Cryopreservation equipment is used for preserving various biological specimens like stem cells, semen, oocytes, and embryos for future use through freezing at ultra-low temperatures. They find application in areas like stem cell research, medical research, reproductive biology and more. These equipments help maintain the viability and functionality of the preserved tissue or cell through minimal physical and chemical changes.
The global Cryopreservation Equipment Market is estimated to be valued at US$ 9059.28 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
High adoption in stem cell and semen preservation has emerged as a key trend driving the cryopreservation equipment market. Stem cell research and regenerative medicine holds immense potential in treating various degenerative and life-threatening conditions. Cryopreservation helps ensure the viability of these stem cells is maintained for future clinical trials and therapies. Similarly, sperm banks extensively use cryopreservation for preserving semen samples to assist patients undergoing chemotherapy or other medical procedures that may impair fertility. Increasing awareness about reproductive science and rising success rates of IVF have augmented the demand for semen preservation globally.
SWOT Analysis
Strength: Cryopreservation equipment has applications in various areas like fertility, stem cells, and biosamples which drives its demand. The ability to store cells and tissues at extremely low temperatures opens up opportunities.
Weakness: High capital investments required for low-temperature freezers and other cryopreservation equipment impacts small players.Stringent regulatory norms associated with cryopreserved samples increases compliance burden.
Opportunity: Growing fertility industry and rising stem cell therapies boost the cryopreservation equipment market. The Asia Pacific region presents lucrative opportunities due to growing healthcare infrastructure.
Threats: Technology advancements may make existing cryopreservation methods obsolete rapidly. Shift towards outsourcing storage services poses challenges to equipment vendors.
Key Takeaways
The global Cryopreservation Equipment Market Size is expected to witness high. The market size was valued at US$ 9059.28 Mn in 2023 and is forecast to reach US$ 12972.67 Mn by 2030, registering a CAGR of 4.9% during the forecast period.
North America currently dominates the market owing to extensive R&D and adoption of advanced cryopreservation technologies. However, the Asia Pacific region is poised to grow at the fastest pace on account of rising medical tourism and significant increments in healthcare spending of China and India.
Key players operating in the cryopreservation equipment market are Ferring B.V., Bayer AG, Braintree, Bausch Health Companies Inc., and Norgine B.V. These companies have a strong foothold in developed markets while also exploring opportunities in emerging economies. They are investing heavily in enhancing their product portfolios with automated and digitally advanced cryopreservation solutions. Partnerships with fertility clinics and stem cell banks are a key strategy followed by leading manufacturers.
*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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