The global Biopreservation market is forecasted to reach USD 5.63 Billion by 2027, according to a new report by Reports and Data. A rise in the incidence of chronic diseases, such as renal, cardiac, cancer, and Diabetes, will propel the demand for the market.According to the International Diabetes Federation (IDF), approximately 463 million adults, in 2019, were living with Diabetes, and by the year 2045, the number is expected to rise to 700 million. The disease led to 4.2 million deaths and caused the healthcare sector USD 760 billion. Cancer caused almost 9.6 million deaths in 2018. The number of cases is expected to rise to 30 million by 2040 from 18 million in 2018.
Moreover, factors like varying disease patterns, increasing awareness among the population for general wellness and overall healthcare, flexible government policies and regulations together with the applicability of stem cells in research centers focusing on cancer treatment is estimated to escalate the market demand across regions in the upcoming years.
North America dominates the market owing to the increasing number of manufacturers, the spread of infectious diseases, improved health care infrastructure, and the development of various new products. Increasing the production of innovative products and the growth of manufacturers in their countries has led Europe to progress its global presence in the industry supported by mergers and acquisitions that are increasing the global presence of European markets.
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Further key findings from the report suggest
• The demand for biospecimen equipment is growing due to its extensive application in plasma, stem cells, DNA, and tissue research. The surge in adoption can also be accredited to certain benefits such as high-cost efficiency, storage capacity, and low maintenance.
• Stem cells are used in regenerative medicine, especially in the field of dermatology. The market for stem cell is witnessing an increased growth owing to the increased number of clinical trials across the globe.
• Successful clinical and commercial applications of biospecimens require practical and robust cryopreservation protocols. Stem cells are notoriously sensitive to cryopreservation, which required specialized protocols to maintain the optimal cell viability and recovery.
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