Biopreservation Market Size, Share, Growth Analysis, By Product(Equipment, Media, and Laboratory Information Management System (LIMS)), By Application(Regenerative Medicine, Bio-banking, and Drug Discovery), By Region - Industry Forecast 2024-2031

North America dominated the market and accounted for highest market share in 2023, driven by flourishing healthcare sector and growing budget for pharmaceutical research. US accounts for the largest market for clinical trials of new drugs and is the powerhouse of drug discovery. The presence of research centers of large pharmaceutical companies and world class healthcare providers creates high demand for biopreservation of samples required in treatment and research. In addition, the number of cases of chronic disease is significantly high and acceptance of personalized medication using regenerative techniques is also significantly more mature in North America especially in the US. 

Asia Pacific is expected to witness the fastest growth in biopreservation demand. The region is the manufacturing hub of medicines and vaccines. China is the largest manufacturer of active pharmaceutical ingredients globally. Production of drugs, antibody and enzymes is also growing in India, South Korea, and Southeast Asia. In addition, improving infrastructure and increasing government spending on technology is also boosting the progression of immunotherapy, biotechnology, and gene therapy in the developing economies in the region. This is expected to further boost the demand for biopreservation market in Asia Pacific region during the forecast period.