by Cryopreservation equipment are used to preserve living cells and tissues like sperms, oocytes, embryos, and stem cells at ultralow temperatures for an indefinite period. The cryopreservation process helps in preserving biologics for future use in various therapeutic and diagnostic applications. The equipment enables storage of temperature-sensitive biological samples for longer duration without change in their structure or functional properties. Growing demand for the preservation of stem cells, cell lines, and tissues due to growing demand in regenerative medicine, growing infertility rates, and organ transplant requirements is driving the need for cryopreservation equipment.
The global Cryopreservation Equipment Market is estimated to be valued at US$ 9059.28 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Growing research activities in stem cell therapy presents one of the key trends in cryopreservation equipment market. Stem cells possess potential therapeutic applications in treatment of various degenerative diseases. Rising investments by both government as well as private players in stem cell research is presenting lucrative opportunity for cryopreservation equipment manufacturers. For instance, according to studies total global spending on stem cell research was to the tune of US$ 4.7 billion in 2019 and is projected to reach US$ 7.4 billion by 2024, registering a CAGR of 8.7% during 2020-2024. Moreover, increasing number of clinical trials involving stem cells is further augmenting the demand for cryopreservation equipment for preservation and storage of stem cells. Growing infertility rates globally is another major trend driving the cryopreservation market. The fertility rates worldwide have declined over the past few decades due to changing social, economic and demographic factors increasing the demand for assisted reproductive technologies (ARTs) procedures, such as in-vitro fertilization (IVF). Use of cryopreservation equipment plays a vital role in such ARTs for preservation of gametes and embryos for future use, thereby boosting the demand for cryopreservation equipment.
Porter’s Analysis
Threat of new entrants: New entrants face high entry barriers like high initial investment costs for setting up cryopreservation equipment manufacturing units.
Bargaining power of buyers: Buyers have moderate bargaining power due to the specialized nature of cryopreservation equipment. They can negotiate on pricing and quality standards.
Bargaining power of suppliers: Suppliers of components and raw materials have low to moderate bargaining power due to availability of substitute components.
Threat of new substitutes: Technological advancements are leading to new cryopreservation techniques with improved efficacy and safety profiles.
Competitive rivalry: The global cryopreservation equipment market is moderately competitive due to presence of numerous global players.
Key Takeaways
The global Cryopreservation Equipment Market Share is expected to witness high growth. The global cryopreservation equipment market is estimated to be valued at US$ 9059.28 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
North America is currently the largest and fastest growing regional market for cryopreservation equipment due to technological advancements and increasing research activities in the biotechnology and pharmaceutical industries in the region.
Europe holds a major share of the global market owing to high healthcare expenditure, rising incidents of chronic diseases, and increasing funding for regenerative medicine and stem cell research. Rising pharmaceutical outsourcing and increasing production of novel biologics are also supporting market growth in Europe.
Key players operating in the cryopreservation equipment market are Thermo Fisher Scientific Inc., Custom Biogenic Systems, Chart Biomedical Co. Ltd., Merck KGaA, Barber-Nichols Inc., Praxair Technology, Inc., Linde LLC, Planer PLC, Cryologic Pty. Ltd., Charter Medicals, Nikkiso Cryo Inc., Cryogenic Control, and Haimen United Laboratory Equipment Development Co., Ltd.
Thermo Fisher Scientific and Chart Biomedical are among the leading players due to their diverse product portfolios and robust global presence across the Americas, Europe, Asia Pacific, and other regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
