Cell Cryopreservation Market is Estimated To Witness High Growth Owing To Increasing Stem Cell Research & Therapies
Market Overview:
Cell cryopreservation involves the process of freezing and preserving living cells and tissues at sub-zero temperatures for an extended period of time. Cell cryopreservation is widely used in stem cell research, biobanking, and medical therapies that involve stem cells like regenerative medicine. Products for cell cryopreservation include freezers, cryopreservation media, cryovials, and cryogenic storage tanks.
Market Dynamics:
Increasing stem cell research and therapies: Stem cell research holds tremendous potential for developing therapies for various incurable diseases like cancer, diabetes, and neurological disorders. The number of stem cell clinical trials and regenerative medicine therapies involving stem cells have increased significantly over the past few years. This is driving increasing demand for cell cryopreservation products to preserve stem cells for current and future research and clinical applications.
High demand for biobanking: Biobanks play a pivotal role in advancing genomic and personalized medicine research by preserving biological samples and associated data. Increasing focus on biobanking services and growing number of biobanks worldwide is fueling the need for reliable cell cryopreservation solutions to effectively store and manage biological samples.
The global Cell Cryopreservation Market Size is estimated to be valued at US$ 228.8 Million in 2023 and is expected to exhibit a CAGR of 22.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Cell cryopreservation technology helps in preserving cells for long term use. Being an established preservation technique, it ensures high cell viability after thawing. It helps researchers work with consistent biological samples over time.
Weakness: Cryopreservation is a complex multi-step procedure requiring specialized equipment and cryopreservants. It is a time consuming and resource intensive process. There is always a risk of cell damage or loss of viability during the freeze-thaw cycles.
Opportunity: Rising focus on regenerative medicines offers significant scope for cell therapies and tissue engineering applications. Increasing investment in stem cell research also drives demand for cell preservation techniques. Growing pharmaceutical industry outsourcing creates opportunities.
Threats: High setup and maintenance costs of cryopreservation facilities pose challenges, especially for small labs. Stringent regulatory landscape and complexity of processes increase compliance burden. Emergence of alternative preservation methods could threaten market share over time.
Key Takeaways
The global cell cryopreservation market is expected to witness high growth, exhibiting a CAGR of 22% over the forecast period, due to increasing investments in stem cell research and regenerative medicine.
Regional Analysis
North America dominates the global market currently and is expected to maintain its lead over the forecast period as well. This can be attributed to presence of major market players, rising stem cell therapy adoption, and significant biobanking activities in the region. Asia Pacific is poised to offer lucrative opportunities owing to increasing healthcare expenditure, growing stem cell research in countries like China, India and Japan.
Key Players
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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