The global biopreservation market size was valued at USD 2.18 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 28.30% from 2023 to 2030. Biopreservation is experiencing growth due to various factors such as extensive usage in hospitals and labs, rising funding assistance from government and private partners in healthcare, an upsurge in research & development, and growing advancement in terms of product development. For example, in April 2021, BioLife Solutions launched a new high-capacity controlled freezer to cater to the cell and gene therapy market, which helped the company expand its existing product portfolio. The market experienced a major hindrance during the COVID-19 pandemic with supply chain issues, unavailability of raw materials, and hindrances in research activities among other reasons. However, the pandemic also accelerated the growth of novel biologics, and vaccine technologies. Due to these factors, opportunities for biologics manufacturing and preservation are anticipated to increase, thus generating further demand for biopreservation.

The global biopreservation market size was valued at USD 2.18 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 28.30% from 2023 to 2030. Biopreservation is experiencing growth due to various factors such as extensive usage in hospitals and labs, rising funding assistance from government and private partners in healthcare, an upsurge in research & development, and growing advancement in terms of product development. For example, in April 2021, BioLife Solutions launched a new high-capacity controlled freezer to cater to the cell and gene therapy market, which helped the company expand its existing product portfolio. The market experienced a major hindrance during the COVID-19 pandemic with supply chain issues, unavailability of raw materials, and hindrances in research activities among other reasons. However, the pandemic also accelerated the growth of novel biologics, and vaccine technologies. Due to these factors, opportunities for biologics manufacturing and preservation are anticipated to increase, thus generating further demand for biopreservation.