Biopreservation Market Focuses On Key Drivers, Opportunities and Demands to 2022 “The global Biopreservation Market size is likely to reach USD 8.93 billion by 2022 which is projected to grow at a CAGR of 17.3% during the forecast period. Rapid growth can be attributed to the rise in healthcare expenditure which is expected to boost the market in the forecast period.”
Industry Insights The global Biopreservation Market size is likely to reach USD 8.93 billion by 2022 which is projected to grow at a CAGR of 17.3% during the forecast period. Rapid growth can be attributed to the rise in healthcare expenditure which is expected to boost the market in the forecast period. Moreover, increasing R&D activities by various companies as well as research organizations funded by government initiatives in the form of grant, contacts and various other funding mechanisms have led to development of novel and innovative bio-preservation services, leading to augment the revenue growth. Growing use of bio-preservation are also supported by the rising participation of government or non-government bodies for the development of this field. For example, due to the support of the institutional and government repositories, the storage of bio-specimen has evolved to next level of advanced information from basics of patient’s phenotype, extending to genetics as well as “omics” such as proteomic information. Product Insights The key segments included laboratory information management systems (LIMS), media and equipment. In 2014, the equipment segment dominated the market which includes liquid nitrogen, consumables, refrigerators and freezers, having a revenue share of more than 80%. The larger share can be attributed to the high demands pertaining to biobanks and the extensive use and importance of the aforementioned products in bio-preservation.
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