Global Cell Cryopreservation Market, by Product Type (Cryoprotectant Agents(Glycerol,Dimethyl Sulfoxide (DMSO),Others) and Equipment), by Application (Stem Cells, Oocytes and Embryos, Sperm, Semen, and Testicular Tissue, Hepatocytes, and Others), by End User (Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, Biobank, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 8,659.4 Million in 2022 and is projected to exhibit a CAGR of 22.4% over the forecast period (2022- 2030).
Market players are focused on the development of new manufacturing sites, which is expected to augment the market growth. For instance, on May 31, 2022, Cytiva, a bioprocessing products and services company, opened a new production site in Grens, Switzerland. The site will manufacture single-use kits for Sepax (a fully-automated and compact solution to process blood, blood derivatives, and cellular products) and Sefia cell processing systems, as well as consumables for Xuri cell expansion systems (used in the growth of cell therapies).
Moreover, increasing research activities by universities to develop novel freezing methods is also expected to propel the market growth over the forecast period. For instance, in May 2019, researchers at Shinshu University, Japan devised a technique to cryopreserve animal cells without antifreeze or cryoprotectant agent by flash freezing cells. The researchers aim to apply this freezing method for preserving cells that are particularly sensitive to cryopreservation.
Global Cell Cryopreservation Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus or COVID-19 outbreak started in Wuhan, China in 2019 and has spread across all the continents of the world, affecting various industries globally. The economy in countries such as India, Italy, Bangladesh, Sri Lanka, the U.S., Morocco, and others has been disrupted due to lockdowns implemented by governments to combat the spread of coronavirus since 2020.
The increasing treatment of hematopoietic cell transplantation (HCT) during COVID-19 is expected to drive the growth of the global cell cryopreservation market. For instance, in November 2021, Blood Cell Therapy, the official publication of Asia-Pacific Blood and Marrow Transplantation, published a report on the impact of COVID-19 on peripheral stem cell collection and preservation at a hematopoietic cell transplantation center in INDIA: Experience 2020, which reported that in 2020, there was a 33% decrease in the number of hematopoietic cell transplant and 31% decrease reduction of HPC collection procedure as compared to 2019. However, there was an increase of 86% in HPC procedure.
Thus, the impact of the Coronavirus (COVID-19) pandemic had driven growth of the global cell cryopreservation market.
Global Cell Cryopreservation Market: Key Developments
Key players in the market are focused on adopting strategies such as mergers and acquisitions to expand their product portfolio. For instance, in October 2018, Thermo Fisher Scientific Inc., a company specializing in scientific instrumentation, reagents, and consumables, and software services, acquired the Advanced Bioprocessing business from Becton, Dickinson and Company, a multinational medical technology company, for the expansion of its life sciences solutions segment. The acquisition expanded the bioproduction portfolio and enabled the company to bring new drugs into the market at a faster pace.
Moreover, in November 2019, BioLife Solutions, Inc., a developer and supplier of a portfolio of bioproduction tools for cell and gene therapies, announced the acquisition of substantially all of the assets of Custom Biogenic Systems, Inc. (CBS). CBS is a privately held company with operations located near Detroit and a global designer and manufacturer of liquid nitrogen laboratory freezers and cryogenic equipment.
Browse 32 Market Data Tables and 25 Figures spread through 192 Pages and in-depth TOC on ‘Cell Cryopreservation Market’- Global Forecast to 2030, by Product Type (Cryoprotectant Agents(Glycerol,Dimethyl Sulfoxide (DMSO),Others) and Equipment), by Application (Stem Cells, Oocytes and Embryos, Sperm, Semen, and Testicular Tissue, Hepatocytes, and Others), by End User (Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, Biobank, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2030”
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Infertility is among the most commonly encountered medical conditions, worldwide. This in turn increases the adoption of in-vitro fertilization (IVF) procedures, which is expected to drive the growth of the global cell cryopreservation market. According to the report published in Galadari Printing and Publishing LLC in 2018, the prevalence of infertility increased with a significant decline in demographics ranging from 6.6 births per woman in the 1970s to 5.22 children in 1980-1985, registering an overall decrease of 160%.
Key Takeaways of the Global Cell Cryopreservation Market:
- Global cell cryopreservation market is expected to witness a CAGR of 22.4% during the forecast period, owing to the increasing number of launches and approvals of cryopreservation systems. For instance, in February 2021, TMRW Life Sciences, Inc., a software-guided cryospecimen management company, announced the launch of an automated cryo specimen management solution for embryos and eggs used in in vitro fertilization (IVF). TMRW's proprietary platform has been installed in multiple premier fertility clinics in the U.S., introducing the era of software-enabled, coordinated management of the millions of eggs and embryos essential to modern IVF.
- Among product type, the equipment segment is expected to hold a dominant position in the market over the forecast period, owing to the increasing number of strategic acquisitions by key players to strengthen their product portfolio. For instance, in July 2021, Hamilton Thorne Group, a laser systems and instruments company, acquired IVFtech ApS and K4 Technology ApS. The acquisition will help in the expansion of Hamilton Thorne's product offerings and provide the company with profitable operations.
- Among application, the stem cells segment held the dominant position in the global cell cryopreservation market for the forecast period, owing to the increasing focus of manufacturers on developing novel products for preserving various cells for research and use in medical settings. For instance, in 2018, Vanessa Research Inc., a medical-device startup company, launched a compact device aimed at batch cryopreservation, which allows the freezing of multiple tissue samples. The compact design aims to accommodate the space limitations of a typical lab.
- Key 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, 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