by The cryopreservation equipment market involves products that are used to preserve living cells, tissues, whole organs, and other biological samples at extremely low temperatures. Key cryopreservation equipment includes freezers, refrigerators, sample preparation equipment, and storage containers. These products allow the long-term preservation of biological samples by minimizing chemical and physical degradation. The growing stem cell industry has emerged as a major end-user of cryopreservation technology given the need to store stem cells and other regenerative medicine products.
The Global cryopreservation equipment market is estimated to be valued at US$ 10436.3 Bn in 2024 and is expected to exhibit a CAGR of 11. % over the forecast period 2024 to 2030.
Key Takeways
Key players operating in the cryopreservation equipment are Thermo Fisher Scientific, Inc., Custom Biogenic Systems, Chart Biomedical Co. Ltd., Merck KGaA, Barber-Nichols Inc., Praxair Technology, Inc., Linde LLC, Planer PLC, Cryologic Pty. Ltd., Charter Medicals, Nikkiso Cryo Inc., Cryogenic Control, and Haimen United Laboratory Equipment Development Co., Ltd. The growing demand for regenerative medicine and stem cell therapy presents significant opportunities for players in the cryopreservation equipment space. Companies are focused on developing innovative equipment with improved sample handling and automated storage capabilities. The rising stem cell banking industry around the world also presents lucrative expansion opportunities for cryopreservation equipment suppliers globally.
Rising investments in stem cell research activities around the world have emerged as a major driver of cryopreservation equipment demand. Stem cells need to be preserved at ultra-low temperatures to maintain their viability and proliferative abilities. This has led to growing procurement of cryopreservation freezers, refrigerators, and accompanying consumables by stem cell research organizations. Additionally, the growing cord blood and sperm banking sectors have also augmented the need for reliable sample preservation through cryopreservation technologies. This in turn is positively impacting the sales of various cryopreservation equipment over the forecast period.
PEST Analysis
Political: The regulatory landscape impacts the cryopreservation equipment market as regulations determine requirements for cell preservation and storage. Equipment must meet stringent safety and efficacy standards.
Economic: Funding availability influences research and development activities relying on cryopreservation technologies. Growing healthcare budgets boost investments in stem cell therapies and biobanking, driving demand.
Social: Increasing acceptance of stem cell therapy and growing emphasis on reproductive health and fertility preservation augur well for the market. Surging cancer and chronic disease incidences create need for long-term sample storage.
Technological: Advancements in controlled-rate freezing capabilities, cryogenic storage vessels and automated monitoring systems enhance sample viability and simplify workflow. Miniaturization of equipment facilitates point-of-care and transportation applications.
The Cryopreservation Equipment Market Demand in terms of value is concentrated in North America and Europe. Strong government support for regenerative medicine research, well-established healthcare infrastructure and high healthcare spending contribute to large market size in these regions. Increased stem cell banking and reproductive sample preservation also drive the North America and Europe markets.
Asia Pacific represents the fastest growing regional market for cryopreservation equipment. Rising standards of living, growing medical tourism industry and increasing private sector investments in healthcare are fueling market growth. Expanding stem cell therapy acceptance, rising fertility tourism and burgeoning biopharma industry in countries like China, India and South Korea offer lucrative opportunities.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
