Cryopreservation equipment is used for storage of biological materials such as blood, semen, oocytes, embryos and tissues at extremely low temperatures. Cryopreservation allows preservation of living cells and tissues for longer duration of time so they can be thawed and used at a later point of time. The advantages of using cryopreservation equipment include long-term storage of biological specimens without deterioration of their viability, structure and function. Cryopreservation is heavily used in sectors of regenerative medicine, stem cell research, biobanking and veterinary medicine for preservation of various biological materials.
Global cryopreservation equipment market is estimated to be valued at US$ 8,002.9 million in 2022 and is expected to exhibit a CAGR of 13.2% during the forecast period (2022-2030).
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.
The Cryopreservation Equipment Market Opportunities for preservation of stem cells and tissues for therapeutic purposes is fueling the Cryopreservation Equipment market growth. Technological advancements such as introduction of programmable freezing and thawing equipment are further propelling the market expansion.
Market Trends
The trend of outsourcing biological material storage to biobanks is growing owing to lack of in-house cryopreservation facilities. Moreover, the trend of establishing private and public stem cell banks is also contributing to market growth. Preference for automated cryopreservation equipment over manual equipment due to reduced operational costs and less technical errors is another key trend in the market.
Market Opportunities
The opportunities in stem cell therapy and regenerative medicine like development of new applications for umbilical cord and adipose tissue stem cells offers lucrative scope for cryopreservation equipment. Moreover, increasing R&D spending in developing economies presents new regional markets for players.
The Covid-19 pandemic has significantly impacted the cryopreservation equipment market. With the outbreak, research activities involving stem cells and other biological samples requiring cryopreservation saw a decline initially due to lockdowns and disruptions. However, as the pandemic intensified the need for vaccine and therapeutic development rose dramatically. This resulted in increased investments in cell-based research for developing treatments and vaccines for Covid-19 and other diseases. As a result, demand for cryopreservation equipment grew in order to store massive biological samples for ongoing research activities related to Covid-19 and other applications.
Geographically, North America held the major share of the cryopreservation equipment market prior to the pandemic owing to strong governmental funding for stem cell research and biomarker discovery. The region continues to be a major market currently due to growing investments by pharmaceutical and biotech companies in Covid-19 vaccine development. Additionally, increasing approvals for new cryopreservation techniques is supporting regional market growth. However, the rising geriatric population and improving healthcare infrastructure has led to Asia Pacific emerging as the fastest growing regional market. Countries like China and India are witnessing increasing cord blood and stem cell banking activities along with growing cancer prevalence. This is expected to drive the need for cryopreservation in the region over the coming years despite the near-term impacts of the ongoing pandemic.
Moving forward, manufacturers are focusing on developing innovative equipment with advanced features facilitating high-throughput cryopreservation in order to support the growing sample processing demands of ongoing infectious disease research as well as applications in reproductive medicine, drug discovery and regenerative medicine. Additionally, as economies recover, investments in healthcare infrastructure and biomedical science are likely to receive higher priority globally, providing opportunities for long-term cryopreservation equipment market growth.
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