Cell cryopreservation refers to the process of preserving living cells and tissues at extremely low temperatures. It allows the preservation of cell viability and function. The stored cells can later be thawed and used for various applications. Some key applications of cell cryopreservation are stem cell banking, medical research, disease modeling, drug discovery and testing. Growing stem cell therapy and regenerative medicine sector is driving the demand for cell cryopreservation. Technological advancements in cryopreservation processes and reagents to improve cell viability after thawing is further propelling the market growth.
Market key trends:
One of the key trends in the Cell Cryopreservation Market Size is the rising adoption of digital technologies such as automation, data analytics and the Internet of Things (IoT). The use of advanced robotic and automated instruments, cryopreservation chambers and software is helping achieve more consistent, sterile and contamination-free cell and tissue cryopreservation process. Digital technologies also enable real-time sample tracking, cell inventory management and remote monitoring capabilities. Furthermore, use of data analytics by key players aid in drug discovery efforts by identifying correlations between frozen cell types and disease conditions. Such digitization of cryopreservation workflow is expected to boost the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The high capital requirement for equipment, machinery and R&D activities pose a significant barrier for new players to enter the cell cryopreservation market.
Bargaining power of buyers: The presence of large pharmaceutical and biotechnology companies as buyers gives them better bargaining power over suppliers and vendors in the market.
Bargaining power of suppliers: A few global players dominate the supply market. However, the availability of substitutes at competitive prices limits the bargaining power of suppliers.
Threat of new substitutes: Though several cryoprotective agents and other substitutes are available, none have matched the benefits of DMSO and glycerol-based cryoprotectants used for cell cryopreservation.
Competitive rivalry: The market is consolidated with global players capturing major market share. However, small local players also compete by providing innovative products and services.
The global Cell Cryopreservation Market 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.
Key Takeaways
The global cell cryopreservation market is expected to witness high growth, exhibiting a CAGR of 22% over the forecast period, due to increasing demand for preserved stem cells and other human tissues.
Regional analysis: North America dominates the global cell cryopreservation market and is expected to grow at the fastest pace during the forecast period. This can be attributed to the rising number of stem cell research activities in the region. Europe and Asia Pacific also offer lucrative opportunities for market growth owing to increasing investments in the healthcare sector, growing affordability, and rising medical tourism in emerging nations.
Key players: Key players operating in the cell cryopreservation 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it