Cryopreservation Is Fastest Growing Segment Fueling The Growth Of Cell Cryopreservation Market
Market Overview:
Cell cryopreservation involves freezing cells at very low temperatures for long-term preservation. It helps in preserving cells, tissues and organs for future medical treatments or clinical applications. It is widely used in biobanking, stem cell research and medical applications.
Market key trends:
Growing prevalence of cancer and other chronic diseases is driving the growth of the Cell Cryopreservation Market. As per the data by World Health Organization, cancer burden is expected to rise by about 70% over the next 2 decades. Similarly, advancements in stem cell therapy and regenerative medicines is triggering the demand for preserved and stored cells. Emerging economies represent lucrative growth opportunities owing to increasing healthcare expenditure and infrastructure development in biobanks and stem cell research facilities. Additionally, growing popularity of personalized medicine and growing R&D investments in drug discovery and development are some of the major trends in this market.
Segment Analysis
The global cell cryopreservation market is segmented based on product, application, and end user. Based on product, it is segmented into equipment, media, and alloys. The media segment is estimated to account for the highest market share during the forecast period. This is attributed to frequent usage of media, which includes cryopreservation kits, freezing and thawing media, programmed temperature freezing containers.
Based on application, the market is categorized into stem cells, oocytes & embryos, sperm, and others. Stem cells segment is projected to dominate the market owing to rising prevalence of chronic diseases and increasing adoption of stem cell therapies. Based on end user, it is divided into biobanks, hospitals, research institutes, and biotech & pharmaceutical companies. Research institutes segment dominates the segment due to increasing stem cell research activities globally.
The global Cell Cryopreservation Market Size is estimated to be valued at US$ 228.8 Million in 2023 and is expected to exhibit a CAGR of 22.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global cell cryopreservation market is expected to witness high growth, exhibiting CAGR of 22.% over the forecast period, due to increasing demand for cryopreservation of stem cells, sperm, oocytes & embryos and rising prevalence of chronic diseases.
Regional analysis- North America is expected to dominate the cell cryopreservation market during the forecast period. This is attributed to increasing research activities involving stem cells, growing biobanks, rising inclination towards reproductive technologies and early adoption of advanced healthcare technologies.
Key players analysis- 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, acquisitions and partnerships to expand their geographic presence.