Biopreservation Market Estimated to Reach USD 5.69 Billion by 2019: Transparency Market Research
Albany, NY, March 30, 2014 --(PR.com
)-- According to a latest market research report published by Transparency Market Research, a U.S-based market intelligence firm, a continuous rise in research activities in the field of biomedical sciences, rendered by the rising global demand for new medicines and medicinal therapies, will be one of the major factors leading to the growth of the global biopreservation market. As research activities increase, there would be an added demand for the procurement, preservation, processing and banking of biospecimen. This will lead to added demand for storage facilities that are adequate enough to accommodate the samples as well as to retain their stability. This will lead to additional demand for equipment such as refrigerators, freezers, liquid nitrogen tanks and consumables, along with media and laboratory information management systems (LIMS).
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Additionally, rise in funding from government and private institutions with an intention to boost the capacity for storage and preservation facilities will also help foster growth in the biopreservation market. Other driving factors for growth in this field are anticipated to be the rising awareness about general health, rising number of individual samples and growing instances of cardiovascular, oncological, autoimmune, orthopedic and infectious diseases throughout the globe.
The report suggests that the biopreservation market, by product, will grow at the fastest rate in the segment of consumables. This will be seen as a result of the growing demand for cryo vials, cryo bags, gloves, cryo tubes and other consumables from the existing biopreservation organizations. A further growth will be achieved as a result of increase in the number of bio-banks and individual sample size globally.
The rising need for automation by storage facilities will allow growth in the sector of LIMS. This demand will be seen majorly from developed economies such as US, Japan, Canada, Germany and France. Demand from developing economies such will initially be slow due to the high purchase and installation costs of the systems, but will eventually grow with support for funding from government and private institutions.
The biopreservation media market, comprising the two segments: home-brew media and pre-formulated media, earlier saw the dominance of the home-brew media segment. It is, however, estimated that the demand for pre-formulated media will rise rapidly owing to its rising demand and acceptance in the global market.
By application, the biopreservation market is segmented as biobanking, drug discovery and regenerative medicine. In 2012, the biobanking segment of applications ruled the market by capturing its major share. The same segment is also estimated to rule the market in the year 2019, according to the report. This is assumed based on the recent approval of new biobanking projects in developing economies such as India, Korea, China, Singapore, Malaysia, Brazil and many African countries.