Cryopreservation Equipment Market: Growing Acceptance for Regenerative Medicine Drives Market Growth

The cryopreservation equipment market is projected to reach US$ 11,255.02 million by 2028 from US$ 5,798.82 million in 2021; it is expected to grow at a CAGR of 9.9% from 2021 to 2028. 

Cryopreservation is a technique employed to minimize cell damage caused during freezing and storage of biological materials such as tissue, bacteria, fungi, virus, and mammalian cells. Tissues and genetically stable living cells preserved via cryopreservation can be used in research and other biomedical applications. The equipment required for cryopreservation includes cryopreservation systems, cryoware, accessories, and cryogen.

The cryopreservation equipment market is segmented on the bases of type, cryogen type, application, end user, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. The report offers insights and in-depth analysis of the market, emphasizing on parameters such as market trends, technological advancements, and market dynamics, along with the analysis of competitive landscape of the globally leading market players. 

Request for sample at: https://www.theinsightpartners.com/sample/TIPRE00023243/

Key Findings from The Cryopreservation Equipment Market

  • Based on type, the global cryopreservation equipment market is segmented into freezers, sample preparation systems, and accessories. In 2020, the freezers segment held the largest share of the market, and it is further expected to register the highest CAGR during 2021–2028. In ultracold freezers, liquid nitrogen is used for the successful preservation of more complex biological structures by virtually seizing all biological activities.  
  • Based on cryogen type, the global cryopreservation equipment market is segmented into liquid nitrogen, oxygen, liquid helium, argon, and others. In 2020, the liquid nitrogen segment held the largest share of the market, and it is further expected to grow at the highest CAGR during 2021–2028. Liquid nitrogen is a nonmechanical method of cells preservation. Large thermos-like containers are used to house either racks or shelves that hold cryogenic vials.
  • A few prominent players operating in the cryopreservation equipment market are Thermo Fisher Scientific Inc., Gold Sim Cellular Science LLC, Brooks Automation, Inc, Avantor, Inc., Hamilton Company, PHC Holdings Corporation, General Electric Company, Cryoport Systems, LLC., Antech Group Inc., Cryofab, BioLife Solutions, and ZhongkeMeiling Cryogenics Company Limited.

Growing Acceptance for Regenerative Medicine Drives Cryopreservation Equipment Market Growth

Cryopreservation plays an important part in the field of regenerative medicine as it facilitates stable and secure storage of cells and other related components for a prolonged time. Regenerative medicine enables replacing diseased or damaged cells, tissues, and organs by retrieving their normal function through stem cell therapy. Owing to the advancements in the medical technology, stem cell therapy is now being considered as an alternative to traditional drug therapies in the treatment of a wide range of chronic diseases, including diabetes and neurodegenerative diseases. Moreover, the US Food and Drug Administration (FDA) has approved blood-forming stem cells. The blood-forming stem cells are also known as hematopoietic progenitor cells that are derived from umbilical cord blood. The growing approvals for stem cell and gene therapies are eventually leading to the high demand for cryopreservation equipment. Following are a few instances of stem cell and gene therapies approved by the FDA and other regulatory bodies.

  • In February 2021, Bristol Myers Squibb (Juno Therapeutics, Inc.) received an FDA approval for Breyanzi, a CD19-directed chimeric antigen receptor T-cell (CAR-T) therapy. The CAR-T cell therapy is used for treating relapsed or refractory large B-cell lymphoma in adults.
  • In March 2021, Novartis AG received approval from the Health Sciences Authority of Singapore for the commercialization of the first CAR-T therapy named Kymriah, which is claimed as a one-time treatment procedure run individually for each patient. The therapy was approved under the new cell, tissue, and gene therapy products (CTGTP) regulatory framework.
  • In July 2020, Kite, a Gilead Company, received an approval from the US FDA for its Tecartus (formerly known as KTE-X19) CAR-T cell therapy. The therapy is designed for the treatment of adult patients with relapsed or refractory mantle cell lymphoma (MCL).
  • In May 2019, Vericel Corporation received an approval for its MACI (autologous cultured chondrocytes on porcine collagen membrane).
  • In December 2017, Spark Therapeutics received an approval from the US FDA for Luxturna. It is a one-time gene therapy product for the treatment of patients with confirmed biallelic RPE65 mutation-associated retinal dystrophy.

Increasing Need of Biobanking Practices Contributes Significantly to Market Growth

Biobanks are developed extensively for the preservation of biological materials, including human biologics, plants, animals, and microbes, for medical research, drug development, agriculture, and ecology. The demand for cryopreservation equipment has increased among biotechnology and pharmaceutical manufacturers, contract research organizations, stem cell banks, and stem cell research laboratories in the past few years. These end users contribute to the development of biomarker detection, molecular diagnosis, translational medicine, and multidisciplinary disease research. In addition, biomaterials used to study the interactions between genetic and environmental or lifestyle factors can also be stored biobanks. They require cryopreservation equipment to store umbilical cord blood as a source of hematopoietic stem and progenitor cells; cancerous tissue samples; semen for artificial insemination; oocytes and embryos for in-vitro fertilization (IVF); and plant seeds/shoots for breeding. Furthermore, the COVID-19 pandemic has triggered the research and developments activities for effective diagnostics and therapeutic approaches, which is adding to the requirement of biobanks.

Biobank Graz, Shanghai Zhangjiang Biobank, “All of Us” Biobank, International Agency for Research on Cancer (IARC) Biobank (IBB), China Kadoorie Biobank, UK Biobank, FINNGEN biobanks, Canadian Partnership for Tomorrow Project Biobank, EuroBioBank network, and Qatar Biobank are among the leading biobanks across the world. They are part of national government-funded studies regarding population health. Apart from the listed biobanks, various other biobanks owned by private and public entities across all regions require cryopreservation equipment and accessories in large volumes.

Place an Order Now: https://www.theinsightpartners.com/buy/TIPRE00023243/

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

We are committed to provide highest quality research and consulting services to our customers. We help our clients understand the key market trends, identify opportunities, and make informed decisions with our market research offerings at an affordable cost.

Contact Us

Contact Person: Sameer Joshi

Phone: +1-646-491-9876

Email- sales@theinsightpartners

Back to news