by Cell cryopreservation involves the use of low temperatures to preserve cell viability and their functionality. It includes freezing cell samples and storing them in liquid nitrogen for long periods of time. Cells that can be cryopreserved include stem cells, adult cells, umbilical cord blood cells, and embryos for fertility preservation. Cryopreservation finds application across various areas like biobanking, medical applications, veterinary applications, industrial applications etc. It helps researchers to build cell line collections and repositories that can be accessed for new research opportunities. The global cell cryopreservation market is characterized by increasing adoption of stem cell therapeutics and biobanking practices. Countries across the world are establishing national stem cell banks and private organizations are making investments in building stem cell biobanks for future therapies.
The global Cell Cryopreservation Market is estimated to be valued at US$ 228.8 Mn 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.
Market key trends:
One of the key trends in the cell cryopreservation market is the increasing commercialization of cord blood banking services. Cord blood contains hematopoietic stem cells that have potential applications in blood disorders, cancer treatment, genetic diseases etc. Umbilical cord blood banking involves collection, processing and long-term cryogenic storage of cord blood for future therapeutic use. Several private cord blood banks are offering cord blood storage facility for families with paid annual/lifetime subscriptions. This is helping in increasing awareness as well as adoption of cord blood banking globally. Additionally, few public cord blood banks are also operational that maintain umbilical cord blood inventory and make it available for patients in need of transplant.
Porter’s Analysis
Threat of new entrants: Low initial investment requirements for cell cryopreservation makes threat of new entrants moderate. However, established presence of major players makes market penetration challenging for new players.
Bargaining power of buyers: Buyers have high bargaining power due to availability of alternative preservation techniques such as hypothermic storage. Buyers can select between suppliers based on product quality and price.
Bargaining power of suppliers: Key raw material suppliers like cryogenic media and equipment manufacturers have moderate bargaining power due to standardized nature of products and availability of substitutes.
Threat of new substitutes: Technologies like tissue engineering and 3D bioprinting pose threat of substitution, however cell cryopreservation still remains vital for long-term storage of cells.
Competitive rivalry: Presence of large multinational players intensifies competition. Differentiation through innovative products, quality, certifications and service support helps companies maintain competitive advantage.
Key Takeaways
The Global Cell Cryopreservation Market Size is expected to witness high growth. The global Cell Cryopreservation Market is estimated to be valued at US$ 228.8 Mn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030.
North America dominates the market currently due to presence of major players, development of advanced technologies and government funding for stem cell research in the region. Asia Pacific is expected to grow at fastest pace over forecast period due to rising stem cell therapy adoption, increased healthcare expenditure and growing biotech and pharmaceutical industry.
Key players
Key players operating in the cell cryopreservation market are 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. Major players are focusing on new product launches, partnerships and acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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