Biopreservation Market report categories the global by Application (Therapeutic, Clinical Trials, Regenerative Medicine), Product (Media, Sera, Cryogenic Storage Systems, Thawing Equipment, Alarms), by Biospecimen (Human Tissue, Stem Cells, Organs), End User & Geography
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The global biopreservation market is expected to reach USD 3,731.03 Million by 2020 from USD 2,150.48 Million in 2015, growing at a CAGR of 11.65% between 2015 and 2020. Biopreservation is used to ensure the stability, quality and purity of biospecimens.
The scope of this market report includes media & equipment used for preservation of cells, tissues, and organs primarily used in therapeutic, research, and clinical trials applications.
Increasing healthcare expenditure will aid the growth of the biopreservation market.
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Healthcare expenditure constitutes a significant part of the development budget of all countries. It consists of spending by both public and private sources on medical goods and services.
Rapid economic development across the globe is expected to improve access to quality healthcare. Increasing healthcare expenditure will lead to a rise in the demand for quality healthcare and will be an important growth driver for the biopreservation market.
According to estimates from the World Bank, global healthcare spending increased at a CAGR of 6.97% from 2003 to 2013, from USD 3,786 Billion in 2003 to USD 7,427 Billion in 2013. In this period, public healthcare spending increased at a CAGR of 7.28%, from USD 2,198 Billion in 2003 to USD 4,440 Billion in 2013.
This high growth rate, along with the substantial size of healthcare spending, will act as an important driver for biobanks, hospitals and gene banks, which are the major end-user segments of the biopreservation media & equipment market.
The biopreservation market is segmented on the basis of by products, biospecimens, applications, and end users. Products segments included in the report are biopreservation media & biopreservation equipment.
Biopreservation media had the largest share of the biopreservation media & equipment market in 2015 and biopreservation equipment are expected to grow at the highest CAGR between 2015 and 2020. The biopreservation media segment is further divided on the basis of type into nutrient media, sera and growth factors & supplements.
Biopreservation equipment segment is further divided into temperature control systems, incubators, centrifuges, alarms & monitoring systems, accessories and other equipment. Temperature control systems segment is further classified into freezers, refrigerators, cryogenic storage systems, thawing equipment.
On the basis of biospecimens, the report is segmented into human tissue samples, stem cells, organs and other biospecimens. On the basis of applications; the report is segmented into therapeutic, research, clinical trials and other applications.
The therapeutic applications had the largest share of the biopreservation media & equipment market in 2015. The research applications are expected to one of the fastest growing applications between 2015 and 2020.
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