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

Biopreservation Market Drivers

Prevalence of Chronic Disease  

• Reported chronic diseases cases are on the rise globally. In developed economies such as the US chronic disease was reported annually in more than 30% of the adult population while in developing economies such as India, chronic diseases were reported in more than 23% of the adult population. Chronic diseases have high requirement of diagnosis and other alternate therapies thus boosting the demand for biopreservation. 

Growing Demand for Regenerative Medicines and Treatment  

• Advancements in cell therapy, molecular technology, tissue engineering, gene therapy, and regenerative medicines have gained significant traction is the last decade. In terms of revenue growth regenerative medicines are witnessing double digits growth figures and this trend is expected to continue during the forecast period thus boosting the demand for biopreservation considerably. 

Restraints 

High Cost of Preservation  

• Biopreservation is made possible by controlling temperature, pressure, pH and other physical factors based on the stability of the biomass being stored. These require advanced equipment, consumables, media solutions and skilled personnel. In addition, some of the consumables are highly instable and are also not widely available. The cost of initial investment is significantly high resulting in restricted wider applications.  

Lack of Skilled Workforce  

• Biopreservation is a relatively new technology, and its work force required is not aptly trained. Application areas of biopreservation such as cell therapy and genetic engineering are also relatively new sciences, and the work force is yet to be skilled in these areas. With the increasing government spending on education and healthcare, the workforce is expected to be skilled in the long term, but this factor is expected to be constrained in the short to medium term.