The cell cryopreservation market is estimated to be valued at US$ 8,659.4 Million in 2022 and is expected to exhibit a CAGR of 22.4% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Cell cryopreservation involves freezing viable cells at ultra-low temperatures using cryoprotective agents, thus preserving them for longer durations. Cryopreservation helps in long term storage and transportation of cells for various applications such as stem cell therapy, cancer research, drug discovery, and reproductive biology. Storing cells helps researchers and scientists study cell behavior and properties over a period of time.
The cell cryopreservation market is driven by increased adoption of cryopreservation across various end-use industries such as biobanks, pharmaceutical & biotechnology companies, and hospitals & research laboratories. Growing research in stem cell biology, regenerative medicine, and cellular therapeutics has fueled the demand for storing and preserving cells. Further, rising public and private funding for cell-based research activities is also propelling the market growth. For instance, in 2019, over US$ 1 billion was invested by various agencies including National Institutes of Health and California Institute for Regenerative Medicine in U.S. to promote stem cell research. The market is also witnessing significant technological advancements with introduction of improved controlled-rate freezers, liquid nitrogen freezers, and computer-controlled equipment that help store large volumes of cells safely and securely over long periods of time. This is expected to drive the adoption of advanced cryopreservation technologies.
Strength: Cell cryopreservation provides opportunities for long term storage of important biological samples and cells. It helps preserve cells from damage and ageing over long durations of storage. It allows regenerative medicine research to be carried out over many years. Three advanced techniques for cell cryopreservation such as slow cooling, vitrification and freeze drying helps preserve cell viability.
Weakness: Cryopreservation process can damage some types of cells. Complex protocols need to be followed for different cell types to minimize cell damage. High costs involved for setting up cryopreservation facilities and prolonged storage of biological materials. Maintaining ultra low temperature storage conditions require costly infrastructure and electricity consumption.
Opportunity: Increasing stem cell therapy research and clinical trials drives demand for efficient long term storage of various stem cell types. Rising incidence of cancer and other chronic diseases increases scope for preservation of autologous and allogenic cell samples. Growing regenerative medicine sector presents opportunities to develop more robust protocols for cryopreservation of various cell types involved in tissue engineering.
Threats: Stringent regulatory mandates for approval of clinical applications involving cryopreserved cells and tissues. Competition from alternative preservation techniques such as temperature reduction systems poses threat.
The Global Cell Cryopreservation Market Growth is expected to witness high, exhibiting CAGR of 22.4% over the forecast period, due to increasing demand for stem cell therapies and regenerative medicines.
The global cell cryopreservation market size was valued at US$ 8,659.4 Million in 2022 and is projected to reach US$ 41,378.2 Million by 2030 registering a CAGR of 22.4%.
North America dominates the global cell cryopreservation market accounting for around 40% share in 2022. This is attributed to well developed healthcare sector, rising prevalence of chronic diseases and strong presence of leading market players. Asia Pacific exhibits fastest growth at CAGR of 25.4% driven by expansion of stem cell therapy research and biobanking institutions in China, India and South Korea.
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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it