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The global biopreservation market is poised for rapid growth between 2015 and 2020. The drivers include increasing healthcare expenditure, growing demand for preserving new-bornís stem cells, increasing R&D spending on research, and increasing adoption of regenerative medicine.
Increasing healthcare expenditure will aid the growth of the biopreservation market. 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.
The geographic segments included in this report are North Americas, Europe, Asia and Rest of the World (RoW). North America has the largest share of this market in 2015, while Asia is expected to grow at the fastest rate during the forecast period. Growth in the Asian biopreservation media & equipment market will primarily be driven by the increasing healthcare spending and growing population in this region.
The major players in the biopreservation media & equipment market include Thermo Fisher Scientific, Inc. (U.S.), Sigma-Aldrich Corporation (U.S.), VWR Corporation (U.S.), Biolife Solutions, Inc. (U.S.), Lifeline Scientific, Inc. (U.S.), Cesca Therapeutics, Inc. (U.S.), BioCision, LLC (U.S.), Core Dynamics, Ltd. (Israel), Custom Biogenic Systems, Inc. (U.S.), So-Low Environmental Equipment Co., Inc. (U.S.) and Princeton Cryotech, Inc. (U.S.).
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