(PharmaNewsWire.Com, January 05, 2018 ) 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. Increasing healthcare expenditure and rise in demand for novel bio-preservatives techniques is expected to aid the growth of the market.
Biopreservation is the process where the biologicals samples are stored in an environment suitable for their survival. Bio-specimens stored using biopreservation typically includes saliva, plasma, tissues, cells, body fluids and organs. To improve management, storage and retrieval of HBS without sacrificing integrity and sustainability, biobanks are adopting software tools and automated systems to improve storage. The emergence of Radio Frequency Identification Systems (RFIS) and Micro Electromechanical Systems (MEMS) as an error free and cost effective technology for labelling the bio-specimens, biobanks are able to serve many long term benefits than the traditional methods.
Increasing expenditure of healthcare, increased population opting for preserving new born stem cells, rising R&D expenditure on drug discovery and biobanks, government and corporate organizations investments are the major factors contributing to the growth of the market. Advances in the diagnostics and personalized medicines and increasing applications of biopreservation are also aiding the growth of the market. However, high costs and issues pertaining to the stability of specimens are restraining the growth of the market.
According to the report Latin America Biopreservation market, published by Market Data Forecast, the Market is estimated to be a $142.12 million in 2016 and is forecasted to reach $242.3 million market by 2021 with a tremendous CAGR of 10.5% in the review period. With the growing prevalence of chronic diseases like cancer, cardiovascular diseases, diabetes and acute respiratory diseases, Biopreservation is gaining significance.
The Latin America biopreservation market is categorised by product type as lab information system management, biopreservation media and biopreservation equipment. By bio-specimens, the market is segmented into organs, stem cells, human tissue samples and other bio-specimens.
On the basis of application, the market is categorised as research applications, therapeutics applications, clinical trials and other applications. By end-users, the market is divided into hospitals, gene banks, biobanks and others. Based on geography, Latin America is segmented as Brazil, Argentina and Mexico.
The major players in the biopreservation industry are BioCision LLC, BioLife Solutions, Inc., Cesca Therapeutics Inc., Lifeline Scientific Inc., Panasonic Corporation, Sigma-Aldrich Corporation, So-Low Environmental Equipment Co., Taylor-Wharton, Thermo Fisher Scientific, Inc. and VWR Corporation.
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