Market Trends of Biopreservation Industry
This section covers the major market trends shaping the Biopreservation Market according to our research experts:
Regenerative Medicine is Expected to Hold a Significant Market Share Over the Forecast period.
Regenerative medicines repair, replace, and regenerate the tissues and organs affected by injury, disease, or the natural aging process. These medicines restore the functionality of cells and tissues and are used in several degenerative disorders, such as dermatology, neurodegenerative diseases, cardiovascular, and orthopedics.
Various partnerships worldwide in regenerative medicine to boost research and development are projected to augment the segment's growth. For instance, in September 2021, the Regenerative Medicine Catalyst Project was launched in collaboration with seven partners to monitor regenerative medicine research development and funding in the country over the next three years. The increased demand for regenerative medicine that employs biopreservation to treat life-threatening diseases like cancer is likely to propel the segment's growth.
Furthermore, the increasing innovation, product approvals, and launches by key market players in regenerative medicine cryopreservation are expected to boost segment growth. For instance, in May 2022, X-Therma Inc. received Breakthrough Device status from the FDA for its XT-ViVo Preservation Solution and TimeSeal Organ Transport Device. The TimeSeal Organ Transport Device is intended to maintain adult donor kidneys at a static hypothermic temperature during transport and subsequent transplantation into a recipient. It uses XT-ViVo, a cutting-edge organ preservation solution, which is indicated for perfusing and flushing a donor's kidney either just before or right away after removal from the donor. Such advancements and launches in regenerative medicine are projected to propel the segment's growth during the forecast period.
North America is Expected to Dominate the Biopreservation Market over the Forecast Period
The North American market is primarily driven by the rise in demand for the preservation of blood, solid tissue specimens, including paraffin-embedded or frozen bio-specimen of tumors, and other tissues (like peripheral blood cells, bone marrow, and stem cells-derived cord blood and its derivatives), across multiple research institutes, pathological centers, and hospitals.
The surge in the government's investment in drug discovery is projected to boost the biopreservation utility for the preservation of cells, tissues, and organs ex-vivo for the purpose of storage, shipment, and transportation. For instance, the Canadian government invested USD 45 million in the current year over the next three years to the Stem Cell Network to encourage stem cell and regenerative medicine research. Such investments are anticipated to boost the utility and demand of biopreservation in the region, thereby boosting market growth during the forecast period.
Additionally, advancements in technology, increasing product approvals, partnerships, and acquisitions by key players are helping in the market growth. For instance, in February 2022, OriGen Biomedical Inc., a global medical device manufacturer of cryopreservation, cell culture, and respiratory products, launched CryoStore FLEX Freezing Bag in the United States and Europe. The CryoStore FLEX Bag is designed for the cryopreservation of blood components and offers the multi-chamber flexibility of small-volume dose solutions.
