by The cryopreservation equipment market comprises medical devices that are employed in cryopreservation or freezing biological samples like blood, sperm, embryos, oocytes etc. at extremely low temperatures for extended time. The technique involves slowing down metabolism of living cells and tissues by lowering their temperature to below minus 80°C. This allows the maintenance and storage of biological tissues or organs for future medical treatment or research. With increasing number of women opting for elective egg freezing and growing stem cell therapy, the demand for cryopreservation equipment continues to surge.
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:
Increased demand for stem cell preservation drives the cryopreservation equipment market. Stem cell therapy has emerged as a promising treatment for various fatal diseases like cancer, diabetes, heart ailments etc. More people are opting to preserve their stem cells derived from umbilical cord, placenta, bone marrow etc by cryopreservation. This allows future use as required for treatment. The usage of stem cells also helps in ethical medical research. With continuous advancements in regenerative medicine and increased investment in research, stem cell therapy market has gained significant traction globally over the past few years. This has augmented the demand for associated cryopreservation equipment for long term storage of stem cells. Developing countries are also investing substantially in stem cell banking facilities, thus fueling the growth of cryopreservation equipment market.
SWOT Analysis
Strength: Cryopreservation equipment allows for long term storage of tissues and cells at sub-zero temperatures, preserving their viability. This provides immense benefits to areas like stem cell therapy and biobanking.
Weakness: High capital investments required for cryopreservation equipment. Maintaining optimal temperatures for long term storage also results in high operational costs.
Opportunity: Growing elderly population driving needs for preservation of tissues/cells for future therapeutic interventions. Rising incidence of chronic diseases also creating demand for biobanking of samples.
Threats: Stringent regulatory frameworks for usage of preserved tissues/cells. Emergence of alternative preservation techniques could reduce dominance of cryopreservation over time.
Key Takeaways
Global Cryopreservation Equipment Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by the rising demand for stem cell therapy and biobanking applications. 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 region currently dominates the market owing to significant research expenditures and availability of advanced healthcare infrastructure in countries like the US and Canada. The governments in various Asian countries are also increasing focus on stem cell research which is expected to drive fastest market growth in the Asia Pacific region during the coming years.
Key players operating in the cryopreservation equipment market are Thermo Fisher Scientific, Merck KGaA, Chart Biomedical, Linde Healthcare, PHC Corporation, and General Electric Company. These companies offer advanced equipment along with consumables and services to fulfill the cryopreservation requirements of research institutions, biobanks, and hospitals. They have also been undertaking initiatives to make cryopreservation solutions more affordable and accessible to customers worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
