by 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.
The Global Cell Cryopreservation Market Growth is expected to witness high, exhibiting CAGR of 22.4% over the forecast period, due to increasing investments in regenerative medicine and biobanking.
Market Overview:
Cell cryopreservation is a technique used to preserve cells by cooling them to sub-zero temperatures. This technique helps preserve the cells indefinitely so that they can be used in applications such as regenerative medicine, drug discovery, and biobanking. The advantages of cell cryopreservation include allowing cell and tissue samples to be stored and transported over long distances and for extended periods of time which helps foster further research and development. The growing incidence of chronic and cardiovascular diseases has driven the need for cryopreserving viable cells for future clinical applications.
Market key trends:
One of the major trends fueling the growth of cell cryopreservation market is the increasing number of stem cell therapies and clinical trials. stem cells offer potential treatment solutions for various diseases. For example, stem cell therapies are being used or studied for treating cancers, diabetes, heart diseases and neurodegenerative diseases. Companies involved in developing these therapies require cryopreservation techniques to store stem cells. The rising R&D investments from both public and private organizations to develop novel stem cell-based therapies will contribute to the demand for cell cryopreservation technologies. Furthermore, expanding stem cell banking industry is also augmenting the market growth as most stem cell banks rely on cryopreservation for long term storage of stem cells.
Porter’s Analysis
Threat of new entrants: New entrants face high entry barriers in the form of steep research and development costs required to develop new cryopreservation technologies.
Bargaining power of buyers: The presence of numerous established players limits the bargaining power of buyers as buyers have limited influence over pricing due to lack of product differentiation.
Bargaining power of suppliers: Suppliers have moderate bargaining power owing to suppliers of specialized equipment and consumables required for cell cryopreservation commanding high margins.
Threat of new substitutes: There exists a low threat of substitution as cell cryopreservation is considered the primary option for long-term preservation of viable cells.
Competitive rivalry: Intense due to well-established global brands competing on product innovation and expansion into emerging economies.
SWOT Analysis
Strength: The cell cryopreservation market is driven by rising investments in stem cell research and regenerative medicine.
Weakness: High costs involved in equipment, consumables and maintenance pose challenges in clinical adoption in price-sensitive regions. Strict regulations add to compliance burden.
Opportunity: Untapped growth prospects in emerging Asia Pacific and Latin American markets and rising focus on biobanking and biorepositories present growth opportunities.
Threats: Difficulty in resource mobilization and ensuring specimen integrity over long durations pose threats to profitable operations. Stringent regulatory framework delays market approvals.
Key Takeaways
Regional analysis indicates North America dominates the market currently owing to presence of major stem cell research centers and biotech companies. Asia Pacific is poised to grow at the fastest pace during the forecast period with Chinese and Indian governments upping funding for stem cell research.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
