Cryopreservation equipment is used for preserving biomaterials such as blood, sperm, embryos, and other biomedical samples at extremely low temperatures. The growing focus on stem cell therapies and rising cases of chronic diseases are fueling demand for cryopreservation. Stem cells have tremendous potential for regenerative medicine. However, stem cells have a limited lifespan at normal temperatures and need to be preserved for future use through cryopreservation.
The global cryopreservation equipment market is estimated to be valued at US$ 10436.3 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2030.
Cryopreservation equipment helps extend the lifespan of cells, tissues, and organs by minimizing cellular damage caused during freezing and thawing. With rising investments in stem cell research, the need for reliable cryopreservation systems to store stem cells for future clinical trials and transplantations is growing.
Key Takeaways
Key players operating in the cryopreservation equipment market are Thermo Fisher Scientific, Inc., Custom Biogenic Systems, Chart Biomedical Co. Ltd., Merck KGaA, Barber-Nichols Inc., Praxair Technology, Inc., Linde LLC, Planer PLC, Cryologic Pty. Ltd., Charter Medicals, Nikkiso Cryo Inc., Cryogenic Control, and Haimen United Laboratory Equipment Development Co., Ltd.
Some key opportunities in the market include growing stem cell banking industry and increasing egg/sperm/embryo freezing for fertility treatments and preservation. Geographically, North America dominates the cryopreservation equipment market currently. However, Asia Pacific is expected to witness the highest growth during the forecast period due to rising healthcare expenditures, increasing biobanking activities, and growing stem cell research in countries like China and India.
Market drivers: Rising prevalence of chronic diseases is generating significant demand for regenerative therapies using stem cells which require reliable cryopreservation of stem cells. Growing fertility tourism and late parenthood trends have also increased the demand for cryopreservation in the fertility industry.
Market restraints: High costs associated with cryopreservation equipment and maintenance may limit adoption to some extent. Temperature and moisture management during transport and storage also poses significant technological challenges. Strict regulations for stem cell research and therapies in some regions hamper market growth.
Segment Analysis:
Cryopreservation Equipment Market Demand is dominated by equipment segment which holds around 55% of the overall market share. Equipment segment comprises of freezers, storage systems, sample preparation systems and accessories which are used by research organizations, hospitals, universities, biobanks and other end users for cryopreservation applications. Within equipment segment, sample preparation systems sub segment dominates primarily due to rising requirement of samples preparation before storage. Sample preparation systems help in reducing risks of contamination and maintains sample integrity during whole cryopreservation workflow.
Global Analysis:
North America dominates the global cryopreservation equipment market and holds over 35% share majorly due to developed healthcare infrastructure, rising prevalence of chronic diseases and increasing research expenditure in the region. Asia Pacific represents the fastest growing region in cryopreservation market owing to rising medical tourism, growing biotech and biopharma industry and increasing healthcare expenditure in emerging economies like China and India. Government support for development of advanced research facilities also supports regional market growth. Europe stands as second largest region due to presence of key market players and availability of funds for research activities from European Commission. Middle East and Latin America shows promising growth opportunities over the forecast period.
For more insights, read-https://www.pressreleasebulletin.com/cryopreservation-equipment-market-trends-size-and-share-analysis/
Comments
0 comment