Albany, NY -- (SBWIRE) -- 11/24/2017 -- According to the research report, the global biopreservation market was valued at US$1.9 bn in 2012 and is expected to reach US$5.7 bn in 2019, growing at a remarkable CAGR of 16.70% from 2013 to 2019. The growth of the global biopreservation market will be a result of increasing biopreservation applications, upcoming new biopreservation facilities, and huge opportunities in developing economies.
The global biopreservation market is segmented on the basis of product, application, and geography. The types of products in the global biopreservation market are equipment, LIMS, and media. The equipment segment is further divided into freezers, refrigerators, liquid nitrogen (LN2) tanks, and consumables, whereas the media segment is sub-segmented into home-brew media and pre-formulated media. The applications of biopreservation are seen in regenerative medicine, drug discovery, and biobanking. Geographically, this market is segmented into Asia Pacific, Europe, North America, and Rest of the World.
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Out of all the products, freezers held a dominant position in 2012. However, analysts predict that consumables will grow at the fastest rate between 2013 to 2019, due to growing demand for cryo vials, cryo bags, cryogenic boxes, gloves, cryo tubes, and other consumables. In the coming years, as the storage facilities get automated it will boost the demand for LIMS. This trend will be prominent in countries such as Germany, Japan, the U.K., the U.S., France, and Canada.
Amongst the applications, biobanking dominated the global biopreservation market in 2012 and is expected to continue its dominance through 2019. The remarkable growth of this segment will mainly be due to approvals received for biobanking projects in the emerging economies of Latin America, Asia Pacific, and Africa. Additionally, regenerative medicine is likely to exhibit a high CAGR in the forecast period, due to growing demand for biospecimens that are required in research and therapy.
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Geographically, Asia Pacific is expected to the fastest growing regional market due to the increasing prevalence of diseases, huge unmet medical demands, growing investments, and upcoming biobanking projects. This demand will be led by countries such as Malaysia, Singapore, China, and India.
Some of the key players in the global biopreservation market are Thermo Fisher Scientific Inc., BioLife Solutions Inc., BioCision LLC, VWR International LLC, Qiagen, Biomatrica Inc., Panasonic Corporation, and LABVANTAGE Solutions Inc. The report offers a chapter to explain the competitive landscape of the global biopreservation market in absolute detail. Furthermore, it also gives an insight into the company profile, financial overview, research and development activities, business and marketing strategies, and product portfolio of major companies.
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