Biopreservation Market Ascends: From $4.4B in 2024 to $7.1B by 2029, Riding a 9.8% CAGR | MarketsandMarkets™

Wednesday, June 12, 2024 at 12:30pm UTC

Chicago, June 12, 2024 (GLOBE NEWSWIRE) -- In the rapidly evolving landscape of biopreservation, characterized by a market value estimated to be worth $4.4 billion in 2024 and poised to reach $7.1 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 9.8%, industry leaders such as Thermo Fisher Scientific Inc., Merck KGaA, and PHC Holdings Corporation are spearheading innovations and driving market growth. With a comprehensive array of state-of-the-art technologies and product portfolios, these companies, alongside Azenta, Inc., Sartorius AG, Avantor, Inc., and others, are shaping the trajectory of the biopreservation market. Recent developments, including Merck's substantial investment in a Bioprocessing Production Center in South Korea and Avantor's strategic partnership with Tobin Scientific, underscore the dynamic nature of this sector. As demand surges for biopreservation solutions to support advancements in organ transplants, cell & gene therapy, and biomedical research, the industry continues to witness significant expansion and collaboration among key stakeholders like ThermoGenesis Holdings, Inc., Bio-Techne Corporation, BioLife Solutions Inc., and Cryoport Inc.

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Biopreservation Market Dynamics are propelled by the surge in healthcare expenditure, fostering demand for cutting-edge medical procedures like organ transplants and regenerative medicine. This necessitates frequent preservation of biological samples, escalating the need for effective biopreservation products. Notably, the US witnessed a 4.1% increase in healthcare spending in 2022, reaching USD 4.4 trillion, with Canada's healthcare expenditure expected to hit USD 344 billion in 2023. However, the exorbitant cost of advanced biopreservation techniques poses a significant restraint. The specificity of equipment and media, including freezers and cryogenic systems, entails substantial initial investments. Despite these challenges, lucrative opportunities emerge, particularly with the rising demand for organ transplants and advancements in cell & gene therapy. Nevertheless, storage and transportation logistics present formidable hurdles, demanding stringent quality control and consistent low-temperature maintenance to ensure sample viability.

Biopreservation Equipment Segment Sees Highest Growth in 2023

In 2023, the biopreservation equipment segment is projected to experience the highest growth rate within the industry, among product categories. Segmented into media, equipment, and accessories, the biopreservation market saw the media segment claiming the largest market share in 2023. This dominance stems from the frequent purchase of media compared to equipment, reflecting their versatility and vital role in preserving biological samples for various purposes.

Research Applications Lead Biopreservation Industry

Moreover, the research application segment is anticipated to dominate the biopreservation industry in 2023, among applications. This segment secured the largest market share in 2023, driven by growing investments in biomedical research, personalized medicine, cell-based research, and drug discovery. Such investments are poised to propel the market forward during the forecast period.

Biobanks Segment Dominates End Users in Biopreservation Industry

Furthermore, the biobanks segment emerged as the dominant end-user category in the biopreservation industry in 2023. Among end users such as biobanks, gene banks, hospitals, research institutes, universities, pharmaceutical companies, and contract research organizations, biobanks claimed the largest market share. This growth is fueled by advancements in biobanking, increased government investments in the sector, and collaborative research activities.

North America: Dominant Region in Biopreservation Industry in 2023

Lastly, in 2023, North America emerged as the dominant region in the biopreservation industry. This regional dominance is attributed to factors such as the availability of government funding for research activities, substantial healthcare spending, a strong presence of major players in the US, and enhanced collaborations and partnerships between biobanks and research institutes.

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Merck Invests in Bioprocessing Production Center in South Korea (2024)

In 2024, Merck made a significant investment of over USD 321.7 million (EUR 300 million) into a new Bioprocessing Production Center in Daejeon, South Korea. This initiative represents the largest investment by Merck’s Life Science business sector in the Asia Pacific region to date, highlighting the company’s commitment to expanding its capacities in this fast-growing region. Merck anticipates that this investment will lead to the creation of approximately 300 additional jobs by the end of 2028.

Thermo Fisher Scientific Launches New ULT Freezer Line (2024)

Also in 2024, Thermo Fisher Scientific unveiled its latest line of high-performance, ultra-low temperature (ULT) freezers. The Thermo Scientific TSX Universal Series ULT Freezers boast enhancements in performance, user experience, and energy efficiency. Designed to seamlessly adapt to scientists’ workflows across various laboratory settings, these freezers mark a new era in performance, reliability, and sustainability.

Avantor Partners with Tobin Scientific for Biopharma Logistics (2023)

In 2023, Avantor entered into a strategic agreement with Tobin Scientific, a leading provider of biopharma cold chain, ambient storage, and transport & logistics services. This partnership aims to support end-to-end moves for US biopharma customers seeking to relocate labs, research facilities, and samples. Addressing the growing demand for complex logistics solutions with temperature-specific requirements, this collaboration underscores Avantor's commitment to enhancing customer service and support.

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