Increasing demand for preserving stem cells and rise in the number of egg & sperm banks along with the growing implementation of assisted reproductive technology (ART) across the globe is expected to boost the Biopreservation market demand over the coming years. Growing healthcare awareness among the people as well as technological breakthroughs in healthcare are predicted to complement the industry growth.
A large global population suffering from lifestyle related diseases as well as cardiovascular disorders, high blood pressure, and cancer is predicted to promote the expansion of the market over the coming eight years. The increasing popularity of regenerative drugs along with wide biobanking application for cell, organ, and tissue preservation is further predicted to benefit the industry in near future. According to Global Market Insights Inc., “The biopreservation market size worth USD 3 billion in 2015, is predicted to exceed USD 9.7 billion mark, growing at a CAGR of 13.4% over the period of 2016-2024.”