The size of the Latin America Biopreservation Market is estimated to be USD 195.45 million market in 2023. This value is forecasted to reach USD 338.19 million by 2028, with a tremendous CAGR of 11.59% in the review period.
Factors such as an increase in the prevalence of chronic diseases like cancers, diabetes, cardiovascular diseases, neuron diseases, and obesity disorders worldwide are increasing market value and growth for this market. An increase in investments and funding activities related to research and development in this area also increases market size. Technological developments and an increase in the majority of investors and key market players fuel up market growth. Advancements in applications of biopreservation, rise in demand for the need for biopreservation also increases market growth. Rising healthcare and expenditure from the country’s economy will benefit this market. An increase in demand for personalized medicines, regenerative medicine due to the rise in occurrences of lifestyle diseases will further expand this market size.
Due to difficulties in storage procedures and storage technology, the biopreservation market is restricted from growing in this region. In forthcoming years, business growth for this market is going to hamper market size and its development. The stringent rules and regulations for approvals for this storage equipment and materials are restricting the market growth. In order to meet the rules set up by various authorities, manufacturers also need to set up their protocols. Hence manufacturers and end-users face issues due to lag in time and difficulties in the availability and manufacturing of equipment and materials.
This research report on the Latin America Biopreservation Market has been segmented and sub-segmented into the following categories:
Latin America is expected to witness steady growth in the biopreservation market. Factors such as increased patient population, rise in chronic diseases, rise in lifestyle-related disorders and rise in demand for personalized medicines and regenerative medicine, well-developed healthcare infrastructure increases market shares. Brazil has seen most investors and economic developments and healthcare developments, thereby expanding the biopreservation market. Due to the high ratio of the patient population, Mexico has improved healthcare and expenditure, well-developed technology, and infrastructure.
Some of the promising companies leading the Latin America Biopreservation Market 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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