Yahoo Finance Cryopreservation Equipment Market $12.48 Billion by 2028 Driven by Regenerative Medicine & Biobanking (11.9% CAGR): The Insight Partners
The cryopreservation equipment market size is projected to reach $12.48 Billion by 2028 from $6.35 Billion in 2022; it is expected to grow at a CAGR of 11.9% from 2022 to 2028.
New York, May 26, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Cryopreservation Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Freezers, Sample Preparation Systems, and Accessories), Cryogen Type (Liquid Nitrogen, Oxygen, Liquid Helium, Argon, and Others), Application (Cord Blood Stem Cells, Sperms, Semen, & Testicular Tissues, Embryos & Oocytes, Cell & Gene Therapies, and Others), and End User (Stem Cell Banks, Biotechnology & Pharmaceutical Organizations, Stem Cell Research Laboratories, and Others)”, the global cryopreservation equipment market growth is driven by growing acceptance for regenerative medicine and increasing needs of biobanking practices. However, stringent regulatory requirements for equipment, reagents, cryogens, disposables, and consumables are likely to hinder the market growth.
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Report Coverage | Details |
Market Size Value in | US$ 6.35 Billion in 2022 |
Market Size Value by | US$ 12.48 Billion by 2028 |
Growth rate | CAGR of 11.9% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
No. of Pages | 240 |
No. Tables | 158 |
No. of Charts & Figures | 93 |
Historical data available | Yes |
Segments covered | Type, Cryogen Type, Application, and End User |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Cryopreservation Equipment Market: Competitive Landscape and Key Developments
Thermo Fisher Scientific Inc.; Gold Sim Cellular Science LLC; Brooks Automation, Inc; Avantor, Inc.; Hamilton Company; PHC Holdings Corporation; Danaher Corporation; Cryoport Systems, LLC.; Antech Group Inc.; Cryofab, BioLife Solutions; and ZhongkeMeiling Cryogenics Company Limited are among the leading companies in the cryopreservation equipment market. The market is anticipated to flourish with the development of new innovative products by market players.
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In April 2021, BioLife Solutions, Inc., one of the leading developers and suppliers of a portfolio of class-defining bioproduction products and services for cell and gene therapies, announced that it has launched a new line of high capacity controlled rate freezers (HCRF), with an initial shipment to a leading cell therapy company. The freezer will be a critical component in this customer's cold chain management of several allogeneic cell therapies in development.
In May 2022, Global life sciences leader Cytiva is opening a new manufacturing facility in Grens, Switzerland. The site will manufacture single use kits for the Sepax and Sefia cell processing systems, as well as consumables for Xuri cell expansion systems. It will also serve as a ‘Center of Excellence’ for Cytiva’s Cell and Gene Therapy business and will be a base for European customer training programs.
In Nov 2019, Custom Biogenic Systems, Inc. was acquired by BioLife Solutions, Inc. for essentially all of its assets ("CBS"). CBS is a privately held firm based near Detroit that specializes in the design and manufacture of cutting-edge liquid nitrogen laboratory freezers and cryogenic equipment.
North America accounted the largest market for cryopreservation equipment, with the US holding the largest share of the regional market, followed by Canada and Mexico. The market for cryopreservation equipment in the US is expected to grow rapidly with technological advancements, and rising research and development activities. The growth of the market in the country is primarily driven by increasing demand for In Vitro Fertilization (IVF) procedures in recent years; for instance, According to the Centers for Disease Control and Prevention, in 2018, about 1 to 2% of all US births annually are through IVF procedures which shows the significant usage of cryopreservation equipment. Similarly, according to the US Society of Assisted Reproductive Technology (SART), in 2017, in the US, 1 million babies were born in US between 1987 and 2015 through the use of IVF procedures.
