Cryopreservation Equipment Market Is Estimated To Witness High Growth Owing To Increasing Stem Cell Research Activities
Cryopreservation equipment are used to preserve living cells, tissues, organ and blood at ultra-low temperatures with liquid nitrogen. Cryopreservation helps storing biological materials for longer duration without damaging their life-preserving capabilities. It finds widespread applications across various domains including stem cell research, surgical implants, fertility treatments, R&D activities in pharmaceutical and biotech industries. Rising number of stem cell therapies, organ transplantation and artificial insemination procedures have augmented the demand for cryopreservation equipment globally.
The global Cryopreservation Equipment Market is estimated to be valued at US$ 9059.28 Mn or Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing stem cell research activities is one of the key driver fueling growth of cryopreservation equipment market. Stem cells can be harvested and preserved for long run using cryopreservation equipment. They play crucial role in regenerative medicine and tissue engineering applications. Moreover, rising healthcare expenditure along with growing public-private investments in stem cell based research is contributing significantly to market growth. However, high costs associated with cryopreservation equipment and complexities involved in operating cryogenic systems may challenge market growth during the forecast period.
SWOT Analysis
Strength: Cryopreservation equipment market is growing in life sciences segment due to increasing demand for freezing stem cells and embryos. Three major benefits of these equipment are preservation of agricultural biological materials for long periods of time with minimal deterioration, retaining viability and integrity of biomaterials and preservation of microorganisms.
Weakness: High cost of cryopreservation equipment hinders its adoption in underdeveloped countries. In addition, complex manufacturing process makes repairs and maintenance difficult at times.
Opportunity: Rising demand for preservation of bio-samples in research activities pertaining to regenerative medicine, personalized medicine and biobanking has opened up opportunities for market players. Growing stem cell banking is another growth driver.
Threats: Stringent regulatory norms pertaining to certification and import-export of cryopreservation equipment pose major challenges. Lack of skilled professionals for efficient handling and maintenance of these equipment is another threat.
Key Takeaways
The global Cryopreservation Equipment Market is expected to witness high growth. Advancements in regenerative medicine and stem cell therapies are fueling demand. North America currently dominates market share due to presence of large biopharma companies and advanced healthcare infrastructure. Cryopreservation equipment manufacturers are focusing on this region through expansion initiatives. The global Cryopreservation Equipment Market is estimated to be valued at US$ 9059.28 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030.
Regional analysis related content comprises
The Asia Pacific region is projected to grow at the fastest pace during the forecast period. Increasing stem cell banking and rising healthcare spending are driving demand. Many leading market players are setting up manufacturing bases in China and India to tap growth opportunities.
Key players related content comprises
Key players operating in the Cryopreservation Equipment market are Ferring B.V., Bayer AG, Braintree, Bausch Health Companies Inc., and Norgine B.V. Ferring B.V. offers comprehensive portfolio of manual and automated cryopreservation equipment for stem cells and reproductive biology applications. Bausch Health Companies Inc. manufactures cryogenic vials, storage tanks and controlled-rate freezers.
Get more insights on this topic: https://www.timessquarereporter.com/business/the-global-cryopreservation-equipment-market-growth-accelerated-by-increasing-fertility-treatments-and-stem-cell-therapies
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