It helps in preserving various types of cells including stem cells, blood, and sperm cells among others for future use in different applications like regenerative medicine, drug testing and personalized medicines. With increasing investments in regenerative medicine and cell-based therapies, demand for techniques like cell cryopreservation has surged significantly.
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:
One of the key trends driving growth in the Global Cell Cryopreservation Market Size is the increased investments in cell-based research activities. Growing prevalence of chronic diseases has accelerated research in cell therapies for treatment of conditions like cancer, cardiac disorders, and neurological diseases among others. Several biotech and pharmaceutical companies are collaborating with research institutes to conduct clinical trials of cell-based therapies. For example, Gilead Sciences collaborated with Juno Therapeutics to evaluate potential of CAR-T cell therapy in diffuse large B-cell lymphoma. Moreover, increasing funding from private and public organizations is encouraging establishment of new stem cell banks across the globe. This is fueling demand for specialized equipment and technologies required for cell cryopreservation.
Segment Analysis
The global cell cryopreservation market is dominated by the stem cells sub segment. Stem cells have wide applications across various therapeutic areas like cancer treatment and regenerative medicines. Their ability to differentiate into other cell types makes them attractive for research as well as clinical applications. This drives significant demand for stem cell cryopreservation and storage solutions. Most biobanks now focus on collecting and storing various types of stem cells.
Key Takeaways
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.
Regional analysis: The North American region currently dominates the global cell cryopreservation market. Increased stem cell research activity as well as rising adoption of regenerative medicines in the US and Canada are driving the market. Asia Pacific is expected to exhibit the fastest growth over the forecast period supported by rising healthcare investments, growing biobanking industry and expansion of clinical trials in countries like China and India.
Key players: Key players operating in the cell cryopreservation market are BASF, DSM, Kemin Industries, Naturex, Synthite Industries, Aarkay Food Products, Dohler, Sensient Technologies, Vitablend. BASF is one of the largest players and offers comprehensive cell culture media and cryopreservation solutions. DSM provides several stem cell cryopreservation kits and reagents along with cryogenic storage tanks.
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