DUBLIN--(BUSINESS WIRE)--The "Cryopreservation Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type, Cryogen Type, Application, End User, and Geography" report has been added to ResearchAndMarkets.com's offering.
Freezers Segment to Contribute Major Share to Cryopreservation Equipment Market
Cryopreservation Equipment Market to reach US$ 11,255.02 million by 2028 from US$ 5,798.82 million in 2021; it is estimated to grow at a CAGR of 9.9%
The report highlights the trends prevailing in the market along with the market drivers and deterrents. The factors such as growing acceptance for regenerative medicine and increasing needs of biobanking practices drive the market growth. However, stringent regulatory requirements hinder the cryopreservation equipment market growth.
Cryopreservation plays an important part in the field of regenerative medicine as it facilitates stable and secure storage of cells and other related components for a prolonged time. Regenerative medicine enables replacing diseased or damaged cells, tissues, and organs by retrieving their normal function through stem cell therapy.
Owing to the advancements in the medical technology, stem cell therapy is now being considered as an alternative to traditional drug therapies in the treatment of a wide range of chronic diseases, including diabetes and neurodegenerative diseases.
Moreover, the US Food and Drug Administration (FDA) has approved blood-forming stem cells. The blood-forming stem cells are also known as hematopoietic progenitor cells that are derived from umbilical cord blood. The growing approvals for stem cell and gene therapies are eventually leading to the high demand for cryopreservation equipment. Following are a few instances of stem cell and gene therapies approved by the FDA and other regulatory bodies.
Based on type, the cryopreservation equipment market is segmented into freezers, sample preparation systems, and accessories. In 2020, the freezers segment held the largest share of the market, and it is expected to register the highest CAGR during 2021-2028. In ultracold freezers, liquid nitrogen is used for the successful preservation of more complex biological structures by virtually seizing all biological activities.
The COVID-19 pandemic has had a mixed impact on the cryopreservation equipment market. Restricted access to family planning services as well as diverted focus of people due to economic uncertainties and recession, and disturbed work-life balance have led to rise in egg and embryo freezing activities at fertility clinics during the pandemic.
As a result, the rising use of cryopreservation equipment is boosting the market growth. Furthermore, supply chain disruption caused due to congestion of ports and disturbances in other transport means has substantially affected the distribution of cryopreservation equipment and other accessories.
Market players are launching new and innovative products and services to maintain their position in the cryopreservation equipment market. In May 2021, Stirling Ultracold has been acquired by BioLife Solutions, Inc for cell and gene therapies and the broader biopharma market. In return for all of Stirling's outstanding shares, BioLife issued 6,646,870 shares of ordinary stock.
Key Market Dynamics
Market Drivers
- Growing Acceptance for Regenerative Medicine
- Increasing Needs of Biobanking Practices
Market Restraints
- Stringent Regulatory Requirements
Market Opportunities
- Importance of Cryopreservation for Success of Cell-Based Therapies
Future Trends
- 3D Printing to Provide Customizable Probes for Sensing and Monitoring in Cryobiology Applications
The report segments the global cryopreservation equipment market as follows:
By Type
- Freezers
- Sample Preparation Systems
- Accessories
- Freezer Boxes
- Freezer Racks
- Cryopreservation Vials
- Others
By Cryogen Type
- Liquid Nitrogen
- Oxygen
- Liquid Helium
- Argon
- Others
By Application
- Cord Blood Stem Cells
- Sperms Semen and Testicular Tissues
- Embryos and Oocytes
- Cell and Gene Therapies
- Others
By End User
- Stem Cell Banks
- Biotechnology and Pharmaceutical Organizations
- Stem Cell Research Laboratories
Companies Mentioned
- Thermo Fisher Scientific Inc.
- Gold Sim Cellular Science LLC
- Brooks Automation, Inc
- Avantor, Inc.
- Hamilton Company
- PHC Holdings Corporation
- General Electric Company
- Cryoport Systems, LLC.
- Antech Group Inc.
- Cryofab
- BioLife Solutions
- ZhongkeMeiling Cryogenics Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/tjgti5
