September 08, 2020 19:00 ET | Source: Reports and Data

New York, Sept. 08, 2020 (GLOBE NEWSWIRE) -- The globalBiopreservation Market is forecast to reach USD 5.63 Billion by 2027, according to a new report by Reports and Data. A rise in the incidence of chronic diseases, such as renal, cardiac, cancer, and diabetes, will propel the demand for the market.

According to the International Diabetes Federation (IDF), approximately 463 million adults, in 2019, were living with diabetes, and by the year 2045, the number is expected to rise to 700 million. The disease led to 4.2 million deaths and caused the healthcare sector USD 760 billion. Cancer caused almost 9.6 million deaths in 2018. The number of cases is expected to rise to 30 million by 2040 from 18 million in 2018.

Moreover, factors like varying disease patterns, increasing awareness among the population for general wellness and overall healthcare, flexible government policies and regulations together with the applicability of stem cells in research centers focusing on cancer treatment is estimated to escalate the market demand across regions in the upcoming years.

North America dominates the market owing to the increasing number of manufacturers in the region, the spread of infectious diseases, improved healthcare infrastructure, and the development of various new products. Increasing the production of innovative products and the growth of manufacturers in their countries has led Europe to expand its global presence in the industry supported by mergers and acquisitions that are increasing the global presence of European market players.

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The Covid-19 Impact

The market will witness a huge surge as biopharmaceutical innovators are in the front line for the human response to the global COVID-19 pandemic. A significant number of biotech firms are in the middle of the race to investigate the virus's genome and are preparing a viable vaccine. These companies are investigating the virus at an unprecedented rate, and considerable funds are being put into the research. The companies are in trial stage, and the public and private sectors are working continuously for the development of the vaccine. Cash inflow for research in the healthcare sector to find a cure for infectious and autoimmune diseases will aid the market in growth.

Further key findings from the report suggest

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/biopreservation-market

For the purpose of this report, Reports and Data have segmented into the global Biopreservation market on the basis of the type, biospecimen, application, end-users, and region:

Type Outlook (Revenue, USD Billion; 2017-2027)

Biospecimen Outlook (Revenue, USD Billion; 2017-2027)

Application Outlook (Revenue, USD Billion; 2017-2027)

End Users Outlook (Revenue, USD Billion; 2017-2027)

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Regional Outlook (Revenue, USD Billion; 2017-2027)

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Biopreservation Market To Reach USD 5.63 Billion By 2027 | Reports and Data - GlobeNewswire