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Press Release: Cell Cryopreservation Market to Surpass US$ 4.0 Billion by 2026
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Cell Cryopreservation Market – Insights
Cryopreservation is a process of maintaining biological samples in a form of suspended state at cryogenic temperature for considerable period and is used to preserve the fine structure of cells. Through this process, samples of cells, tissues, and organelles are cooled at very low temperatures (less than -2130 degree F), for preservation. Cryopreservation is primarily used in the preservation of oocytes and embryos with in-vitro fertilization (IVF) cycle, prior to chemotherapy for women diagnosed with breast cancer, in order to preserve their reproductive capacity.
The global cell cryopreservation market size was valued at US$ 4,027.9 million in 2018, and is expected to exhibit a CAGR of 22.5% over the forecast period (2018–2026).
Figure 1. Global Cell Cryopreservation Market Value (US$ Mn), by Region, 2018
Source: Coherent Market Insights Analysis (2019)
Increasing government initiatives for preservation of stem cells is expected to augment the market growth
Government organizations’ initiatives for preservation of stem cells is a factor boosting the market growth. For instance, NCBP is the first and largest cord bank in the world, which recorded a collection of over 60,000 cord blood units, till 2016. NCBP has provided cord blood units for transplantation to over 4,900 recipients, throughout the world. Moreover, in 2011, Canada’s Ministry of Health, initiated Canada’s first national, publicly funded umbilical cord blood bank, which aims to provide donations for the allogeneic hematopoietic stem cell transplant.
Increasing launch of novel cryopreservation systems and approval of cryopreserved cells by regulatory authorities is also expected to bolster the market growth. For instance, in 2015, AMS Biotechnology Limited launched its new Stem-Cellbanker, a GMP grade cell cryopreservation media. Stem-Cellbanker is a freezing solution that is used for preservation of stem cells, induced pluripotent stem (iPS) cells, and other cells.
However, the adoption and development of alternative methods is expected to hinder the market growth. For instance, in May 2019, researchers at the University of Japan developed a technique to cryopreserve animal cells without using cryoprotectant agent. The researchers plan to apply this technique to a wide range of cells, specially cells sensitive to cryopreservation procedure.
Figure 2. Global Cell Cryopreservation Market Share (%), by Application, 2018 and 2026
Source: Coherent Market Insights Analysis (2019)
Increasing R&D expenditure by pharmaceutical and biotechnology companies in North America is expected to bolster the market growth
North America holds dominant position in the global cell cryopreservation market, owing to increasing expenditure on research and development activities by pharmaceutical and other companies. For instance, in 2013, Amgen Foundation launched an international program named Amgen Biotech Experience. The foundation also collaborated with non-profit organizations such as Education Development Center, Inc. (EDC) and provided grants amounting to US$ 30 Mn to local, regional, and international nonprofit organizations to provide technical assistance in biotechnology research.
Increasing focus of manufacturers on developing novel products for preserving various cells for research and use in medical settings is a major factor propelling the market growth. For instance, in 2018, Vanessa Research Inc., a startup company, launched a compact device aimed at batch cryopreservation, which allows freezing of multiple tissue samples, simultaneously.
Moreover, in January 2015, the precision medicine initiative proposed by the U.S. Government led to the creation of a new biobank that contains medical records and genetic information. The biobank is used for research of new disease-gene associations and for medical care. Therefore, increasing launch of biobanks is expected to lead to high demand for cell cryopreservation services, thereby aiding in the market growth in the region.
Key Players
Major players operating in the global cell cryopreservation market include, General Electric Company, Thermo Fisher Scientific Inc., Merck KGaA, AMS Biotechnology (Europe) Limited, Miltenyi Biotec GmbH, BioLifeSolutions Inc., HiMedia Laboratories Pvt. Ltd., PromoCell GmbH, Corning Incorporated, Cooper Companies, Inc., and Planer PLC.
The process of stabilizing biological materials at cryogenic temperatures (below -1500 degree C) is called cryopreservation. Cryopreservation is used for the preservation of microorganisms, tissue cells, established cell-lines, small multicellular organisms, and complex cellular structures such as embryos, nucleic acid, and proteins. Cryopreservation procedures use liquid nitrogen, liquid helium, argon, and oxygen as cryogenic elements. Various types of samples with varying sensitivity require different types of cryopreservation equipment such as cryopreservation freezers, liquid nitrogen vessels, cryogenic vaporizers, cryogenic incubators, liquid tracking equipment, and cell freezing container.
Market Dynamics
Increasing product launches by market players is a major factor driving the global cell cryopreservation market growth. For instance, in 2017, Irvine Scientific, a manufacturer of cell culture media, introduced Arctic Sperm Cryopreservation Medium to improve the post-thaw performance of frozen sperm samples and reduce the cost of sperm cryopreservation.
Furthermore, decrease in fertility rate is expected to drive the market growth. According to the Journal of Human Reproductive Sciences, 2015, around 40-80% of females face possible infertility as a result of their cancer treatments that is, chemotherapy, radiation, and surgery.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 32 market data tables and 25 figures on "Cell Cryopreservation Market - Global forecast to 2026”.
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