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3. Thermo Fishers Scientific Inc. (US) and Merck KGaA (Germany) are Leading Players in the Biopreservation Market

The global Biopreservation market is projected to reach USD 7.1 billion by 2029 from USD 4.4 billion in 2024, at a CAGR of 9.8% during the forecast period. One of the main factors propelling this market's expansion is the rising number of organ transplants and donations. The primary drivers of this market's expansion are the availability of healthcare expenditure, the increasing amount of money that companies are investing in research and development, and growing investments in regenerative medicine.

The Biopreservation market is consolidated and is dominated by few players. The major players operating in this market are Merck KGaA (Germany), PHC Holdings Corporation (Japan), Thermo Fisher Scientific Inc. (US), and Azenta, Inc. (US).

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Thermo Fishers Scientific Inc. (US)

Thermo Fisher Scientific Inc., a US-based company, is the leading player in the biopreservation market. The company’s strong position in the market can be primarily attributed to its product portfolio. Freezers, refrigerators, centrifuges, and cryopreservation media offered by the company are extensively used by biobanks, gene banks, and hospitals for biopreservation. Besides, the company also has a strong geographic presence, which is the main factor for the company’s strong customer base. Thermo Fisher Scientific has employed various strategies to strengthen the company’s position in the market. The company focuses on launching improved products in the market in order to maintain its position. For instance, in April 2024, the company launched its newest line of high performance, ultra-low temperature (ULT) freezers with enhancements to performance, user experience, and energy efficiency.

Merck KGaA (Germany)

Merck held the second-largest share of the biopreservation market in 2023. Merck thrives in the biopreservation market through its subsidiary Sigma-Aldrich Corporation. Merck’s overall revenue in 2023 was majorly driven by Europe (34.3%). The company majorly engages in expansion activities. It focuses on expansions in key geographies in order to increase its customer base. The company also focuses on enhancing its presence in the high-growth Asian region to increase its revenue and  market share. In the last three years, the company opened life science centers in Asia Pacific and North America.

PHC Holdings Corporation (Japan)

PHC Holdings held the third-largest share of the biopreservation market in 2023. The company’s products include preservation equipment such as lab freezers, ultra-low-temperature freezers, pharmacy refrigerators, biomedical freezers, and laboratory refrigerators. PHC utilizes organic growth strategies such as product launches to maintain its share in the laboratory freezers market. For instance, in March 2021, the company launched the ECO Vaccine Refrigerators and Laboratory Freezers (-30?C to -40?C) to increase energy efficiency and reduce heat transfer.

Related Reports:

Biopreservation Market by Product (Media [Cryopreservation, Hypothermic]), Equipment (Freezers, Refrigerators, Incubators, Centrifuge, Accessories), Biospecimen (Tissues, Organs, Stem Cells), Application (Research, Therapeutic) - Global Forecast to 2029

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