Asia Pacific biopreservation market to witness fastest growth over 2016-2024, Regenerative medicine to drive the application landscape
Integration of modern technologies in food processing to maintain the microbiological food safety standards is pushing biopreservation market globally. The market has been gaining a remarkable traction in the recent years as biopreservation defines an ecological approach that improves the safety and shelf life of the foods. Increasing consumption of precooked foods that are prone to temperature abuse has led to an increase in food related diseases across the world. Statistics depict that morbidity due to foodborne diseases accounts for a major portion. Not only lifestyle diseases, chronic illnesses like cancer, cardiovascular disease, hypertension has opened up new opportunities for biopreservation market growth. Heightening expenditures on medical services, increasing consumers’ disposable incomes, and the growing demand for regenerative medicines have significantly favored the overall biopreservation industry expansion. As per a report by Global Market Insights, Inc., “Biopreservation market is slated to record a double-digit annual growth rate of 13.4% over 2016-2024, with a projected revenue of USD 9.7 billion by 2024.
U.S. Biopreservation Market size, by product, 2012- 2024 (USD Million)
The favorable initiations by the government bodies in the form of funds, grants, and financial assistance have significantly accelerated research activities in the health care sector. Growing number of biobanks across the world for the preservation of DNA, stem cells, plasma, and tissue along with the increased acceptance of ART (assisted reproductive technology) is further complementing biopreservation market dynamics. The overall industry share from bio banking dominated the application landscape in 2015 and is anticipated to continue its prominence over 2016-2024. The combined efforts by the renowned regulatory bodies including WHO, FDA, and ISBER for promoting bio preservative facilities have further provided a major impetus to the biopreservation market.
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Asia Pacific market will chart a profitable roadmap from the bio banking sector. Increasing incidence of chronic diseases, spreading awareness about preservation of umbilical cord cells, and the unmet health care needs are the major driving factors thriving the regional biopreservation market. The region’s encouraging projects on biopreservation and bio banking are quite commendable. Some of the prominent organizations who are involved in these programs include Korea Bio-bank Project, Asian Cancer Research Group, China Kadoorie Bio-bank, International Cancer Genome Consortium, and Asian Pharmacoepidemiology Network. With China and India at the growth front, APAC biopreservation market is expected to witness appreciable growth in the coming time frame. U.S. biopreservation industry is also estimated to attain substantial revenue over the years ahead, having had a dominant position in the global landscape in 2015.
Considering the product landscape, biopreservation equipment market led the industry in 2015, by accounting for almost 80% of the overall share. Growing deployment of biopreservation equipment in health care laboratories and research centers are the factors that can be given the credit for the market expansion. Other products of the market which represents a significant share encompass LIMS (laboratory information management system) and media. Biopreservation media market will also experience steady gains owing to the technical interference in tissue engineering and regenerative medicine. Overall biopreservation market from regenerative medicine is expected to record the highest growth over the coming seven years.
Mergers and acquisitions and product renovations are the major strategies adopted by the market players to sustain their position in the market. However, lack of proper regulations and funding with respect to medical data export in some of the geographies is hampering the market penetration in those regions. Nonetheless, the legislations pertaining to this market imposed by some of the renowned organizations like FDA will help biopreservation market to attain a remarkable valuation in the years ahead.
Prominent biopreservation industry participants include Thermo Fisher, Atlanta Biologicals, Lifeline Scientific, VWR International, and Biolife Solutions.
Author Name :Satarupa De