The global Biopreservation market is projected to reach USD 7.1 billion by 2029 from USD 4.4 billion in 2024, at a CAGR of 9.8% during the forecast period. The market will grow as a result of growing advancements in the biobanks and increase in the trend of preserving newborn cord blood stem cells and rise in the need for personalized medicines. However, the expensive biopreservation techniques and stability issues with cryopreservation will restrain the market during the forecast period.
Based on product, the Biopreservation market is segmented into biopreservation media, biopreservation equipment, and biopreservation accessories. In 2023, the biopreservation media segment accounted for the largest market share. This is attributed to the repeat purchase as compared to the instruments, huge range of applications like cell culture, cryopreservation, tissue banking, organ transplantation, and regenerative medicine, which will reflect their versatility and importance in preserving biological samples for diverse purposes.
Based on the biospecimen, the Biopreservation market is segmented into into human tissue samples, organs, stem cells, and other biospecimens. The human tissue samples segment accounted for the largest market share in 2023. The large share of this segment can be due to the growth in number of biobanks and increase in investments in R&D spending for life science research. Stem cells segment is estimated to register the highest CAGR during the forecast period.
Based on the end user, the Biopreservation market is segmented into biobanks, gene banks, hospitals, and other end users such as research institutes and universities, pharmaceutical companies, and contract research organizations. The biobanks segment accounted for the largest share of the biopreservation market in 2023, and this trend is expected to continue during the forecast period. Growing advancements in the field of life science research and the rise in demand for newborn stem cell banking, tissue banking, and umbilical cord blood banking are supporting the growth of this end-user segment.
Based on the region segmentation, the Biopreservation market is divided into North America, Europe, the Asia Pacific, Latin America, the Middle East & Africa, and GCC. In 2023, North America accounted for the largest share of the global Biopreservation market. The rising number of government investments in healthcare and research, growing cases of organ transplant, and rise in number of biobanks and gene banks with an increased emphasis on personalized medicine and precision healthcare techniques.
