Cryopreservation equipment is used to preserve living cells and tissues at ultra-low temperatures for long durations. Products associated with this market include cryogenic vials, cryogenic storage tanks, cryogenic freezers, and liquid nitrogen storage systems. Cryogenic freezers are used to store biological samples like blood, tissues, stem cells, and sperms at freezing temperatures ranging from -40°C to -150°C.
Cryopreservation Equipment Market Demand from biobanks and biotechnology companies engaged in stem cell research and regenerative medicine. The escalating cases of chronic diseases along with increasing use of bio preservation technologies in healthcare applications is fueling the cryopreservation equipment market growth.
The Global Cryopreservation Equipment Market is estimated to be valued at US$4.3 Billion in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Cryopreservation Equipment market are Thermo Fisher Scientific, Praxair Technology, Custom Biogenic Systems, Planer and Chart Biomedical.
The rising collaborations between biobanks and biopharmaceutical companies for drug discovery and development present lucrative growth opportunities for cryopreservation equipment market players.
North America dominates the global cryopreservation equipment market led by technological advancements and strong government support for bio-preservation research activities in the region. However, Asia Pacific is anticipated to witness the highest growth rate due to increasing investments towards healthcare infrastructure development.
Market drivers
The growing stem cell and cord blood banking industries worldwide are fueling high-quality Cryopreservation Market Opportunity for long-term storage of biological samples. According to World Marrow Donor Association, there were over 37 million umbilical cord blood units and 639,000 bone marrow units stored globally in 2020.
Technological innovations in biomaterials cryopreservation techniques have enhanced storage lifespan and viability of biospecimens. This is prompting increased adoption of cryopreservation for applications in drug discovery, proactive healthcare and biodiversity conservation.
The emergence of regenerative medicine using stem cells, tissues and biologics has boosted the requirement for reliable cryogenic equipment to preserve and transport cell therapies worldwide. Favorable government policies in some countries are further creating growth opportunities.
PEST Analysis
Political: The government regulations regarding stem cell research and tissue banking will influence the adoption of cryopreservation equipment.
Economic: Rising healthcare expenditure and increasing focus on reproductive technologies will drive the demand for cryopreservation equipment.
Social: Growing acceptance of stem cell therapy and increasing infertility rates will positively impact the cryopreservation equipment market.
Technological: Advancements in cryopreservation techniques such as vitrification which provides better cell viability are gaining traction. Development of robotic cryopreservation systems is also ongoing.
Geographical Regions with High Market Concentration
North America dominates the cryopreservation equipment market in terms of revenue, owing to rising healthcare spending and strong presence of key market players in the US. Asia Pacific is expected to emerge as the fastest growing regional market over the forecast period due to rising medical tourism, growing middle class and increasing investments in healthcare infrastructure by regional governments.
Fastest Growing Regional Market
Asia Pacific is poised to be the fastest growing regional market for cryopreservation equipment between 2024-2031. This can be attributed to factors such as rising medical tourism, increasing fertility rates and growing popularity of stem cell banking in countries such as China, India and Japan. Initiatives undertaken by governments to enhance healthcare access will also support market growth in the coming years.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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