The Cryopreservation Equipment Market Is Estimated To Witness High Growth Owing To Growing Demand For Cell And Tissue Pr

Cryopreservation equipment is used for preserving biological samples like cells, tissues, stem cells, semen, ova, and blood at ultralow temperatures (typically -80°C to -196°C) using liquid nitrogen. Cryopreservation finds wide application in biobanks, hospitals, research laboratories, and biotechnology and pharmaceutical companies to preserve cell lines, stem cells, and other samples for longer duration while minimizing the damage to the cells. The growing demand for preservation of biological materials and cells across various end-use industries is primarily driving the demand for cryopreservation equipment.

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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The growing demand for cell and tissue preservation from biobanks, stem cell banks, and research laboratories is presenting a lucrative opportunity for cryopreservation equipment market. With increasing research in regenerative medicine and stem cell therapy, there is growing focus on setting up of biobanks and stem cell banks worldwide which requires efficient cryopreservation of collected biological samples. According to Global Biobanking for Life Science Research Report published in 2018, more than 1000 new biobanks were set up across the world between 2013 to 2018. This growing demand for sample collection and preservation from biobanks as well as research organizations is estimated to drive the demand for cryopreservation equipment over the forecast period.

Porter's Analysis
Threat of new entrants: The cryopreservation equipment market needs large investments and established distribution channels. Established players have economies of scale which pose barriers for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power as there are several established players offering similar products. However, switching costs are low.
Bargaining power of suppliers: Major suppliers of components include gas suppliers and equipment manufacturers. They have moderate bargaining power due to the presence of substitutes.
Threat of new substitutes: Substitutes include conventional preservation techniques like freezing. However, cryopreservation offers better viability and quality of samples.
Competitive rivalry: The market is dominated by few global players. However, regional mid-sized companies offer competitive pricing.

SWOT Analysis
Strength: Cryopreservation provides long term storage of samples without loss of viability. It finds extensive usage in biobanking, stem cell research.
Weakness: High initial investments and complex operation compared to conventional methods. Liquid nitrogen usage leads to running costs.
Opportunity: Increasing stem cell therapy adoption and rising disease incidence drives the demand. Growth prospects in emerging nations.
Threats: Stringent regulatory compliance and product recalls can negatively impact revenues. Economic slowdowns may curb research spending.

Key Takeaways

The global Cryopreservation Equipment Market Share is expected to witness high growth at a CAGR of 11% during the forecast period of 2023 to 2030. The market size reached US$ 9059.28 Mn in 2024 and is estimated to cross US$ 20 Bn by 2030.

North America dominates the global cryopreservation equipment market and accounted for over 35% share in 2024. Presence of advanced research infrastructure and increasing rate of adoption of stem cell therapies drive the regional market. Asia Pacific is expected to be the fastest growing region during the forecast period supported by rising healthcare investments, growing biotechnology industry and increasing incidence of chronic diseases.

Key players operating in the cryopreservation equipment market are Thermo Fisher Scientific Inc., Custom Biogenic Systems, Chart Biomedical Co. Ltd., Merck KGaA, Barber-Nichols Inc., Praxair Technology, Inc., Linde LLC, Planer PLC, Cryologic Pty. Ltd., Charter Medicals, Nikkiso Cryo Inc., Cryogenic Control, and Haimen United Laboratory Equipment Development Co., Ltd. Major players focus on new product launches, acquisitions and geographical expansions to strengthen their market presence.