Cryopreservation Equipment Market is poised to grow
The cryopreservation equipment market has witnessed significant growth in the recent years due to increased demand for cryopreservation across various industries such as bio banking, pharmaceuticals, and stem cell research. Cryopreservation equipment such as cryopreservation tanks, liquid nitrogen storage tanks, freezers, and other accessories are used to preserve biological specimens like stem cells, embryos & oocytes, sperm, tissue samples and others at low sub-zero temperatures. The equipment prevent damage caused due to formation of ice crystals during freezing and helps long term storage of specimens without loss of viability.
The Global Cryopreservation Equipment Market is estimated to be valued at US$ 310.6 million 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 are Chart Industries, Worthington Industries, Thermo Fisher Scientific, Linde, Arctiko, and Cesca Therapeutics.
Cryopreservation Equipment Market Demand is a growing across pharmaceutical and biotechnology industries due to increasing R&D efforts for development of new drugs and therapies. Stem cell research also drives significant demand for cryopreservation as stem cells need to be stored for long term use in research studies as well as therapeutic applications.
The cryopreservation equipment market is witnessing high growth opportunities in developing countries of Asia Pacific and Middle East & Africa due to establishment of new stem cell and biobanks. Government support for development of biotechnology industry will further augment the regional demand.
Market Key Trends
Advancements in cryopreservation techniques is one of the key trends witnessed in the market. Companies are focusing on development of techniques such as vitrification which allows ultra-fast freezing of biological specimens without formation of ice crystals. This helps in better storage of specimens and higher post-thaw viability compared to conventional slow freezing methods. For example, vitrification is becoming popular for cryopreservation of oocytes and embryos in IVF processes.
Porter’s Analysis
Threat of new entrants: Low capital requirements for new entrants to enter Cryopreservation Market Opportunity which will increase competition.
Bargaining power of buyers: Large customer base including hospitals, biobanks, researchers provides less bargaining power to buyers due to lack of standardization.
Bargaining power of suppliers: Key intellectual property rights over technologies provide high bargaining power to suppliers of cryopreservation equipment.
Threat of new substitutes: Lack of substitutes for cryopreservation equipment due to necessity of advanced low-temperature equipment in preserving biological samples.
Competitive rivalry: Intense competition among key players to gain higher market share through innovations, partnerships and geographic expansion.
Geographical Regions
North America accounts for the largest share of the cryopreservation equipment market driven by technological advancements, consolidations, and increased R&D investment in bio banking and regenerative medicine in the US and Canada.
Asia Pacific region is poised to grow at the fastest CAGR during the forecast period due to rising healthcare expenditure, increasing biomedical research in countries like China and India and government support for building biobanks.
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*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
