Cell cryopreservation involves cooling biological samples to very low subzero temperatures so that cellular activity is minimal until the point of their storage and future use. The process allows long term preservation and storage of wide range of living cells like human stem cells, sperms, oocytes and embryos without damage. This has wide applications in research, medical sciences and agriculture field providing opportunities for future use after several years or decades. However, it requires specialized equipment and techniques for optimal storage while maintaining integrity of cells.
Market key trends
Advancements in Cell Storage Technologies: Researchers and manufacturers are relentlessly working on improving existing techniques and infrastructure required for optimal cell cryopreservation. There have been significant technological developments like robotic automation, closed systems and improved cryoprotectants which have increased the success and viability of stored cells. Novel technologies like vitrification which allows extremely fast cooling of cells are gaining popularity and being commercialized. Growing research in regenerative medicine has further propelled need for reliable long term bio-banking of various cell types driving demand of advanced cryopreservation solutions.
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.
Porter’s Analysis
Threat of new entrants: Low barriers to entry such as low startup cost for new entrants poses threat to existing players in the market.
Bargaining power of buyers: Large number of players in the market increases buyer bargaining power. Buyers can negotiate on price with different suppliers.
Bargaining power of suppliers: Due to presence of established suppliers, the buyer can switch between suppliers easily without compromising quality which reduces supplier bargaining power.
Threat of new substitutes: Moderate threat as new substitutes such as preservation techniques can be developed but cryopreservation remains the gold standard.
Competitive rivalry: Intense competition among existing players to gain more market share.
SWOT Analysis
Strength: Wide used cryopreservation technique for long term storage of various biospecimens. Growing applications in biobanking and regenerative medicine.
Weakness: High maintenance and operational costs. Require storage in specialized freezers to maintain low temperature.
Opportunity: Rising stem cell research activities and clinical trials. Growing funding for biobanking worldwide.
Threats: Stringent regulatory environment. Technical issues in thawing process may lead to cell damage.
Key Takeaways
The global cell cryopreservation market is expected to witness high growth, exhibiting CAGR of 22.% over the forecast period, due to increasing stem cell research and regenerative medicine applications.
Regionally, North America dominated the market in 2023. However, Asia Pacific is expected to witness highest CAGR owing to rising healthcare expenditure, presence of contract research and manufacturing organizations, and increasing research activities in countries like China and India.
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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