Unlike traditional cryopreservation technologies that require expensive cold-storage logistics solutions, LyoLife™ freeze-dries cells and tissues for storage and transport at room temperature. This enables the quick delivery of cells and tissues extracted from biopsies for rapid examination and diagnosis upon rehydration. In addition, LyoLife offers researchers and physicians the option of storing biopsies at room temperature for long periods, and then rehydrating and studying samples.
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Market size & growth
Key trends & information
Within the MedTech market the largest segment remains In Vitro Diagnostics (IVD) accounting for ~13% of market share, closely followed by Cardiology (11%) and Diagnostic Imaging (10%)
The IVD growth is driven by macro forces such as rising demand from emerging economies, aging population, evolving clinician attitudes, and a push towards theranostics and personalized medicine.
In parallel, several specific IVD sub-segments are key to overall IVD growth:
- Growth in molecular diagnostics driven by: the shift from microbiology and immunoassay to molecular, an expansion of assay panels, and increased access with low complexity instruments
- Growth in next gen sequencing driven by increased access through cost improvement (e.g., $1,000 genome), along with a growth in personalized medicine
- Growth in point-of-care diagnostics in hospital and clinical settings, especially in remote and rural areas, where physicians and patients demand faster – and more accurate – decision making
Source: Statista, Total Global Medical Technology Revenue, 2009-2022