by Cryopreservation equipment are crucial devices that facilitate cryogenic storage of biomaterials like stem cells, oocytes, sperms, embryos, and others by slowing down their metabolism. Cryopreservation equipment help in extending the lifespan of living cells and tissues through minimal physical and chemical changes, allowing storage at very low temperatures for an extended period. They consist of freezers, storage systems, media, and accessories that aid in cryopreservation process. Steady increase in fertility clinics and stem cell research activities has augmented the demand for cryopreservation services. Additionally, advances in reproductive technologies along with rising success rates of IVF procedures have stimulated the growth of reproductive tissue banks worldwide.
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 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in cryopreservation equipment market is significant growth in stem cell banking facilities across the globe. Favorable government initiatives to promote stem cell research along with multiple ongoing clinical trials evaluating therapeutic potential of stem cells in treating chronic and life-threatening conditions have attracted more individuals towards stem cell banking. This has encouraged many private and public sector organizations worldwide to establish stem cell banks with high-tech cryopreservation equipment for long-term storage. Additionally, growing trend of establishing sperm banks is also elevating the sales of cryopreservation devices. Rising infertility rates amid changing lifestyles have boosted the number of sperm donors registering at reproductive tissue banks globally. This is fueling the demand for appropriate cryopreservation solutions to effectively store large volumes of donor sperms.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the cryopreservation equipment market requires considerable investments in R&D for developing novel technologies. However, the market is growing which can attract new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of various equipment manufacturers. Buyers can negotiate on price and demand customizations as per their requirements.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have few alternatives in the market. However, manufacturers can switch to alternate suppliers if vendors increase prices.
Threat of new substitutes: There is a low threat from substitutes as cryopreservation is considered essential for various therapeutic applications.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and regional players offering similar products. Players compete on product features, quality, and pricing.
Key Takeaways
The global Cryopreservation Equipment Market Growth is expected to witness high. 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 4.9% over the forecast period 2023 to 2030.
North America dominates the market owing to technological advancements and increased investments in regenerative medicine and biobanking applications in the region. Asia Pacific is likely to grow at the fastest rate during the forecast period due to rising stem cell research and increasing healthcare expenditure. Countries like China, Japan, and India are providing impetus to research activities.
Key players: Key players operating in the cryopreservation equipment market are Ferring B.V., Bayer AG, Braintree, Bausch Health Companies Inc., and Norgine B.V. Bayer AG and Norgine B.V. are two leading players focusing on expanding their global footprint via strategic mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
