by Cryopreservation equipment plays a vital role in preserving different biomaterials like stem cells, sperms, eggs, tissues, organs, etc. at extremely low temperatures using techniques like freezing and vitrification. The growing applications of cryopreserved samples in areas like regenerative medicine, fertility clinics, biobanking and more have boosted the demand for technologically advanced cryopreservation equipment worldwide.
The global Cryopreservation Equipment Market is estimated to be valued at US$ 9059.28 Mn in 2023 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
Rapid adoption of cryopreservation techniques is one of the key drivers of cryopreservation equipment market growth. Technological advancements have enabled enhanced cryopreservation of various biomaterials, tissues, and cell samples for applications in biomedical research and clinical therapies. For instance, vitrification is considered a better technique than traditional slow freezing as it prevents ice crystal formation, reducing cell and tissue damage during the freezing-thawing process. Growing research in fields such as regenerative medicine, stem cell therapy and biobanking have further increased investments in development of novel cryopreservation techniques and equipment, propelling the overall market.
SWOT Analysis
Strength: Cryopreservation equipment enables long-term storage of biological samples like cells, tissues, stem cells, semen, embryos, etc. which provides major opportunities for biobanking applications.
Weakness: High initial investments and operating costs associated with cryopreservation equipment limit its adoption, especially in underdeveloped economies.
Opportunity: Rising prevalence of chronic diseases and increasing investments in regenerative medicine and stem cell research are driving the demand for cryopreservation equipment globally.
Threats: Stringent regulations pertaining to quality standards and safety of cryopreserved biological samples pose significant challenges for equipment manufacturers.
Key Takeaways
The global Cryopreservation Equipment Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The global Cryopreservation Equipment Market is estimated to be valued at US$ 9059.28 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
North America currently dominates the cryopreservation equipment market owing to robust research infrastructure, presence of key players, and increasing stem cell banking activities in the region. The Asia Pacific region is expected to grow at the fastest pace during the forecast period, supported by rising healthcare expenditure, growing medical tourism sector, and increasing implementation of biobanking initiatives in China, India, and other Asia Pacific countries.
Key players operating in the cryopreservation equipment market are Thermo Fisher Scientific Inc., Merck KGaA, Chart Biomedical Co. Ltd., Barber-Nichols Inc., Cryologic Pty. Ltd., Praxair Technology, Inc., Linde LLC, Planer PLC, Charter Medicals, Nikkiso Cryo Inc., Cryogenic Control, and Haimen United Laboratory Equipment Development Co., Ltd. Among these, Thermo Fisher Scientific Inc., Chart Biomedical Co. Ltd., Planer PLC, and Merck KGaA are some of the leading players offering an extensive range of automated and manual cryopreservation equipment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
