Global biopreservation market expected to reach USD 14.3 billion by 2032, driven by technological advancements.
From GlobeNewswire: 2024-12-18 08:00:00
The global Biopreservation Market was valued at USD 3.5 billion in 2023 and is projected to reach USD 14.3 billion by 2032, with a CAGR of 17.0%. Factors driving growth include technological advancements, high demand in healthcare, and over 1,000 global medical research projects utilizing biobanking in the next 10 years.
Governments worldwide are recognizing the importance of biopreservation, with funds exceeding USD 200 million from the NIH in 2023. FDA guidelines for drug manufacturing are also boosting demand. Major companies in the market include Thermo Fisher Scientific, Avantor, and Sigma-Aldrich.
The equipment segment dominated the global biopreservation market in 2023, accounting for 76% of revenue. Biobanking, collecting and storing biological samples, held a 69% market share. Regenerative medicine is also growing rapidly, fueled by advances in stem cell research and personalized therapies.
North America led the biopreservation market in 2023, with the U.S. as the largest market due to strong healthcare infrastructure and government funding for medical research. The Asia-Pacific region is expected to be the fastest-growing market, driven by increased healthcare investments and adoption of advanced medical technologies. Countries like China and India are experiencing rapid growth in biobanking infrastructure due to government support and increased investments in research. The Asian Development Bank predicts a 40% increase in healthcare spending by 2025, creating a favorable environment for biopreservation market expansion. Recent developments include new products from Thermo Fisher Scientific and Becton Dickinson & Company to enhance storage capabilities and cell viability. The market outlook report for 2024-2032 offers insights into this growing industry, with a focus on market dynamics, competitive landscape, and regional analysis. Access to the full report and options for purchasing multiple reports are available through SNS Insider, a leading market research agency committed to providing clients with accurate and timely data to make informed decisions.
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