SWOT Analysis
Strength: Cryopreservation helps maintain the viability and integrity of cells and tissues for long term storage and future use. This makes it an integral part of therapies involving stem cells and tissues.
Weakness: Initial high costs associated with setting up cryopreservation facilities can limit its adoption. Strict regulations also increase compliance burden.
Opportunity: Growing stem cell research and regenerative medicine provides scope for innovations in cryopreservation techniques and solutions. Rising incidence of cancer is also boosting the demand.
Threats: Lack of trained professionals and standard operating protocols in some regions pose procedural challenges. Equipment malfunctions can damage priceless samples.
Key Takeaways
The Global Cell Cryopreservation Market Size is expected to witness high growth, exhibiting CAGR of 22.4% over the forecast period, due to increasing prevalence of chronic diseases. The market size was valued at US$ 8,659.4 Million in 2022.
Regional analysis: North America dominated the market in 2022 and is expected to maintain its position during the forecast period. This is attributed to presence of advanced healthcare facilities, high healthcare spending, and growing focus on personalized medicine in the region. However, Asia Pacific is anticipated to exhibit the fastest growth rate owing to rising research funding, growing stem cell banking industry and increasing patients' population.
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. These players are focusing on new product launches, collaborations and expansions to increase their market share.
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