Cell Cryopreservation Market Estimated To Witness High Growth Owing To Rising Demand For Storage of Stem Cells
The cell cryopreservation market is estimated to be valued at US$ 8,659.4 Million in 2022 and is expected to exhibit a CAGR of 22.4% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cell cryopreservation is a process of preserving living cells and tissues by cooling them to very low subzero temperatures. At low temperatures, any biological activity, including cell division and enzymatic processes that could damage cells, is effectively stopped. Cells that are frozen slowly with cryoprotectants are able to survive this process and can be potentially stored for years without damage. Cell cryopreservation finds its major applications in stem cell banking, medical research, and IVF treatments.
Market Dynamics:
The cell cryopreservation market is witnessing significant growth owing to increasing demand for storage of stem cells and rising research activities in regenerative medicine. According to International Society for Stem Cell Research, over 675,000 cord blood units have been cryopreserved worldwide as of 2021 for potential future need. Growing awareness about potential health benefits associated with stem cell therapy is contributing to rapid increase in stem cell banking across globe. Furthermore, rising investments in development of innovative cell therapies by biotechnology and pharmaceutical companies is propelling the market growth. As per Allied Market Research analysis, regenerative medicine market size was valued at US$ 30.5 billion in 2020 and is projected to reach US$ 122.9 billion by 2030, at a CAGR of 14.7%. Owing to promising clinical trial outcomes, regenerative medicine is emerging as potential alternative to organ transplantations.
Segment Analysis
The global cell cryopreservation market is dominated by the stem cell sub-segment. Stem cell cryopreservation has witnessed immense growth owing to rising prevalence of chronic diseases and increasing research activities in stem cell therapy for cancer, diabetes treatment. Stem cells have potential applications in repairing damaged tissues, reducing inflammatory responses, and promoting the growth of new blood vessels thus drive research in regenerative medicine. The increasing use of stem cells for research and clinical applications is expected to augment the demand for stem cell cryopreservation in the coming years.
PEST Analysis:
Political: Favorable government policies and increased funding for stem cell research particularly in the US and China are positively impacting market growth. For instance, the 21st Century Cures Act provides $1.8 billion to support regenerative medicine research including stem cell therapy.
Economic: High maintenance cost associated with stem cell storage infrastructure and equipment is a challenge. But rising disposable incomes in developing nations provide scope for market penetration.
Social: Rising awareness about benefits of stem cell therapy for treating chronic diseases and acceptance of stem cell banking is fueling market demand.
Technological: Advancements in cryopreservation techniques like use of programmable freezing, vitrification coupled with automation is improving preservation efficiency and enabling long-term storage of large number of cell samples.
Key Takeaways
The Global Cell Cryopreservation Market Growth is expected to witness high, exhibiting CAGR of 22.4% over the forecast period, due to increasing prevalence of chronic diseases and growing stem cell research. By 2030, the market size is projected to reach US$ 44,359.8 Million.
Regionally, North America dominated the market and is anticipated to maintain its lead position owing to robust research infrastructure, presence of major stem cell companies and supportive regulatory frameworks. However, Asia Pacific is expected to witness fastest growth due to rising healthcare expenditure, growing medical tourism and expansion of stem cell banking facilities in China and India.
Key players operating in the cell cryopreservation market are General Electric Company, Thermo Fisher Scientific Inc., Merck KGaA, AMS Biotechnology (Europe) Limited, Miltenyi Biotec GmbH, BioLife Solutions Inc., HiMedia Laboratories Pvt. Ltd., PromoCell GmbH, Corning Incorporated, Cooper Companies, Inc., Planer PLC, Bio-Rad Laboratories India Pvt. Ltd, Abcam plc., AMSBIO, Biogenuix, and Evia Bio. Major players are focusing on new product launches, facility expansion and acquisition strategies to strengthen their market share.