Rise in Chronic Diseases due to Growing Rate of Obesity to Drive Market Growth
Increasing adoption to support regenerative medicine advanced therapy products is predominantly driving global biopreservation market. The key factors such as increased R&D investments, advances in biobanking, and the growing trend of conserving cord blood stem cells of new-borns, increased investments in regenerative medicine research, and the growing need for personalised medicine are expected to drive the growth of the biopreservation market during the forecast period. The increased frequency of chronic diseases and obesity around the world is one of the primary reasons driving expansion of biopreservation market. Patients with chronic diseases such as diabetes, heart disease, and degenerative ailments affecting joints, nerves, and bones are increasing the demand for biopreservation. Heightening prevalence of chronic diseases, especially among the elderly population, is expected to keep the demand afloat in global market.
According to the United Nations Database on World Population Ageing 2020, the global geriatric population will expand from 727 million in 2020 to 1.5 billion by 2050. Therefore, with an increase in the aging population the rate of chronic disease will grow which will in turn drive the market. Another factor that increases the rate of chronic diseases is obesity. According to an updated World Health Organization (WHO) estimate from April 2020, around 1.9 billion persons worldwide are overweight, with 650 million adults classified as obese. Therefore, with the growing number of obesities, chronic diseases like cardiovascular disease, diabetes, renal failure, and others will increase. This has resulted in widespread adoption and use of biopreservation technology, facilitating the progress of biopreservation market.
Growing Number of Biobanks to Drive Biopreservations Market Growth
During the forecast period, the biobank category is expected to grow rapidly in the biopreservation market. A growing number of biobanks throughout the world have garnered huge investments in research and development. They are heavily utilising biopreservation techniques in the development of regenerative therapies. Technological advances and government initiatives have encouraged biobanks to use biopreservation procedures and equipment. The rising prevalence of chronic diseases such as autoimmune diseases, cancer, and blood disorders drives the biobanking market forward. The growing number of people suffering from chronic diseases drives biopreservation market ahead. Rising biobank awareness is projected to fuel the biobank market.
North America Acquired the Largest Share due to Presence of Major Pharmaceutical Companies in Region
North America will hold the highest share of the market value in the forecast period due to the development of advanced medicines and advances in biomedical research. The increase in the number of patients requiring high-end care for chronic diseases has also contributed to the region's strong demand for biopreservation services. The participation of significant pharmaceutical companies in the marketing of advanced preservation equipment, as well as the increasing use of such equipment among the research community, is projected to drive market expansion. Favourable government policies have also been noticed, which support the sharing of biological material. Increasing investments in life sciences research and development, primarily in the United States, and Canada, are elevating the prospects of biopreservation market.
The presence of government institutions and various biobanking entities, which are driving the penetration of biopreservation techniques, is expected to drive growth in the biopreservation market in the United States. The US National Institutes of Health (NIH) announced a four-year, $1.15 billion plan in February 2021 to finance researchers to track people's recovery after COVID-19 infection and to host a biospecimen bank. The clinical trial operations and translational research programs in the country are also supported by biobanks, thereby increasing the footprint of biopreservation technologies. These factors may result in profitable growth of biopreservation market in the United States.
In the predicted period, the Asia Pacific region is expected to grow tremendously in the biopreservation market. Growing government initiatives, an increase in chronic diseases, and degenerative ailments, and greater R&D investments are the primary factors driving regional market expansion. According to the first Longitudinal Ageing Study in India (LASI) announced by the Union Ministry of Family and Health Welfare on January 6, 2020, in India, two out of every three elderly people have a chronic illness. Therefore, with the growing number of chronic diseases in the country, the region’s biopreservation market will propel in the coming years. The increased hospital use, and the enormous establishment of new biobanks are driving the growth of biopreservation market.
Global Biopreservation Market: Competitive Landscape
A few of the key players in global biopreservation market include Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), BioLife Solutions, Inc. (US), STEMCELL Technologies, Inc. (Canada), Avantor, Inc. (US), ThermoGenesis Holdings, Inc. (US), Bio-Techne Corporation (US), Worthington Industries, Inc. (US), Chart Industries, Inc. (US), Exact Sciences Corporation (US), So-Low Environmental Equipment Co., Inc. (US), Princeton CryoTech, Inc. (US), Shanghai Genext Medical Technology Co. Ltd (China), BioCision, LLC (US), Helmer Scientific, Inc. (US), Nippon Genetics Europe (Germany), AMS Biotechnology (England), PHC Holdings Corporation (Japan), Arctiko (Denmark), and OPS Diagnostics (US).
In February 2022, Avantor, Inc, a leading global provider of mission-critical goods and services, has begun the construction of a distribution centre that will help biopharmaceutical firms in Ireland gain faster access to vital production materials. The facility, which is expected to open later this year, would greatly boost distribution capacity to fulfil Ireland's biopharma industry's growing need for product ingredients. In January 2020, Merck, a global scientific and technology business, announced today a € 250 million investment in the Merck Biotech Development Center in Corsier-sur-Vevey, Switzerland, dedicated to biotech development and manufacture for clinical studies.
Global Biopreservation Market is Segmented as Below:
By End User
Key Elements Included In The Study: Global Biopreservation Market
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