With the growing prevalence of chronic diseases like cancer, cardiovascular diseases, diabetes and acute respiratory diseases, Biopreservation is gaining significance.
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According to the report Global Biopreservation market, published by Market Data Forecast, The Market is valued at $2.45 billion in 2016 and is estimated to reach $4.37 billion by 2021 with a CAGR of 12.3%.
Biopreservation Media is being increasingly used by the life sciences companies to develop tissue or cell related therapies. Many academic institutions, governments, healthcare establishments, pharmaceuticals and bio technology companies are funding biorepositories and bio banks clinical research.
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Biopreservation is a process of storing the biological samples in an environment suitable for their survival. Biological samples that can be stored with the help of biopreservation typically include plasma, saliva, cells, tissues, body fluids and organs.
Biobanks are increasingly adopting automated systems and software tools to improve storage, management and retrieval of HBS without sacrificing sample sustainability and integrity. Given the growing volume and diversity of Human Biological Samples that need to be preserved, efficient utilization of storage space down to each refrigerator or a freezer unit is critical.
With the emergence of Micro Electromechanical Systems (MEMS) and Radio Frequency Identification Systems (RFIS) as a cost effective and error free technologies for labelling bio samples, biobanks has able to serve several long term benefits compared to the traditional methods.
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The drivers of the biopreservation market include increasing healthcare expenditure, increased demand for preserving new-born’s cord cells, increasing R&D spending on research advances in regenerative market, drug discovery and biobanks, investments by government and non-government corporate organizations. Advancements in the field of personalised and diagnostics medicines, increasing biopreservation applications and new facilities are also expected to act as a growth catalyst for the market.
However, the market growth is hampered by a few restraints that include high cost related to technologically advanced products and stability issues of specimens.
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The global biopreservation market is segmented based on the product type as biopreservation media, biopreservation equipment and lab information system management. Based on the bio-specimens, the market is categorised as human tissue samples, organs, stem cells and other bio-specimens.
Based on application, biopreservation market is analysed as therapeutic applications, research applications, clinical trials and other applications. Based on the end-users, the market is segmented as biobanks, gene banks, hospitals and others.
The global market is segmented based on the geographical region as North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
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The major players in the biopreservation market include BioLife Solutions, Inc., Thermo Fisher Scientific, Inc., Sigma-Aldrich Corporation, BioCision LLC, VWR Corporation, Cesca Therapeutics Inc., Taylor-Wharton, So-Low Environmental Equipment Co., Panasonic Corporation and Lifeline Scientific Inc.
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