by Cryopreservation equipment finds extensive applications across biobanking, fertility clinics, stem cell research institutes and other medical research organizations owing to growing demand for long-term storage of biospecimens. Cryopreservation equipment help preserve various biological materials such as stem cells, semen, oocytes, embryos, and tissues using ultra-low temperatures for decades. Growing practice of stem cell therapy to treat various chronic and genetic diseases along with rising success rates have propelled the need for cryopreservation of stem cells. Additionally, increasing public-private investments to develop advanced regenerative medicine therapies have also augmented procurement of cryopreservation devices.
The global Cryopreservation Equipment Market is estimated to be valued at US$ 10436.3 million in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
With increasing application areas of regenerative medicine, the global cryopreservation equipment market is witnessing several trends. One of the key trends witnessed is adoption of automated cryopreservation systems owing to needs of large number of samples preservation across clinics and research centers. Automated cryopreservation systems offer computerized storage and retrieval along with barcode reading capabilities for sample identification and tracking. This helps improve efficiency while reducing human errors. Additionally, automation enables preservation of large volume of samples with minimum space, hence increasing storage capacities. For instance, in 2021, Panasonic Healthcare Co. introduced automated cryopreservation system for large scale sample storage with capacity of over 200,000 samples.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the cryopreservation equipment market is moderate. Significant capital investment is required to enter the market. Also, the presence of major players makes it difficult for new players to gain foothold.
Bargaining power of buyers: The bargaining power of buyers in the cryopreservation equipment market is high. Buyers can negotiate on price owing to availability of various products. Buyers can also switch between suppliers easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Leading suppliers are dominant but cryopreservation equipment are not unique and have substitutes. Therefore supplier’s ability to negotiate on price is moderate.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes for cryopreservation equipment. Equipment facilitating long term preservation of biological products are limited.
Competitive rivalry: The competitive rivalry in the market is high. Key players compete on the basis of product quality, reliability, services and price.
Key Takeaways
The Global Cryopreservation Equipment Market Size is expected to witness high growth over the forecast period. The global Cryopreservation Equipment Market is estimated to be valued at US$ 10436.3 million in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
North America is expected to dominate the market owing to increasing stem cell research activities and growing biobanks in the region. The growth in biobanks drive the demand for cryopreservation equipment to preserve various biospecimens like blood, tissues etc. for longer periods.
Key players operating in the cryopreservation equipment market are Thermo Fisher Scientific Inc., Chart Industries, Linde Plc, Philipps Healthcare, Helmer Scientific and Arctiko. Key players focus on new product launches and expansion to strengthen their market presence. For instance, in 2022, Thermo Fisher launched Opti-Cell biocell preservation devices to provide long-term cryopreservation of cell lines and samples at ultra-low temperatures with reduced contamination risks.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
