logo
logo
Sign in

Cryopreservation Equipment Market Will Grow At Highest Pace Owing To Increase In Stem Cell Banking Services

avatar
Poonam
Cryopreservation Equipment Market Will Grow At Highest Pace Owing To Increase In Stem Cell Banking Services

The cryopreservation equipment market comprises equipment that is used for cryopreservation of biological samples like stem cells, sperms, eggs, embryos, blood, and other organs for long term storage at very low temperature. Cryopreservation helps preserve biological tissues and organs for future use in medical therapies. It helps prevent cell death caused at low sub-zero temperatures. The equipment includes freezers, liquid nitrogen freezers, media, and accessories which are used for cryopreservation process. Growing stem cell banking services for therapeutic uses and increasing research activities in regenerative medicine is driving the demand of these equipment.

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 Takeaways

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. Growing demand for cryobanking of stem cells and sperm/eggs from fertility clinics as well as rising prevalence of chronic diseases is expected to drive growth of cryopreservation equipment market. Technological advancements including automatic cryopreservation systems with integrated liquid nitrogen tanks and advanced robotic sample management are augmenting efficiency.

Market trends:

The Cryopreservation Equipment Market Demand  is witnessing trend of customization as per end user requirement. Manufacturers are offering tailored equipment with customized sample storage capabilities and automation. Adoption of cryopreservation technique for biobanking of tissues and bio specimens obtained from biopsies is growing worldwide which is propelling the demand.

Market Opportunities:

Increasing investment by governments and private sectors in stem cell research providing impetus to stem cell banking. Emergence of cord blood banking owing to its potential in treating leukemia and blood-related diseases presents lucrative growth opportunity. Expanding healthcare infrastructure and rising medical tourism in developing nations will further aid market expansion during forecast period.

Impact of COVID-19 on Cryopreservation Equipment Market

The COVID-19 pandemic has significantly impacted the growth of the cryopreservation equipment market. During the initial phases of the pandemic, there was a decline in market demand as non-essential medical procedures and research activities were put on hold to focus on COVID-19 treatment and vaccine development. This led to deferment of new equipment procurement. However, as the pandemic progressed, demand increased significantly as more research focused on development of vaccines that required cryopreservation of samples. Manufacturers faced supply chain disruptions due to lockdowns but were able to scale up production to meet the spike in demand from vaccine makers and clinical diagnostic labs. The need for effective sample storage became more important than ever given the scale of research activities related to SARS-CoV-2 virus.

Looking ahead, demand for cryopreservation is expected to remain elevated in the post pandemic future as long term storage of vaccines and virus samples will continue and also increased research focus on therapeutics. Many new clinical trials will require preservation of biomaterials. Manufacturers will need to enhance production capacities and establish flexible supply chains to handle fluctuations in demand. Adoption of automation and digitization will help improve efficiencies. More focus on remote monitoring technologies can further aid in handling large sample volumes. With COVID-19 accelerating life sciences innovation, continued investments will be required in cryopreservation infrastructure to support vaccine development and distribution worldwide.

North America currently accounts for the largest share of the cryopreservation equipment market in terms of value due to high biomedical research investments and established presence of key industry players. The region witnessed the maximum impact of the pandemic with rising demand from hospitals and laboratories engaged in COVID-19 research. However, Asia Pacific is projected to be the fastest growing regional market during the forecast period owing to increasing government focus on healthcare infrastructure development across China, India and other developing nations along with growing biotech industry. Expanding biobanking activities will drive additional opportunities for cryopreservation in Asia Pacific region in the coming years.

For more insights, read-https://www.newsstatix.com/cryopreservation-equipment-market-trends-size-and-share-analysis/

collect
0
avatar
Poonam
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more