Seattle, WA -- (SBWIRE) -- 11/14/2019 -- Biopreservation is a method of collecting bio-specimens such as saliva, plasma, and purified DNA for enhancing the shelf-life and ensures the stability and purity of the bio-specimens. Biopreservation is done to store the cells, tissues, and organs. The equipment comprises refrigerators, liquid nitrogen and consumables, and media and laboratory information management systems. Biobanking is a type of biopreservation that is primarily used in medical research such as personalized medicine and genomics.

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The rising number of government initiatives for research and development is fueling the growth of the biopreservation market

Human sperm and egg banks, and demand for preservation of newborn stem cells are rising due to increasing awareness regarding the long-term benefits of preservation such as treatment of diseases, including cancer and autism. Moreover, the growing adoption of in- house sample storage for further research in hospitals is also expected to fuel the market growth. The rising number of government initiatives in the form of grants, funds, and contracts to support research activities for the development of various treatments is also projected to foster market growth. For Instance, according to the U.K. government policy, 2015, the government is expected to invest US$ 6.8 million in health and research development by 2020.

Growing healthcare expenditure around the globe and increasing investment in bio-banks and personalized medicines are also expected to propel the growth of the biopreservation market. Growing incidence of lifestyle-related diseases, cardiovascular diseases, cancer, and hypertension are some of the other factors fueling the growth of the biopreservation market. According to the World Health Organization (WHO), in 2015, cardiovascular diseases caused 31% of deaths of all diseases, and 8.8 million people died due to cancer. However, tissue injury during biopreservation, high costs associated with the maintenance of these instruments are major factors hampering the growth of the market.

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Market Taxonomy

The global biopreservation market is segmented based on application, product type, biospecimens, end-user, and region.

Based on application, the market is segmented into:

- BioBanking
- Human Eggs
- Human Sperms
- Veterinary IVF
- Regenerative Medicine
- Cell Therapy
- Gene Therapy
- Drug Discovery
Based on product type, the market is segmented into:
- Vials
- Straws
- Bags
- Microtiter Plates
- Equipment
- Freezers
- Refrigerators
- Consumables
- Others
Based on biospecimens, the market is segmented into:
- Tissue Samples
- Stem Cells
- Organs
- Others
Based on end-users, the market is segmented into:
- Bio Banks
- Hospitals
- Research Organizations
- Others

Biopreservation market is projected to show sustainable growth in the Asia Pacific owing to growing awareness regarding the preservation of umbilical cord cells

Regional segmentation of the global biopreservation market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds a dominant position in the biopreservation market, and this can be attributed to the rapid development of novel drugs, growing demand for diagnosis of chronic diseases, therapies in the healthcare sector are projected to boost the market growth. Asia Pacific region is expected to gain significant growth on the account of a growing population, increasing investments in healthcare research, and growing awareness regarding the preservation of umbilical cord cells. According to the New England Journal of Medicines, in 2012, Japan and China had increased their total medical research spending by US$ 9.0 billion and US$ 6.4 billion, respectively and contributed 13.8% and 3.1% of the world's total medical research expenditure.

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The broad product portfolio of major players is boosting the market growth

Key players operating in the market include Biolife solutions, THERMO- FISHER SCIENTIFIC, BioCision LLC, Simport Scientific, Cesca Therapeutics, Atlanta biologics, Lifeline scientific, LabVantage solutions, Hamilton Company, and Core dynamics ltd. Major market players expanding their product portfolio particularly related to media, freezers, refrigerators, consumables, to strengthen their presence in the global market.