The global biopreservation market is expected to reach USD 9.34 billion by 2022, according to a new report by Grand View Research Inc. Increasing demand for novel bio-preservation techniques and constantly rising healthcare expenditure is expected to boost the market growth over the forecast period. Adoption of in-house sample storage system by hospitals, biotechnology and pharmaceutical companies is one of the critical success factors for the growth of the industry over next seven years.
Additionally, increasing R&D investments by various research organizations and companies to enhance their capabilities to render efficient and effective products & services is a high impact rendering driver expected to boost bio-preservation market growth. Furthermore, as a consequence of technological advancements such as introduction of virtual bio-banks, bio-preservation is witnessing increased application in end-use hence boosting the growth of bio-preservation market.
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Further key findings from the report suggest:
Equipment dominated the overall product segment in 2014, with the revenue share of over 80%. Key factors attributing to its large share include rising demand of bio-banks coupled with high cost for preservation of bio-specimens.
Media, which encompasses pre-formulated and home-brew media is expected to witness high growth over the forecast period as a consequence of their wide usage in regenerative medicines.
Bio-banking dominated was the key application segment of bio-preservation in 2014, with lucrative market share owing to increasing number of organ and tissue transplantations, high patient awareness levels and rise in healthcare expenditure.
Regenerative medicine is estimated to grow at a rate of over 18% as a result of huge investments made by government, and non government organizations in the field of regenerative cell therapy research.
Tumor cells held the largest share in volume terms in 2014, owing to their wide applications in research & development, diagnosis, and treatment of highly prevalent cancer.
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North America dominated the overall industry in 2014 with over 45% revenue share majorly due to favorable government regulations in North America which are supporting the ethical usage and sharing of biological samples.
Asia Pacific is expected to grow at substantial rate during the forecast period as a consequence of high unmet needs amongst the population in the region coupled with constantly improving healthcare infrastructure as a result of government initiatives such as Make In India.
Key players of the bio-preservation market include BioCision, Biomatrica, BioLife Solutions Inc., Chart MVE Biomedical, LabVantage Solutions Inc., Atlanta Biologicals, Panasonic Biomedical, Thermo Fisher Scientific Inc. and Qiagen. These companies are involved in various developmental strategies such as mergers and acquisitions to sustain their market share.
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