The global market for LIMS will also experience growth with the rising adoption of automation by storage facilities. This demand will be majorly from developed economies such as the U.S., Canada, Japan, the U.K., France and Germany. Demand from the developing economies will be sluggish initially due to high purchase and installation cost of LIMS, but will escalate with growing funding support from parent and government organizations.
The media market comprises two categories, home-brew and pre-formulated media. The home-brew media segment held the majority share of the market in 2012 as it is the most preferred formulation used for storing samples. However, the demand for pre-formulated media is expected to rise rapidly during the forecast period owing to its rapid acceptance in the global biopreservation market.
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Based on applications, the biopreservation market is further analyzed in terms of three segments, namely, regenerative medicine, biobanking and drug discovery. The biobanking application segment held the major market share of the global biopreservation market in 2012 and will retain its position in 2019, owing to approval of new biobanking projects in emerging economies such as India, Singapore, Korea, China, Malaysia, Brazil and African countries. Nevertheless, the regenerative medicine market will be growing at a faster pace during the forecast period due to factors such as rapid growth of the regenerative medicine market and rising demand for biospecimens in this field that involves research and therapy. Consequently, the demand for freezers, liquid nitrogen and media will increase.
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Geographically, the global biopreservation market is categorized into four regions, North America, Europe, Asia-Pacific and Rest of the World (RoW). North America was the market leader in 2012 due to high presence of biopreservation organizations coupled with substantial amount of samples. Also, the adoption of automated processes is rapid in this region which results in high demand for LIMS. Conversely, the Asia-Pacific region is expected to grow with a faster CAGR than any other region, owing to the presence of unmet healthcare needs, high prevalence of chronic diseases and increase in funding capacity. Emerging economies such as China, India, Malaysia, Singapore, Indonesia and Brazil are expected to surpass the United States in terms of the demand for equipment and media. New biobanking projects and in-house biopreservation facilities will drive the demand for media, LIMS and equipment during the forecast period.
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