by Market Overview:
Cell cryopreservation involves maintaining the viability and biological activity of cells at very low temperatures for long-term storage. It is a technique used to preserve cells of plants and animals by cooling them to very low sub-zero temperatures. At low temperatures, any biological activity, such as metabolism and replication, becomes stopped or greatly reduced, almost to a theoretical standstill. This prolongs the viability of the cells essentially indefinitely.
Market key trends:
One of the key trends in the cell cryopreservation market is the growing stem cell banking. Umbilical cord stem cells offer a rich source of stem cells that can be collected and cryopreserved for future therapeutic use. Cord blood stem cell transplantation is an accepted treatment option for over 80 diseases including inherited metabolic disorders, leukemia, lymphoma, and many others. With rising awareness regarding the potential benefits of cord blood stem cell storage, the demand for private and public cord blood banks is increasing rapidly.
One of the key trends in the cell cryopreservation market is increasing stem cell-based research for developing therapies for chronic diseases. Stem cells have the potential to cure many chronic and life-threatening conditions such as cancer, diabetes, cardiac disorders etc. Cell cryopreservation plays a crucial role in storing stem cells for long term use in research as well as future therapeutics. This growing area of regenerative medicine using stem cells is expected to drive demand for cell cryopreservation.
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.
SWOT Analysis
Strength: Growing stem cell therapy market presents significant business opportunity. Cryopreservation is essential for storing and transporting stem cells.
Weakness: High cost of equipment and maintenance required for cryopreservation can be prohibitive for small research organizations.
Opportunity: Increasing research funding for developing new cell-based therapies can boost demand. Growing stem cell banking industry also rely on cryopreservation for long term storage.
Threats: Stringent regulatory approvals and ethical concerns related to stem cell research pose challenges. Slow translation of research into commercial products also affect market growth.
Key Takeaways
The global Cell Cryopreservation Market is expected to witness high growth, exhibiting 22% CAGR over the forecast period, due to increasing research in stem cell therapy.
Regional analysis: North America is expected to dominate the global cell cryopreservation market over the forecast period. This is attributed to presence of major players and higher adoption of advanced cryopreservation technologies for research in the region. Asia Pacific region is anticipated to exhibit the fastest growth rate, owing to increasing stem cell research & development activities in countries such as China and India.
Key players operating in the cell cryopreservation market include 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
