The size of the Biopreservation Market in the Asia Pacific is predicted to value USD 1286.17 million by 2028 and USD 629.81 million in 2023, growing at a CAGR of 15.35% during the forecast period.
Tissues, cells, saliva, whole blood, plasma, urine, nucleic acid, organs, and other biological fluids are stored in biobanks. Over the forecast period, the biopreservation market in the APAC region is likely to grow due to an increase in the number of biobanks primarily. Higher R&D investments, biobanking advancements, and the growing trend of preserving newborn cord blood stem cells and increased investments in regenerative medicine, and the demand for personalized medicine are further expected to drive the Asia Pacific biopreservation market forward. Chronic diseases have become even more common in the previous decade. The development of regenerative medicine to treat and control numerous chronic conditions such as cardiovascular insufficiency, obesity, heart failure, and diabetes and muscle, bone, and articulation degenerative diseases has boosted biopreservation demand, driving the market’s growth. In addition, the presence of government healthcare programs that offer funding, grants, and research contracts has resulted in R&D efforts deployed by various companies growing at a faster rate. As a result, sophisticated bio-preservation services have expanded, which is expected to accelerate the penetration rate during the forecast period.
Additionally, the availability of sufficient funding from venture capitalists, governments, or parent organizations and patient education is projected to provide attractive growth opportunities for Asia pacific biopreservation market participants. Improved healthcare expenditure, adoption of in-house sample storage in hospitals and labs are some of the reasons driving market development in coming years. Furthermore, the government's cooperation with corporations and universities for greater exposure to the technology utilized and its development for increased efficiency are expanding as healthcare expenditures rise year after year. With increasing technological advancements in biopreservation and healthcare equipment and their cost-effectiveness, a large portion of healthcare spending is going into these devices.
However, the growth rate of the Asia Pacific biopreservation market is likely to be restricted by R&D in media solutions that allow for room temperature storage of biospecimens. Biomatrica, Inc., for instance, supplies DNA stable and RNA stable sample stabilization medium at room temperature. Such solutions put a damper on demand for freezers and refrigerators, restricting market expansion. In addition, with the transition from laboratory to market, the major problems of tissue or cell preservation and maintenance are major challenges.
This research report on the APAC biopreservation market has been segmented and sub-segmented the Asia Pacific Biopreservation Market into the following categories:
By Product Type:
The availability of equal, responsive, and efficient health systems across the Asia Pacific has also contributed to healthcare spending accounting for the greatest feasible percentage of GDP. The APAC region in the global biopreservation media market has a significant potential for growth due to the rising population and prevalence of various diseases. In this region, stem cell technology, cell-therapy-based research, and transplantation, including preserving and processing tissues, cells, and organs, are all relatively new, yet it is a fast-developing business. Growing government investments in development are increasing the possibility of bio-storage acceptability, which is expected to drive the biopreservation market in the region forward in the future years.
KEY MARKET PLAYERS:
Some of the promising companies operating in the Asia Pacific Biopreservation Market profiled in this report are Thermo Fisher Scientific, Inc., BioLife Solutions, Inc., Sigma-Aldrich Corporation, VWR Corporation, BioCision LLC, Cesca Therapeutics Inc., So-Low Environmental Equipment Co, Taylor-Wharton, Panasonic Corporation, and Lifeline Scientific Inc.
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