The global biopreservation market size is expected to reach USD 15.12 billion by 2030, according to a new study by Polaris Market Research. The report “Biopreservation Market Share, Size, Trends, Industry Analysis Report, By Product (Equipment, Media, LIMS); By Application (Regenerative Medicine, Bio-banking, Drug Discovery); By Cell Providers Volume; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
Growing R&D spending on medication development will help businesses expand. The sector will grow more quickly as there are more biobanks to hold the biological materials needed in various forms of medical research. The industry will continue to increase as a result of government measures to fund stem cell therapies for the treatment of diseases.
The development of room temperature storage techniques and strict regulations for the manufacture of biopreservation products, however, may impede the expansion of the industry in the near future.
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The global market for biopreservation will expand as a result of rising healthcare costs. This is due to the fact that most countries' development budgets spend a sizable portion of their budgets on healthcare. According to World Bank data, public healthcare spending is anticipated to increase significantly over the next years. This large healthcare spending is likely to be a major driver for gene banks, hospitals, and biobanks, the main end users of the biopreservation market.
The COVID-19 pandemic has pushed the creation of novel biologics and vaccine techniques. The need for biopreservation will rise as a result of rising Covid-19 cases, which are projected to expand the potential for the creation and preservation of biologics.
Biopreservation Market Report Highlights
Polaris Market Research has segmented the Biopreservation Market report based on Product, Application, cell providers volume, and region:
Biopreservation, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Biopreservation, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Biopreservation, Cell Providers Volume Outlook (Revenue - USD Billion, 2018 - 2030)
Biopreservation, Regional Outlook (Revenue - USD Billion, 2018 - 2030)