BIOPRESERVATION MARKET ANALYSIS

Human blood, tissues, cells and organs possess the potential to treat damaged tissues and organs with long term benefits. The knowledge of human cells and tissues being utilized for further research and development novel treatment therapies led to the advent of biobanking. Collection, processing and storing of the samples and related data is the basic function of biobanks. Biobanks preserve biological samples such as tissues, cells, saliva, whole blood, plasma, urine, nucleic acid, organs and other biological fluids.

The global biopreservation market is estimated to account for US$ 6,646.2 Mn in terms of value in 2020 and is expected to reach US$ 19,748.6 Mn by the end of 2027.

Global Biopreservation Market: Drivers

Increasing number of biobanks is expected to propel growth of the global biopreservation market over the forecast period. For instance, in March 2020, Columbia University Vagelos College of Physicians and Surgeons, U.S., in partnership with NewYork-Presbyterian Hospital, established a COVID-19 Biobank as a centralized resource to collect, store, and disseminate biological specimens and clinical data for researchers at Columbia University and elsewhere.

Moreover, emergence of COVID-19 is also expected to boost demand for biopreservation in the healthcare sector. For instance, globally, as of 12:48pm CEST, 23 August 2020, there have been 23,057,288 confirmed cases of COVID-19, including 800,906 deaths, reported to WHO.

Equipment held dominant position in the global biopreservation market in 2019, accounting for 82.0% share in terms of value, followed by culture media.

Figure 1. Global Biopreservation Market Share (%), by Value, by Application, 2019

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Global Biopreservation Market: Restraints

R&D in media solutions, which allow room temperature storage of biospecimens is expected to hinder growth of the global biopreservation market. For instance, Biomatrica, Inc. offers room temperature sample stabilization media solutions such as DNA stable and RNA stable. Such solutions pose a threat to demand for freezers and refrigerators, thereby restricting the market growth.

Moreover, high cost recovery model of biobanking is also expected to limit adoption of biopreservation.

Global Biopreservation Market: Opportunities 

Availability of adequate funding from venture capitalists or governments or parent organizations, along with patient education is expected to offer lucrative growth opportunities for players in the global biopreservation market.

Moreover, emerging and high growth markets such as China, Brazil, India, Eastern Europe, the Middle East, and Latin America offer vast opportunities for players in the global biopreservation market. This is due to the fact that economic development in these regions has equipped the population with a better purchasing power, owing to rising disposable incomes.

The global biopreservation market was valued at US$ 5,692.8 Mn in 2019 and is forecast to reach a value of US$ 19,748.6 Mn by 2027 at a CAGR of 16.8% between 2020 and 2027.

Figure 2. Global Biopreservation Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027

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Market Trends/Key Takeaways

R&D in human sperm is expected to propel growth of the global biopreservation market. For instance, in August 2020, researchers University of Bristol and Universidad Nacional Autonoma de Mexico, revealed that the sperm tail is wonky and only wiggles on one side.

Moreover, adoption of in vitro fertilization for the conservation of at-risk species is also expected to boost demand for biopreservation. For instance, in August 2020, researchers of Berlin's Leibniz Institute for Zoo and Wildlife Research, together with an international team of reproductive and veterinary experts, are engaged in R&D for conserving the rhinoceros, the African mammal on the verge of extinction.

Global Biopreservation Market: Competitive Landscape

Major players operating in the global biopreservation market include, BioCision, LLC, BioLife Solutions, Inc., Biomatrica, Inc., CHART MVE BIOMEDICAL, Dometic Group, Panasonic Corporation, VWR International, LLC, Thermo Fisher Scientific, Inc., Simport Scientific, ThermoGenesis Holdings, Inc., Atlanta Biologics, Lifeline Scientific, LabVantage Solutions, Inc., Hamilton Company, and Core Dynamics Ltd.

Global Biopreservation Market: Key Developments

Major players in the global biopreservation market are focused on expanding their product portfolio. For instance, in July 2020, BioLife Solutions, Inc. announced that its evo Cold Chain Management Platform now supports over 100 early stage cell & gene therapy clinical trials.

Major players in the market are also focused on adopting partnership strategies to enhance their market share. For instance, in October 2019, ThermoGenesis Holdings, Inc. entered into a definitive joint venture agreement with HealthBanks Biotech (USA) Inc., a stem cell bank networks, to commercialize its proprietary cell processing platform, CAR-TXpress, for use in immune cell banking as well as for cell-based contract development and manufacturing services.