The global cell cryopreservation market is estimated to be valued at US$ 8,659.4 Million in 2022 and is expected to exhibit a CAGR of 22.4% over the forecast period 2022-2030.
Market Overview:
Cell cryopreservation is a process of preserving viable cells by cooling them to very low temperatures, usually via slow freezing or vitrification. It allows long-term storage at temperatures well below freezing. Cryopreservation of cells is critical for applications involving stem cell therapy, biobanking, and medical research. It helps maintain the integrity and viability of valuable biomedical materials for future use. Cryopreservation finds applications in stem cell banking, medical research, drug discovery, and infertility treatment. Growing demand for stem cell therapy for various diseases is a key factor driving growth of cell cryopreservation services.
Market key trends:
Biobanking of stem cells is becoming popular globally as more parents opt to bank their newborn's cord blood stem cells. Umbilical cord blood banking facilities have expanded significantly over the past decade. Growing biobanking sector is fueling demand for cell and tissue cryopreservation. Additionally, rising prevalence of chronic diseases requiring stem cell therapies and growing research in regenerative medicine is propelling uptake of cell cryopreservation. Further, development of novel cryopreservation techniques using vitrification is helping improve cell viability after thawing. Technological advancements to optimize cryopreservation protocols will continue widening application scope of cell cryopreservation in coming years.
Porter’s Analysis
Threat of new entrants: The cell cryopreservation market faces low threat from new entrants as it requires heavy capital investment in R&D and infrastructure.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several cell cryopreservation products suppliers in the market. However, high storage cost puts limitations on bargaining ability.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there exist many substitutes available in the market.
Threat of new substitutes: Low threat of substitutes as cell cryopreservation is a unique technique for preservation of cells/tissues for long durations.
Competitive rivalry: High as major players compete on the basis of product offerings, services, quality, and pricing.
Key Takeaways
The Global Cell Cryopreservation Market Demand is expected to witness high growth, exhibiting CAGR of 22.4% over the forecast period, due to increasing stem cell research activities and rising prevalence of chronic diseases.
Regional analysis: North America dominates the global cell cryopreservation market due to developed healthcare infrastructure, presence of leading market players, and growing funding for stem cell research projects in the region. Asia Pacific is expected to exhibit the highest CAGR during the forecast period owing to improving healthcare facilities, rising medical tourism, and increasing government funding in countries such as China and India.
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.
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