An increasing number of business activities amongst market players are actively contributing to the market growth. For instance, in November 2019, BioLife - a manufacturer of cryopreservation freeze media, announced its acquisition of Custom Biogenic Solutions - a producer of cryopreservation equipment for the biotech industry, to expand its portfolio of liquid nitrogen laboratory freezers and other cryogenic equipment. Furthermore, in Feb 2021, TMRW Life Sciences (TMRW) announced the launch of the world's first automated cryo specimen management solution for in vitro fertilization embryos and eggs (IVF). TMRW's proprietary platform has been placed in a number of top reproductive clinics across the United States, entering a new era of integrated, software-enabled management of the millions of eggs and embryos that are central to modern IVF. All these factors are estimated to drive the growth of the cryopreservation equipment market in the US during the forecast period.
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 U.S. 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.
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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 was 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.
Cryopreservation Equipment Market: Segmental Overview
Type-Based Insights:
By type, the cryopreservation equipment market is segmented into freezers, sample preparation systems, and accessories. In 2021, the freezer segment held the largest share of the market. Moreover, the freezer segment is expected to register the highest CAGR from 2022 to 2028.
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Cryogen Type-Based Insights:
Cryopreservation equipment market based on the cryogen type is segmented into liquid nitrogen, oxygen, liquid helium, argon, and others. The liquid nitrogen segment held the largest share of the market in 2021. Moreover, the liquid nitrogen segment is anticipated to register the highest CAGR during the forecast period.
Application-Based Insights:
Based on application, the cryopreservation equipment market is segmented into cord blood stem cells, sperms, semen & testicular tissues, embryos and oocytes, cell and gene therapies, and others. In 2021, the cord blood stem cells segment held the largest share of the market. However, the sperms, semen & testicular tissues segment is expected to register the highest CAGR from 2021 to 2028.
End User-Based Insights:
Based on end user, the cryopreservation equipment market is segmented into stem cell banks, biotechnology & pharmaceuticals organizations, stem cell research laboratories, and others. The biotechnology and pharmaceuticals organizations segment held the largest share of the market in 2021 and the same segment is anticipated to register the highest CAGR during the forecast period.
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Biomedical Refrigerators and Freezers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Refrigerators, Freezers, Cryopreservation Systems); End User (Hospitals and Ambulatory Surgical Centres, Blood Banks, Pharmacies and Medical Laboratories, Pharmaceutical and Biotechnology companies, Others)
Medical Refrigerators Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Laboratory Refrigerators & Freezers, Chromatography Refrigerators & Freezers, Ultralow-Temperature Freezers, Blood Bank Refrigerators & Plasma Freezers, Cryogenic Storage Systems, Pharmacy Refrigerators & Freezers, Enzyme Refrigerators & Freezers, Hospital Refrigerators & Freezers, Shock Freezers, and Others), Design Type (Explosion-Proof Refrigerators, Undercounter Medical Refrigerators, Countertop Medical Refrigerators, and Flammable Material Storage Refrigerators), Door Type (Single Door and Double Door), Temperature Control Range (Between 2 and 8, Between 0 and -40, and Under -40), and End User (Hospitals and Pharmacies, Medical Laboratories, Blood Banks, Pharmaceutical Companies, Research Institutes, Diagnostic Centers, and Others), Volume (Below 50 Lts, 50-200 Lts, 200-400 Lts, 400-600 Lts, 600 Lts and above), and Geography
RNA Sample Preparation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Workstation, Reagents and Kits, Consumables); Application (Research Application, Clinical Testing, Diagnostic Testing); End User (Hospitals and Diagnostic Centers, Academic and Research Institutes, Forensic Laboratories, Contract Research Organization)
NGS Sample Preparation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Sequencer Systems, Consumables & Reagents); Workflow (Target Enrichment, Library preparation, Quality Control); Technology (Ion semiconductor sequencing, Sequencing by synthesis (SBS), Nanopore Sequencing, Single-molecule Real-Time Sequencing (SMRT), Others); Application (Diagnostics, Drug discovery, Agricultural and animal research, Others); End User (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Academic Institutes & Research Centers, Others)
Stem Cell Therapy Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Adult Stem Cell Therapy, Embryonic Stem Cell Therapy, Induced Pluripotent Stem Cell Therapy, Other Stem Cell Therapy); Treatment (Allogeneic and Autologous); Application (Musculoskeletal, Dermatology, Cardiology, Drug Discovery and Development, Other Applications); End User (Hospitals and Specialty Clinics, Academic and Research Institutes)
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