Biopreservation Market, By Product Type (Equipment (Freezers, Refrigerators, Liquid Nitrogen Tanks, Consumables), LIMS, Media (Home-brew, Pre-formulated)), By Application (Regenerative Medicine, Biobanking, Drug Discovery), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published In : Sep 2020

Code : CMI748

Pages :178

Formats :

Excel and PDF

Industry : Medical Devices

Market Challenges And Opportunities

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.

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.