The global cryogenic vials market stood at US$131.8 mn in 2016 and is projected to rise at a CAGR of 3.9% from 2017 to 2027. Rising at this pace, the market is estimated to touch a valuation of US$199.3 mn by the end of the forecast timeline.

Broadly, the two types of products used in cryogenic vials are self-standing and round-bottom vials. Of these, self-standing cryogenic vials held the major share in the market in 2016. This can be attributed to their extensive uptake since they don’t need extra storage space.

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The growing demand for long-term preservation of various biological materials, including human and animal cells and serum, is a key factor stoking the demand for cryogenic vials for ultralow temperature storage.

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The rising quantum of investment on research activities for developing new drugs by governments in various developing and developed economies is a key factor driving the market. The intensifying need for long-term storage of diverse biological materials helps the commercial production of bio-chemicals.