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Cell Cryopreservation Market
The global cell cryopreservation industry generated $8.6 billion in 2021, and is estimated to reach $63.4 billion by 2031, witnessing a CAGR of 22.2%
PORTLAND, OR, UNITED STATES, May 26, 2023 /einpresswire.com / -- The cell cryopreservation market refers to the market for the preservation of cells at ultra-low temperatures, typically between -80°C and -196°C, using specialized equipment and techniques to prevent cellular damage and maintain cell viability. Cryopreservation is commonly used in biobanking, regenerative medicine, and stem cell research to store and preserve biological samples and cells for future use.
The market for cell cryopreservation is driven by factors such as the growing demand for personalized medicine, increasing investments in regenerative medicine and stem cell research, and the rising prevalence of chronic diseases. Other factors contributing to market growth include the increasing number of biobanks and the development of advanced cryopreservation technologies.
Some of the key players operating in the cell cryopreservation market include Corning Inc, Creative Biolabs, Cytiva, Eppendorf Corporate, HIMEDIA LABORATORIES, Lonza, PromoCell GmbH, Sartorius AG, Sigma Aldrich, ThermoFisher Inc.
According to the report, the global cell cryopreservation industry generated $8.6 billion in 2021, and is estimated to reach $63.4 billion by 2031, witnessing a CAGR of 22.2% from 2022 to 2031.
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Prime determinants of growth:
Rise in research and development activities for stem cells, surge in government support for research and development activities, and increase in prevalence of chronic diseases drive the growth of the global cell cryopreservation market. However, the availability of alternative therapies for cell cryopreservation and high cost of maintenance in storage procedure restrain the market growth. On the other hand, increase in infertility rates, advantages of cell freezing for storage in drug development, and rise in healthcare expenditure present new opportunities in the coming years.
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What is the Impact of Covid-19 Pandemic on Cell Cryopreservation Market Globally?
The Covid-19 pandemic had a positive impact on the cell cryopreservation market, as transplants for benign hematological conditions such as thalassemia were postponed to avoid the possibility of cross-contamination and logistical restrictions.
Moreover, travel restrictions and uncertainties related to contracting Covid-19 infection during the period of G-CSF mobilization made organizations consider the cell cryopreservation. This, in turn, led to rise in the market revenue.
According to the data published by the Blood Cell Therapy, the official journal of Asia-Pacific Blood and Marrow Transplantation Group, in November 2021, the hematopoietic progenitor cell (HPC) collection facilities needed to function continuously during the pandemic. These facilities implemented the safety measures as per the national and international guidelines to ensure a secure collection of HPC products from patients and as donors.
The cryopreservation media segment to maintain its lead position during the forecast period
The cryopreservation media segment accounted for the highest market share in 2021, contributing to nearly four-fifths of the global cell cryopreservation market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is projected to manifest the largest CAGR of 22.3% from 2022 to 2031. This is due to rise in use of cryopreservation media in the preservation of cells that are used in the development of cell therapy, rise in adoption of cell cryopreservation technology, and increase in the prevalence of chronic diseases. The report also analyzes the segments including the equipment segment.
The others segment to continue its dominant share throughout the forecast period
The others segment contributed to the highest market share in 2021, accounting for more than two-fifths of the global cell cryopreservation market, and is projected to continue its dominant share throughout the forecast period. Moreover, this segment is estimated to manifest the highest CAGR of 23.0% from 2022 to 2031. This is attributed to surge in the incidences of blood related chronic diseases and rise in number of research and development activities for the treatment of chronic diseases. The report also discusses the segments including stem cells, oocytes cells, and sperm cells.
The pharmaceutical and biotechnology company segment to continue its highest contribution throughout the forecast period
The pharmaceutical and biotechnology company segment accounted for the largest market share in 2021, holding more than three-fifths of the global cell cryopreservation market, and is estimated to continue its highest contribution throughout the forecast period. In addition, this segment is projected to register the fastest CAGR of 22.6% from 2022 to 2031. This is due to rise in number of pharmaceutical and biotechnology companies with increase in demand for pharmaceutical and biotechnology products. The report also analyzes the segments including research institute and others.
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