Biopreservation Market Size By Product (Equipment {Freezers, Refrigerators, Consumables [Vials, Straws, Microtiter, Bags], Liquid Nitrogen}, Media {Pre-formulated, Home-brew}, Laboratory Information Management System [LIMS]), By Application (Regenerative

Biopreservation Market Size By Product (Equipment {Freezers, Refrigerators, Consumables [Vials, Straws, Microtiter, Bags], Liquid Nitrogen}, Media {Pre-formulated, Home-brew}, Laboratory Information Management System [LIMS]), By Application (Regenerative Medicine {Cell Therapy, Gene Therapy}, Biobanking {Human Eggs, Human Sperm, Veterinary IVF}, Drug Discovery), By Cell Provider (CD34+, CD19+, MSC, iPSC, hESC, Tumor Cells), Industry Analysis Report, Regional Outlook Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The biopreservation market is slated to depict significant growth through 2030 owing to favorable initiatives for the development of biopreservation applications. In addition, escalating incidences of chronic illnesses, along with heavy investment in the healthcare sector, is likely to further bolster market growth over the forecast period.
The COVID-19 pandemic curbed the supply chain operations, which in turn hampered overall market growth. However, increasing need for vaccines and medicines for COVID-19 and soaring prevalence of chronic diseases have accelerated product penetration. According to World Health Organization (WHO) data from June 2021, over 17.9 million people worldwide die each year due to cardiovascular illnesses, making it the leading cause of mortality.
Moreover, major industry players have been taking robust efforts to improve the efficiency of products while also engaging in various growth strategies, such as mergers, acquisitions, geographical expansion, collaborations, and so on, to maintain their market standing. For instance, in September 2022, Helmer Scientific, a medical storage company, announced the launch of GX Solutions Pharmacy and blood bank pass-thru refrigerators. This first-of-its-kind range of professional medical refrigerators and freezers has been optimized for critical healthcare applications.
The biopreservation market has been categorized in terms of product, cell provider, application, and region.
Based on product, the biopreservation industry has been segregated into equipment, media, and laboratory information management system (LIMS). The equipment segment is set to garner substantial gains by 2030 as biopreservation equipment viz., freezers, consumables, refrigerators, and liquid nitrogen are used extensively in the biopreservation of DNA, stem cells, plasma, and tissues, which are emerging as prominent research subjects.
With respect to cell provider, the biopreservation market has been divided into CD34+, CD19+, MSC, iPSC, hESC, and tumor cells. The MSC segment exceeded $762.6 million in revenue in 2021 and is primed to witness appreciable growth in the upcoming years. Mesenchymal stem cells (MSCs) are highly capable of self-renewal while maintaining the multipotency of the matter. Additionally, these cells have enormous therapeutic potential for tissue repair, which is foreseen to aid segmental growth.
On the other hand, the iPSC segment held more than 12.7% market share in 2021 due to rising demand for regenerative medicine, wherein iPSCs have promising applications as they can propagate indefinitely. Furthermore, increased investment in research activities and in exploring potential applications is projected to drive segmental progress.
Meanwhile, hESCs can differentiate into various cell types, and hence, they are useful in tissue engineering or transplantation. In 2021, the hESC segment captured a market share of approximately 14.5% and is set to observe strong development through 2030.
Regionally, the Middle East & Africa biopreservation market accounted for over 2.5% of the total industry revenue in 2021. Amplifying awareness regarding various medical check-ups is stimulating the demand for biopreservation techniques, which is propelling product demand in the MEA region.