The global biopreservation market is experiencing robust growth, driven by a confluence of factors, including a rising incidence of chronic diseases, an increasing rate of obesity, and a surge in regenerative medicine advancements. These key trends have bolstered the demand for biopreservation products and services, making it a dynamic and burgeoning industry.
Rise in Chronic Diseases due to Growing Rate of Obesity to Drive Market Growth
One of the primary drivers of the biopreservation market is the escalating prevalence of chronic diseases, such as diabetes, heart disease, and degenerative ailments impacting joints, nerves, and bones. The World Health Organization estimates that approximately 1.9 billion individuals worldwide are overweight, with 650 million adults classified as obese. The consequential increase in chronic diseases like cardiovascular disease, diabetes, renal failure, and others has led to the widespread adoption of biopreservation technology. This surge in demand is expected to continue as the global geriatric population is projected to grow from 727 million in 2020 to 1.5 billion by 2050, further increasing the rate of chronic diseases.
Growing Number of Biobanks to Drive Biopreservations Market Growth
The biobanking category is poised for rapid growth within the biopreservation market. An expanding number of biobanks worldwide have attracted substantial investments in research and development, leveraging biopreservation techniques to advance regenerative therapies. Technological advancements and government initiatives have further encouraged the use of biopreservation procedures and equipment. The rising incidence of chronic diseases such as autoimmune diseases, cancer, and blood disorders is propelling the biobanking market forward, with heightened awareness contributing to its growth.
North America Leads the Way with Major Pharmaceutical Companies
North America holds the largest share of the market value, driven by the development of advanced medicines and biomedical research. The regions robust demand for biopreservation services is also influenced by an increasing number of patients requiring high-end care for chronic diseases. The participation of significant pharmaceutical companies in marketing advanced preservation equipment and the growing utilization of such equipment in the research community are key factors fueling market expansion. Additionally, favorable government policies that support the sharing of biological material have contributed to the regions success.
Asia Pacific Emerges as a Rapidly Growing Market
In the predicted period, the Asia Pacific region is expected to experience tremendous growth in the biopreservation market. Government initiatives, the rising incidence of chronic diseases and degenerative ailments, and increased R&D investments are driving regional expansion. In India, for example, two out of every three elderly people have a chronic illness, according to the Longitudinal Ageing Study in India (LASI). This high prevalence of chronic diseases is expected to propel the biopreservation market in the region. Moreover, the establishment of new biobanks and increased hospital use are further boosting market growth.
Global Biopreservation Market: Competitive Landscape
Leading players in the global biopreservation market include Thermo Fisher Scientific Inc., Merck KGaA, BioLife Solutions, Inc., STEMCELL Technologies, Inc., Avantor, Inc., ThermoGenesis Holdings, Inc., Bio-Techne Corporation, Worthington Industries, Inc., Chart Industries, Inc., Exact Sciences Corporation, So-Low Environmental Equipment Co., Inc., Princeton CryoTech, Inc., Shanghai Genext Medical Technology Co. Ltd, BioCision, LLC, Helmer Scientific, Inc., Nippon Genetics Europe, AMS Biotechnology, PHC Holdings Corporation, Arctiko, and OPS Diagnostics.
In February 2022, Avantor, Inc. commenced the construction of a distribution center to facilitate faster access to crucial production materials for biopharmaceutical firms in Ireland. This facility is expected to greatly enhance distribution capacity to meet the growing needs of Irelands biopharma industry. In January 2020, Merck announced a EUR250 million investment in the Merck Biotech Development Center in Corsier-sur-Vevey, Switzerland, dedicated to biotech development and manufacture for clinical studies.
The global biopreservation market is poised for continued growth as it plays a vital role in advancing medical research, regenerative medicine, and the fight against chronic diseases.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/biopreservation-market
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COMTEX_442038834/2840/2023-10-17T19:08:22