Yahoo Finance Cell and Tissue Preservation Market to Surpass US$ 8.5 Billion by 2028 | CAGR 11.5% Says Acumen Expert
Acumen Research and Consulting recently published report titled “Cell and Tissue Preservation Market Size - Global Industry Analysis, Opportunities and Forecast, 2021 - 2028”.
NEW YORK, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Global cell and tissue preservation market is estimated to grow at a CAGR of above 11.5% over the forecast time frame and reach the market value of above US$ 8.5 Billion by 2028.
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Report coverage
Market | Cell and Tissue Preservation Market |
Analysis Period | 2017 - 2028 |
Base Year | 2020 |
Forecast Data | 2021 - 2028 |
Segments Covered | By Type, By Application, By Product, By End User and By Region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Key Companies Profiled | Lonza, Merck KGaA, Agilent Technologies, Inc., FUJIFILM Irvine Scientific, AMSBIO, STEMCELL Technologies Inc., Corning Incorporated, Thermo Fisher Scientific, Inc., BD, Cytiva, Avantor, Inc., BioLifeSolutions Inc., Princeton CryoTech, LGC SeraCare, CellGenix GmbH, among others |
Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Customization Scope | 10 hrs of free customization and expert consultation |
Cell and tissue preservation has become very vital during the recent years. Increase in the patient population and the growing requirement for new research and studies in the field of biomedical has increased the demand for the global cell and tissue preservation market. Deep freezing, freeze drying, and cryopreservation are current methods involved in cell and tissue preservation. These methods are used mainly for the storage of meniscal allografts and ligaments. Maintaining the suitable condition and temperature to retain the integrity of the cells and tissues are the vital part.
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Some of the major drivers for the growth of cell and tissue preservation market are increasing healthcare expenditure, supporting government initiatives, increasing demand for the regenerative diseases, rise in the number of patient population suffering from different types of cancer and other cardiovascular and neurological disorders. In the recent years the demand for the regenerative medicines has increased significantly. These medicines are used for the treatment of tissue loss owing to the any kind of diseases, accidents, or congenital disorders.
Increased healthcare expenditure to fuel the growth of the global market
Increasing investments in the healthcare sector anticipate access to quality healthcare and development of life-saving products. Biopreservation is one of the major facilities where major key players are making investments thus aiding to the growth of the cell and tissue preservation market. End-users of the market such as hospitals, gene banks, and biobanks are encouraging the industry players to make investments in the research and developments of advanced products to benefit the patient outcomes. Another factor that supports the growth of the global market is the government initiatives in the form of funds and grants to encourage R&D activities by various universities and organizations. All these factors will fuel the adoption of biopreservation solutions and services thus boosting the growth of the global market during the forecast period.
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By type, Tissue segment anticipates to contribute majorly
Based on the type, the market is bifurcated into cells and tissues. Tissues are further sub-segmented into blood, bone, soft tissues, skin, and others. The tissues type segment held the major share of above 47% in the year 2020. The anticipated CAGR for the segment is above 11% during the forecast period 2021 to 2028. Growing investments in the research and development activities in order to collect, process, and store tissue samples for breakthrough studies and treatments is the major factor driving the growth of the segment.
By end user, biobanks will hold majority of the market share
Biobanks held a major share of above 65% in 2020, thus dominating the end user segment. The key driver fuelling the growth of the segment is the increased awareness about the advantages of stem cell preservation. Research and studies are being carried out on a large scale to uncover the complete benefits of stem cells in the treatments. In addition, rise in the number of egg and sperm banks in the fertility centers and the wide use of assisted reproductive technology in the animals are the factors driving the cell and tissue preservation market.
North America to hold the dominant position in the cell and tissue preservation market
It is expected that North America will hold a major market share during the forecast period 2021-2028. It is also anticipated that the growth rate for the forecast period will be rapid. Major factors contributing the regional growth are increasing investments in the healthcare sector and the growing research and development activities. Increasing engagement of the pharmaceutical companies in the region for the commercialization of the preservation equipment and its adoption has fueled the growth of the market.
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Use of oxygen in the transplant organ preservation will turn as an opportunity
The industry players in the cell and tissue preservation market are taking initiatives to commercialize oxygenated cell therapies. Private organization Giner Life Sciences has focused on making advancements in the oxygenated cell therapies. They are trying out new methods for implementing the use of oxygen to preserve cell clusters and transplant organs. Thus, the industry players in the market are trying to make innovations such as having transportation that has in-built oxygen generator in order to preserve the donated organs.
Key Participants
The key industry players in the cell and tissue preservation market include Lonza, Merck KGaA, Agilent Technologies, Inc., FUJIFILM Irvine Scientific, AMSBIO, STEMCELL Technologies Inc., Corning Incorporated, Thermo Fisher Scientific, Inc., BD, Cytiva, Avantor, Inc., BioLifeSolutions Inc., Princeton CryoTech, LGC SeraCare, CellGenix GmbH, among others.
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