ALBANY, N.Y.--(BUSINESS WIRE)--Transparency Market Research, in its new report, titled ‘Biopreservation Market (Product Types - Equipment, LIMS, and Media; Applications - Regenerative Medicine, Biobanking, and Drug Discovery) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019’, provides estimations for the global biopreservation market for the forecast period 2013-2019.
Increase in new biopreservation facilities, advancements in biopreservation applications, and untapped opportunities in emerging economies are some key factors expected to drive the market from US$1.95 billion in 2012 to US$5.74 billion in 2019.
By product type, the market is segmented into equipment, laboratory information management systems (LIMS), and media. The market for equipment is further divided into refrigerators, freezers, liquid nitrogen (LN2) tanks, and consumables. While freezers were the largest segment of the equipment market in 2012, consumables are projected to register the highest CAGR from 2013 to 2019.
Increasing demand for storage facilities will drive the demand for LIMS, particularly in the developed markets of Canada, Germany, France, the U.S., Japan, and the U.K.
In terms of applications, biopreservation finds application in several industry verticals such as regenerative medicine, biobanking, and drug discovery. Due to recent approvals for biobanking projects in the developing economies of Latin America, Africa, and Asia Pacific, the biobanking segment is expected to take up the largest share of the global biopreservation market until 2019.
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Increased presence of supportive organizations made North America the largest regional market for biopreservation in 2012. However, Asia Pacific is expected to be the fastest developing region till 2019 owing to the increasing unmet healthcare needs, growth in funding capacity, and new biobanking projects.
The study report provides strategic recommendations for the existing players and new entrants in the global biopreservation market.
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Transparency Market Research (TMR) is a U.S.-based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.