Cell cryopreservation refers to the process of cells freezing at very low temperatures for long term storage. It helps in preserving various types of cells including stem cells, blood and semen cells for future therapeutic and medical applications. Cryopreservation plays a vital role in advancing stem cell therapy which holds immense potential for treating degenerative diseases.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased stem cell research activities and clinical trials for various medical applications have fueled the demand for cell cryopreservation globally. Stem cells offer potential therapy for diseases like leukemia, diabetes and heart ailments. As per estimates, over 1000 clinical trials using stem cells are currently underway. Moreover, rising cases of cancer and fertility-related issues have propelled the need for cryopreservation of various cell types including cord blood and eggs/sperm. Advanced cryopreservation techniques that help achieve higher post-thaw cell viability is another key trend driving the cryopreservation market size.
SWOT Analysis
Strength: Cryopreservation helps in long term storage of cells by suspending their metabolism and prevents cell death. Stem cell banking offers long term benefits by maintaining viability and functionality of cells.
Weakness: Expensive set up and maintenance costs for cryopreservation facilities. Technical challenges in optimizing freezing and thawing protocols for different cell types. Potential damage to cells during freezing and thawing process.
Opportunity: Rising incidence of chronic diseases like cancer drives demand for developing novel cell-based therapies. Increasing stem cell research provides growth opportunities. Growing medical tourism in emerging nations boosts market growth.
Threats: Stringent regulatory frameworks for stem cell research delay product approvals. Ethical issues related to embryonic stem cell research limits their applications. Threat from substitute technologies like biopreservation.
Key Takeaways
The global cell cryopreservation market is expected to witness high growth. 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.
North America dominates the global market currently due to advanced research infrastructure and increasing funding for stem cell research projects from both public and private organizations in the US and Canada. Asia Pacific is expected to grow at the fastest CAGR during the forecast period with increasing stem cell banking facilities, rising medical tourism, and improving research expenditure in countries such as China, India, and Japan.
Key players
Key players operating in the cell cryopreservation market are BASF SE, Bayer Group, AkzoNobel N.V., The Dow Chemical Company, LyondellBasell Industries Holdings B.V., E.I. DuPont de Nemours and Company, Mitsui Chemicals, Braskem SA, PPG Industries, and Eastman Chemical Company. BASF SE is one of the leading players offering comprehensive and optimized cryopreservation solutions for long term storage and preservation of various cell types.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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