Albany, NY -- (SBWIRE) -- 09/18/2017 -- The global biopreservation market is expected to reach US$5.74 bn by 2019. This market was valued at US$1.95 bn in 2012. Various factors are responsible for this market achieving a high CAGR of 16.7% between 2013 and 2019, each of which are elaborated on in a research report released by Transparency Market Research.
Biopreservation is a process used in the storage of biological samples in an environment conducive to their survival and therefore, for end-use. Typical biological samples that can be stored using biopreservation are plasma, saliva, tissues, cells, organs, and body fluids. Each sample type serves a different medical purpose that usually concerns product testing or the treatment of several chronic conditions.
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Segmentations of the global biopreservation market are provided in the report to deliver a clearer perspective on it. The key categories for division of the global biopreservation market are product types, applications, and geography.
In terms of product type, the global biopreservation market is segmented into the key segments of media, equipment, and lab information management systems. Sub-segments of equipment are liquid nitrogen tanks, consumables, freezers, and refrigerators. The global biopreservation market was led by freezers in 2012, while the fastest growth rate is attributed to the segment of consumables, within the given forecast period. The growth rate of consumables is attributed to the increasing demand for core items in this sub-segments, namely cryogenic boxes, gloves, cryo tubes, and cryo vials.
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The segment of LIMS is also expected to experience significant growth rates in the near future, owing to a higher adoption of facilities for storage. This is especially applicable to the developed economies, including the U.S., the U.K., Canada, France, and Germany.
The regional segmentation of the global biopreservation market, as presented in the report, shows North America to be the dominant force in the market for 2012, owing to a high presence of key players, large number of samples needing biopreservation, and a growing capacity of investments and funding. Meanwhile, the biopreservation market in the U.S. could be overtaken in terms of growth rate by those in the developing nations of Indonesia, Malaysia, Singapore, China, and India, especially in the segments of media and equipment, within the report's forecast period.
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The key players in the global biopreservation market are Thermo Fisher Scientific, Inc., Life Technologies Corporation, BioCision, LLC, BioLife Solutions, Inc., Biomatrica, Inc., LABVANTAGE Solutions, Inc., Qiagen N.V., Panasonic Corporation, CHART MVE BIOMEDICAL, and VWR International, LLC. Major strategies implemented by key players in the global biopreservation market include consolidation efforts through mergers and acquisitions, improving their standing in developing markets, employing effective service programs, integrated strategies, and stronger marketing initiatives.
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