Cell cryopreservation enables long term storage of various cell types such as stem cells, sperms and oocytes at extremely low temperatures for extended period of time. It finds widespread application in biobanking, fertility centers, stem cell research and therapeutics. The process helps to maintain viability and functionality of cells upon thawing. With increasing incidence of chronic diseases and focus on developing regenerative therapies, demand for storage of stem cells has risen significantly over the past few years.
The global Cell Cryopreservation Market is estimated to be valued at US$ 228.8 million in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Rising demand for storage of stem cells has been a major driver of growth in the cell cryopreservation market. Stem cells offer potential to treat various degenerative diseases and disorders. Umbilical cord blood, adipose tissue and bone marrow are major sources of stem cells. Significant expansion of stem cell banking facilities globally to cater to growing need for preservation of these cells in recent past has augmented uptake of cell cryopreservation processes and equipment. According to World Marrow Donor Association, there were over 35 million stem cell donors registered worldwide as of 2020. Growing awareness about potential applications of stem cells in therapy development as well as individual cell banking is estimated to further propel market growth over coming years.
SWOT Analysis
Strength: The Global Cell Cryopreservation Market Size provides safe long-term storage of viable cells for future therapeutic applications like regenerative medicine. This improves clinical outcomes of affected patients.
Weakness: High costs involved in establishing and maintaining cell cryopreservation facilities pose significant challenge especially for smaller companies and research organizations.
Opportunity: Rising focus on stem cell therapy and other regenerative approaches could spur greater demand for cell cryopreservation services and solutions over the coming years.
Threats: Stringent regulations particular in developed markets and ethical issues surrounding the use of stem cells remain major hurdles for the overall growth of cell cryopreservation market.
Key Takeaways
The global cell cryopreservation market is expected to witness high growth. Cell cryopreservation finds widespread application in biobanking, fertility preservation and regenerative medicine. The global cell cryopreservation market is estimated to be valued at US$ 228.8 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
The market in North America is currently the largest primarily due to substantial research funding and presence of advanced healthcare infrastructure in the region. Some of the leading players operating in the market are expanding their presence in Asia Pacific and Middle East & Africa owing to increasing healthcare investment and demand for advanced treatment options in these regions.
Key players operating in the cell cryopreservation market include BASF, DSM, Kemin Industries, Naturex, Synthite Industries. These players are focusing on new product launches with added features and expanded applications. They are also engaging in collaborations with research institutes and hospitals to strengthen their market position. For instance, BASF launched new range of natural color solutions for food and beverage applications in 2022. Meanwhile, DSM and Kemin Industries partnered to develop innovative nutritional solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
