September 24, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Global Biopreservation Market Growth 2019-2024’, the worldwide biopreservation market is anticipated to exceed US $1190 million by the year 2024.
Biopreservation is a method used for storage of tissues and cells in a chemical or hypothermic environment to conserve biological samples with constant integrity. Biopreservation of tissues, organs and cells is an often required and widely applied practice used to prolong the viability and stability in both long-term and short-term storage of samples for clinical and research applications.
Evolution of life science sector in all regions is predicted to boost demand and fuel biopreservation market growth over the forecast timeframe. Other factors driving the market growth are advancements in biobanking and regenerative market.
The government, non-government and corporate organizations are investing massively in regenerative medicine and cell-therapy research. These investments help to translate findings, identify the cause of disease, and stimulate personalized medicine, while also enhancing public health, diagnostics and preventive measures, hence, expanding the biopreservation market growth.
As per the report, the worldwide biopreservation market was worth US $510 million in 2019 and is anticipated to record a growth of 18.6% CAGR by the year 2024. This report also presents a comprehensive overview, trends, challenges, market share, drivers and growth opportunities impacting the industry growth.
Speaking of the application spectrum, the market is fragmented as regenerative medicine, biobanking, drug discovery and others. While considering the product type, the market is segmented as pre-formulated media and home-brew media.
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Based on the regional outlook, biopreservation market is bifurcated into four major regions which are Asia Pacific, Americas, Middle East & Africa, and Europe.
The prominent companies operating in biopreservation market include WAK-Chemie Medical GmbH, Thermo Fisher Scientific, STEMCELL Technologies, GE Healthcare, Biolife Solutions, Sigma-Aldrich (Merck), Lonza, and VWR International. Among these, Thermo Fisher Scientific, Sigma-Aldrich (Merck), and GE Healthcare combinedly dominated the industry and accounted for over 60% revenue share in 2018.