeline Scientific, LabVantage Solutions, Inc., Hamilton Company, and Core Dynamics Ltd.
Global Biopreservation Market: Key Developments
Major players in the global biopreservation market are focused on adopting M&A strategies to expand their product portfolio. For instance, in March 2020, Thermo Fisher Scientific Inc. announced to acquire QIAGEN N.V., a provider of molecular diagnostics and sample preparation technologies.
Major players in the market are also focused on R&D of new products to expand their product portfolio. For instance, in July 2018, Biomatrica, Inc. announced the grant of new U.S. patent for the stabilization and storage of nucleic acids and proteins for blood collection.