Tuesday, May 24, 2016

Biopreservation Media Market Poised to Witness Impressive Growth in the Years to Come

Biopreservation is a rapidly emerging field that involves storage of cells and tissues in a chemically-treated environment in order to preserve biological samples. Cryopreservation, vitrification, and hypothermic storage are the most common procedures for biopreservation that used widely in laboratories and clinical settings. Biopreservation media is a globally-recognized and an effective method of preserving specimens, which helps in maintaining the stability, integrity, and functionality of cells outside of their natural environment until their end-use. Human tissue biobanking which is used in clinical trials for the implementation of novel biomarkers is expected to escalate the demand for biopreservation storage media, thereby fueling the growth of the market, globally. Moreover, huge investments coupled with increased R&D activities are expected to further stimulate the growth of the biopreservation media market.

Market Scenario & Predictions
The global biopreservation media market which was valued at $247.7 Million in 2014 is projected to reach $571.5 Million by the end of 2019, growing at a CAGR of 18.2% during the forecast period of 2014 to 2019.

Of all the regions, North America was the largest market in 2014, followed by Europe, APAC, and RoW. It currently holds 47.3% of the total market share, and is expected to grow at a CAGR of 17.7% during the forecast period, reaching $265.0 Million by 2019, owing to the advancements in the field of biotechnology in the U.S. and Canada. However, Asia-Pacific is estimated to be the fastest-growing market with a CAGR of 21.2%.

Based on type, the home-brew media segment being a highly competitive segment dominates the market with largest share, whereas the segment of pre-formulated media is still in the growing phase. On the basis of application, biobanking is the leading segment.

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Drivers for the Market

The significant growth of the global market for biopreservation media can be majorly attributed to the following factors:

•    Advancements in biobanking technology and regenerative market
•    Growing investments and R&D activities in cell-therapy and regenerative medicine by corporate, government, and non-government organizations
•    Increasing demand due to the growing awareness regarding its benefits

Major key players are,
Lifeline Scientific Inc. (U.S.), BioLife Solutions Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Sigma-Aldrich Corporation (U.S.), Wak-Chemie Medical GmbH (Germany), VWR International LLC (U.S.), and others.

Apart from this, new product developments and launches is one of the key strategies adopted by the market players in order to sustain their hold on the market by providing the customers with newer and efficient products.