Product ID: SQMIG35I2223
Global Biopreservation Market Size, Share, Growth Analysis, By Product(Equipment, Media), By Application(Regenerative Medicine, Bio-banking) - Industry Forecast 2024-2031
Report ID:
SQMIG35I2223 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
63 |
Figures:
75
Global Biopreservation Market Insights
Global Biopreservation Market size was valued at USD 2.18 billion in 2022 and is poised to grow from USD 2.80 billion in 2023 to USD 20.54 billion by 2031, growing at a CAGR of 28.30% during the forecast period (2024-2031).
The COVID-19 pandemic had a significant impact on the biopreservation market due to increased research and development activities by pharmaceutical and biotech companies to develop and manufacture vaccines. This was particularly relevant for mRNA vaccines like Pfizer-BioNTech, Moderna, and Janssen, which required specific biopreservation methods due to their varying shipping and storage requirements (ultra-cold vs. refrigerated).
As a result, the pandemic is expected to have a substantial influence on the biopreservation market. Biopreservation plays a crucial role in various fields, including reproductive medicine, organ transplantation, stem cell banking, and gene banking. Factors driving market growth include increased healthcare expenditure, the adoption of in-house sample storage in hospitals and laboratories, and greater investment in research and development.
The growing demand for tissue and cell preservation in regenerative medicine has led to increased funding for biopreservation-based pharmaceutical companies. For instance, in December 2021, X-Therma Inc., a biotechnology startup focused on organ preservation, secured USD 13 million in Series A funding, indicating strong support from investors. Similarly, in January 2022, Ori Biotech launched a cell and gene therapy platform after raising over USD 100 million in Series B funding. The interest of entrepreneurs and pharmaceutical companies in investing in biopreservation companies is expected to further boost market growth. Advancements in technology, increased product approvals, partnerships, and acquisitions by key players are contributing to market growth.
For example, in February 2022, Guy's and St Thomas' in the United Kingdom launched a fertility preservation service for ovarian tissue cryopreservation for women undergoing cancer treatment. These technological advancements and product launches, coupled with the cost-effectiveness of biopreservation instruments, are expected to create lucrative opportunities for market growth in the coming years. However, challenges such as the high cost of instruments and their maintenance, as well as the potential for tissue injury during preservation, may impede market growth.
Global Biopreservation Market Report Snapshots
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