by Cryopreservation of cells allows for the long-term storage and preservation of various cell types at extremely low temperatures, typically in liquid nitrogen. Various cell types like stem cells, gametes, cord blood cells and tissue engineered products require cryopreservation for maintaining viability and functionality over extended periods of time. Increasing applications of cellular therapy and regenerative medicine using stem cells and rising prevalence of cancers that require stem cell transplant are propelling demand for cryopreservation techniques and products. Growing focus on personalized medicine and precision therapies also rely on availability of viable cellular material archived over long duration. Cord blood banking is another application fueling adoption of cryopreservation methods, giving millions worldwide access to potentially life-saving stem cells.
The global Cell Cryopreservation Market is estimated to be valued at US$ 228.8 million in 2023 and is expected to exhibit a CAGR of 5.7% 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 growing adoption of automated cell cryopreservation systems. Traditionally, cell cryopreservation involved labor-intensive manual procedures requiring skilled technicians. However, automated systems provide walk-away capability, standardized procedures, traceability and consistency in cryopreservation outcomes. They minimize human errors, improve productivity and ensure compliance. Many industry players are focused on development of innovative automated solutions to streamline workflows and address the scalability challenges faced in large cell processing facilities and biobanks. This is expected to drive increased demand and wider applications of cell cryopreservation systems over the forecast period.
Porter’s Analysis
Threat of new entrants: Low. The cell cryopreservation market requires significant capital investment for research and development as well as infrastructure, acting as barriers to entry.
Bargaining power of buyers: Moderate. The presence of many biobanks and research institutes as buyers provides them with bargaining power over pricing.
Bargaining power of suppliers: Low. The market has numerous raw material suppliers providing cell cryopreservation consumables and equipment.
Threat of new substitutes: Low. There are currently no widely adopted or effective substitutes for cell cryopreservation as a method of cell preservation.
Competitive rivalry: Moderate to high. The market features numerous international and regional players offering similar products and services.
Key Takeaways
The global cell cryopreservation market is expected to witness high growth over the forecast period. The global Cell Cryopreservation Market is estimated to be valued at US$ 228.8 million in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Regional analysis: North America is the largest regional market for cell cryopreservation owing to supportive regulatory scenarios as well as high adoption rates among biobanks and research institutes. The Asia Pacific market is expected to grow at the fastest pace due to rising awareness, improving healthcare infrastructure, and increasing investments by key players in the region.
Key players: Key players operating in the cell cryopreservation market are BASF SE, Bayer Group, AkzoNobel N.V., The Dow Chemical Company, LyondellBasell Industries Holdings B.V., E.I. DuPont de Nemours and Company Mitsui Chemicals, Braskem SA, PPG Industries, and Eastman Chemical Company. These players are focusing on new product introductions and geographical expansion to strengthen their market position .
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
