Cell cryopreservation refers to the process of preserving viable cells by cooling them to sub-zero temperatures, usually using liquid nitrogen at -196°C. Cells can be preserved for a prolonged period of time using this technique. The various applications of cell cryopreservation include stem cell research, regenerative medicine, cancer research and clinical applications such as hematopoietic stem cell therapy.
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 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for cell-based therapies has been a significant driver in the growth of the cell cryopreservation market. Cell therapy is emerging as a promising treatment option for various diseases like cancer, cardiovascular diseases and neurological disorders. With the advancements in regenerative medicine and biotechnology, cell-based therapies using stem cells, immune cells and genetically engineered cells are becoming clinically viable options. Cell cryopreservation plays a crucial role in maintaining the cell viability and functionality required for these therapies. The growing research in stem cell biology as well as increased investments in the development of cell-based products are contributing to the rising demand for cell cryopreservation solutions.
Strength: Global Cell Cryopreservation Market Size allows long term storage of viable cells for future research and clinical applications. It helps preserve cells for stem cell therapy, biobanking, and clinical research.
Weakness: High initial investment is required for equipment and maintenance of cryopreservation facilities. Complex temperature control and handling requirements makes it challenging.
Opportunity: Rising prevalence of chronic diseases and increased focus on regenerative medicine will boost demand for cell-based therapies. Growing stem cell research also offers scope for growth.
Threats: Stringent regulations for cell-based therapies can increase compliance costs. Competition from alternative preservation methods and disruption in cold chain can impact demand.
The global cell cryopreservation market is expected to witness high growth over the forecast period of 2023 to 2030 fueled by rising demand for cord blood banking and stem cell therapy. The market size is estimated to reach US$ 228.8 Mn in 2023.
Regional analysis: North America currently dominates the market aided by advanced healthcare infrastructure and rising investments in stem cell research. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period supported by increasing stem cell therapy adoption, favorable policies, and low process costs in countries like China, India, and South Korea.
Key players: 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. They are focusing on new product launches and collaborations to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it