Biopreservation Industry Worth $7.1 billion by 2029, with a CAGR of 9.8% | Growth Drivers & Restraints
The global biopreservation market, valued at US$3.7 billion in 2022, stood at US$4.4 billion in 2024 and is projected to advance at a resilient CAGR of 9.8% from 2024 to 2029, culminating in a forecasted valuation of US$7.1 billion by the end of the period. The market will grow as a result of growing advancements in the biobanks and increase in the trend of preserving newborn cord blood stem cells and rise in the need for personalized medicines. However, the expensive biopreservation techniques and stability issues with cryopreservation will restrain the market during the forecast period.
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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:
- Growing healthcare expenditure
Restraints:
- High cost of advanced techniques
Opportunities:
- Growing demand for organ transplants and cell & gene therapy
Challenge:
- 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).
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.