Biopreservation is the process of improving safety of food products and extending their shelf life through utilization of their controlled or natural microflora. Biopreservation process makes the use of lactic acid bacteria (LAB) as the main tool and they are mainly considered as ‘generally recognized as safe’ (GRAS) products. The global biopreservation market is estimated to witness substantial growth over the tenure of assessment owing to the high prevalence of various chronic diseases. Lactic acid bacteria can restrict the growth of the various microorganisms, which comprises fungi, yeasts, and bacteria.
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Increased prevalence of various chronic diseases such as obesity, diabetes, renal diseases, and cardiac illnesses is likely to work in favor of the global biopreservation market in the years to come. According to the National Diabetes Statistics Report 2020, around 34.2 million people in the US, which is just over 1 in 10 and 10.5 % of the US population, suffer from diabetes. In addition, dearth of organ donors for the purpose of transplantation is likely to augment the demand for regenerative medicines. This factor is likely to boost the global biopreservation market over the tenure of assessment.
Growing investment in research and development in drug discovery is likely to impact the growth of the global biopreservation market in the near future. Rise in the number of bio-banks for storing various biological products utilized in medical research is likely to augur well for the rapid expansion of the market. Furthermore, as coronavirus spreads across the globe killing thousands, the demand for medical research to find a solution to contain the disease is on the rise. As such, the demand for biopreservation is expected to swell riding on the back of spread of coronavirus across the globe.
Increased Spending on Research and Development Activities to Bolster Demand
In the global biopreservation market, biobanking is estimated to experience considerable growth over the timeframe of analysis. Biobanks refer to the biorepositories that preserve and store various biological samples utilized in medical research. Rising demand for biospecimens for supporting contemporary researches in genomics and personalized medicine is likely to escalate the adoption of biobanking. With the rise in biobanking, the demand for biopreservation is predicted to rise in the near future.
Regenerative medicines in the global biopreservation market are likely witness lucrative growth over the analysis timeframe. Rising adoption of regenerative medicines for treating severe to life-threatening conditions is likely to foster growth of the regenerative medicines. Increased prevalence of chronic diseases has often led to various organ deformities, which has generated demand for organ transplantation. Regenerative medicines comprise regeneration or engineering of human tissues, organs or cells to establish or restore normal functioning of organs. Dearth of organ donors is also expected to drive the demand for regenerative medicines in the years to come.
On the other hand, stringent regulations pertaining to the production of biopreservation items is likely to hamper the growth of the global biopreservation market. Furthermore, emergence of storage techniques that could store such products at room temperature is further likely to limit growth of the market in the near future.
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Driven by Rising Incidences of Lifestyle Diseases, US to Lead the Market
U.S. biopreservation market is predicted to account for a sizeable chunk of the market and is expected to experience substantial growth over the period of assessment. Rising prevalence of various lifestyle diseases such as renal diseases, obesity, and diabetes often leads to organ damages, which is likely to offer lucrative growth opportunities for the biopreservation market in the US.
The UK is another promising region for the global biopreservation market and the region is estimated to continue with the similar trend over the years of assessment. Such growth of the country is ascribed to the augmented support from the government for smooth functioning of the biobanks. The government also assists in the networking of biobanks such as UK biobank and international collaborations for the expansion of the scope of biobanking. This factor is likely to bolster the growth of the biopreservation market in the region.
Presence of Several Market Players to Bolster Demand in the Market
Some of the prominent industry players found in the global biopreservation market comprise BioLife Solutions, Inc., Thermo Fisher Scientific Inc., Atlanta Biologicals Inc., Custom Biogenic Systems, Panasonic Biomedical, and Taylor-Wharton International LLC. The global biopreservation market is regarded as a fragmented one owing to the presence of several market players. Furthermore, the market is likely to be characterized by acquisitions, mergers, and product launches.
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