Modern day medicine is long out of the genomic era where decoding human genome was considered the only way to find the genetic basis and the eventual cure for human diseases. It is in a phase where new disciplines are being discovered by fusing manipulative engineering with medical sciences to provide remedies for various autoimmune diseases, degenerative diseases and even aging.
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With advances in the field of medicine and cell-based disciplines such as tissue engineering, cell transplantation, biopharmaceutical research and cell therapy, the demand for proper procurement, preservation, processing and banking of the biospecimen acquired, either from natural sources or through laboratory experiments is also rising.
Biopreservation is a technique that controls the biochemical reactions of certain organisms present in cells, tissues or any natural body so as to sustain functionality even after the natural body is exposed for a prolonged time to otherwise lethal conditions. Biopreservation is undertaken by the virtue of controlled temperatures and used of substances such as liquid nitrogen among others.
Formulating and implementing effective ways for biopreservation is as necessary as the acquisition of biospecimen. This is essentially necessary to process, store, transport, distribute and ensure an on-demand supply, extended shelf life and stabilization of these products.
The recent times have seen a huge rise in research activities in various fields of biotechnology leading to an added demand for effective biopreservation instruments and products. This includes a rise in demand for equipment such as refrigerators, freezers, liquid nitrogen tanks and consumables, along with media and laboratory information management systems (LIMS).
The global biopreservation market, which was valued at about 1.95 billion in 2012, is estimated to reach a value of USD 5.69 billion in 2019 with a growth rate of 16.7% through the years 2013 to 2019 according to new market studies.
It is estimated that the segment of consumables will show the highest growth rates in this market. The growth would be driven by the rise in demand for cryo vials, cryo bags, gloves, cryo tubes and other consumables from existing biopreservation organizations.
Need for automation in storage facilities will lead to the growth of market for laboratory information management systems. This demand is estimated to be seen majorly in developed economies such as US, Japan, Canada, Germany and France, however, steady growth in demand is also anticipated from developing economies.
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The major applications of the field are biobanking, drug discovery and regenerative medicine. According to data gathered in the year 2012, the biobanking segment of applications ruled the market by capturing its major share. It is estimated that the same segment will keep its lead in the coming years as well. This is assumed based on the recent approval of new biobanking projects in developing economies such as India, Korea, China, Singapore, Malaysia, Brazil and many African countries.