The global biopreservation market was valued at USD 2.18 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 28.30% from 2023 to 2030. The rapid growth of this market is driven by a variety of factors, including the extensive use of biopreservation in hospitals, research labs, and healthcare facilities. Increased funding from both government entities and private organizations in healthcare is bolstering this growth, alongside a rise in research and development activities. In addition, advancements in product development are contributing to the expanding market. For instance, BioLife Solutions introduced a high-capacity controlled freezer in April 2021, targeting the cell and gene therapy market, which enabled the company to extend its product offerings.
Despite the market's expansion, the COVID-19 pandemic posed significant challenges, such as supply chain disruptions, shortages of raw materials, and interruptions to research activities. However, the pandemic also accelerated the development of novel biologics and vaccine technologies, creating a surge in demand for biologics manufacturing and preservation. As a result, opportunities for biopreservation are expected to increase, further boosting the market.
Gather more insights about the market drivers, restrains and growth of the Biopreservation Market
Biopreservation involves maintaining the integrity and functionality of biological materials such as stem cells, DNA, tissues, and organs by storing them at specific temperatures. This process extends their viability outside of their natural environment. Recent technological innovations, including microarrays and the incorporation of predictive models like hybrid models and API algorithms, have significantly reduced the time, cost, and complexity of biopreservation processes. These technological advancements are enhancing efficiency and performance across the industry.
Moreover, multiplex cellular imaging platforms are emerging as a transformative technology in the biopreservation field. These platforms improve the ability to monitor disease progression and offer insights into suitable diagnostic and treatment measures. They are particularly useful for specific healthcare areas like cardiology, gynecology, and point-of-care diagnostics. As these innovations progress, the role of biopreservation in modern healthcare is expected to expand.
Product Segmentation Insights:
The equipment segment dominated the biopreservation market in 2022, accounting for 78.75% of the market share. This is largely due to the growing demand for bio-banking services, which are used to preserve stem cells, DNA, plasma, and tissue cultures. The ability of biopreservation equipment to provide adequate storage capacity while requiring minimal maintenance has contributed to the widespread adoption of these solutions. As more healthcare providers and research facilities adopt biopreservation technologies, the equipment segment is expected to continue its strong performance.
The media segment, although smaller in market share, has significant growth potential. It is a crucial element of the biopreservation process, ensuring that biological materials are preserved effectively. The media segment is projected to grow at a remarkable CAGR of 29.99% from 2023 to 2030. Media applications are becoming more sophisticated, offering features that enhance research by enabling better data sharing and analysis. These advancements allow researchers to improve their capabilities in diagnosing, monitoring, and treating various health conditions, which is expected to drive significant market growth over the forecast period. As a result, the media segment will play an increasingly important role in advancing the overall effectiveness and efficiency of biopreservation.
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