Global Biopreservation Market Size, Share, Growth Analysis, By Product(Equipment, Media), By Application(Regenerative Medicine, Bio-banking) - Industry Forecast 2024-2031

Global Biopreservation Market size was valued at USD 2.18 billion in 2022 and is poised to grow from USD 2.80 billion in 2023 to USD 20.54 billion by 2031, growing at a CAGR of 28.30% during the forecast period (2024-2031).

The COVID-19 pandemic significantly impacted the biopreservation market, primarily due to heightened research and development efforts by pharmaceutical and biotech firms in crafting vaccines. Notably, mRNA vaccines such as Pfizer-BioNTech, Moderna, and Janssen necessitated specific biopreservation techniques owing to their distinct shipping and storage prerequisites, ranging from ultra-cold to refrigerated conditions. Consequently, the pandemic's influence is poised to be substantial on the biopreservation sector, which holds vital importance in various domains like reproductive medicine, organ transplantation, stem cell banking, and gene banking. Market expansion is fueled by escalated healthcare spending, the uptake of in-house sample storage in medical facilities, and amplified investments in research and development. The surge in demand for tissue and cell preservation in regenerative medicine has attracted augmented funding for biopreservation-focused pharmaceutical entities, exemplified by X-Therma Inc.'s USD 13 million Series A funding and Ori Biotech's USD 100 million Series B funding. Entrepreneurial and pharmaceutical interest in backing biopreservation firms is expected to further propel market growth, supported by technological advancements, product approvals, and strategic alliances within the industry. Initiatives like Guy's and St Thomas' fertility preservation service for ovarian tissue cryopreservation in the UK underscore the ongoing technological strides in the field, alongside the cost-efficiency of biopreservation tools, heralding promising prospects for market expansion. Nonetheless, challenges such as instrument costs, maintenance expenses, and potential tissue damage during preservation could pose obstacles to market growth.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Biopreservation Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Biopreservation Market Segmental Analysis

The global biopreservation market is segmented based on product, application, and region. In terms of product, the market is segmented into equipment, media, and laboratory information management system (LIMS). Based on application, the market is segmented into regenerative medicine, bio-banking, drug discovery. Regionwise, the global biopreservation market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Biopreservation Market

The increasing emphasis on personalized medicine and tailored treatments has heightened the need for biopreservation solutions, essential for safeguarding biological samples such as cells, tissues, and organs, serving critical roles in research, diagnosis, and therapeutic endeavors.

Restraints in the Global Biopreservation Market

Biopreservation technologies and services often come with a hefty price tag, especially when considering long-term storage and extensive biobanking endeavors. The significant expenses involved in acquiring equipment, managing maintenance, and meeting operational demands can serve as a barrier, constraining the widespread implementation of biopreservation solutions, particularly in areas with limited resources.

Market Trends of the Global Biopreservation Market

The biopreservation market experiences a notable uptick in demand primarily fueled by the growing interest in cell-based treatments like stem cell and CAR-T cell therapies. The preservation of cell viability and functionality throughout storage and transportation is pivotal, accentuating the necessity for enhanced biopreservation methods and remedies.