July 13, 2024
Cell Cryopreservation Market

The Adoption of Cord Blood Banking and Regenerative Medicine is anticipated to open up new avenues for the Cell Cryopreservation Market

Market Overview:

Cell cryopreservation involves freezing cells at very low sub-zero temperatures, usually using liquid nitrogen, to preserve them. It allows storing cells and tissues for long periods of time in a pre-frozen state. Key applications of cell cryopreservation include stem cell banking, medical research, and IVF treatments. Cord blood banking involves collecting and storing umbilical cord blood for use in blood transfusions, regenerative medicine therapies, and transplantation. The rising focus on regenerative medicine and stem cell therapies is driving demand for cryopreserved cells.

Market Dynamics:

Cell cryopreservation protects cells from damage during storage by slowing biological and chemical processes. Two major drivers are boosting the cell cryopreservation market. Firstly, regenerative medicine is advancing significantly with the use of cryopreserved cells for tissue engineering and developing replacement tissues to repair or regenerate human body parts. Secondly, the number of individuals opting for cord blood banking is growing steadily as it offers potential cures for various life-threatening diseases. Cord blood contains stem cells that can potentially treat over 80 health conditions. Increased awareness about the benefits of cord blood storage is propelling the cell cryopreservation market size.

Segment Analysis

The cell Cryopreservation Market can be segmented based on product type, application, and end use. Based on product type, the market is segmented into cryopreservation media, cryopreservation equipment, and accessories which includes vials, cryobags, straws, cryogenic canes, cryogenic gloves etc. Among these, cryopreservation equipment holds the largest market share as it forms the core of any cryopreservation process. Based on application, the cell cryopreservation market is classified into stem cells, oocytes and embryos, sperm, semen, and testicular tissue and others. Among these, stem cell segment currently dominates owing to increasing stem cell therapies and research activities.

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.

PEST Analysis

Political: Supportive regulations by government bodies for advancing stem cell research and growing funding for cell-based research are expected to drive market growth.
Economic: Rising healthcare expenditure and surge in research and development activities by pharmaceutical and biotechnology companies create new opportunities for cell cryopreservation market.
Social: Growing awareness about value of cord blood stem cells and the prevalence of lifestyle diseases are fueling demand for cryopreservation of stem cells and organs.
Technological: The development of robotic cryopreservation systems and the introduction of next-generation media and equipment for improved cell viability after thawing are supporting market expansion.

Key Takeaways

The global Cell Cryopreservation Market is expected to witness high growth, exhibiting 22% CAGR over the forecast period of 2023 to 2030, due to increasing demand for cryopreservation from the healthcare sector. Regionally, North America dominated the market in 2023, accounting for over 35% share owing to advanced healthcare infrastructure and the presence of key players in the region. Regional analysis includes Asia Pacific is poised to be fastest growing region during forecast period supported by emerging economies like China and India ramping up investments in the healthcare sector.

Key players operating in the cell cryopreservation market include 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. These players are focusing on new product launches and expansions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it