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| Cryopreservation Equipment Market |
Cryopreservation equipment is used for preserving biomaterials such as blood, sperm, embryos, and other biomedical samples at extremely low temperatures. The growing focus on stem cell therapies and rising cases of chronic diseases are fueling demand for cryopreservation. Stem cells have tremendous potential for regenerative medicine. However, stem cells have a limited lifespan at normal temperatures and need to be preserved for future use through cryopreservation.
The global cryopreservation equipment market is estimated to be valued at US$ 10436.3 Bn in 2024 and is expected
to exhibit a CAGR of 11% over the
forecast period 2024 to 2030.
Cryopreservation
equipment helps extend the lifespan of cells, tissues, and organs by minimizing
cellular damage caused during freezing and thawing. With rising investments in
stem cell research, the need for reliable cryopreservation systems to store
stem cells for future clinical trials and transplantations is growing.
Key Takeaways
Key players operating in the cryopreservation equipment market are Thermo
Fisher Scientific, Inc., Custom Biogenic Systems, Chart Biomedical Co. Ltd.,
Merck KGaA, Barber-Nichols Inc., Praxair Technology, Inc., Linde LLC, Planer
PLC, Cryologic Pty. Ltd., Charter Medicals, Nikkiso Cryo Inc., Cryogenic
Control, and Haimen United Laboratory Equipment Development Co., Ltd.
Some key opportunities in the market include growing stem cell banking industry
and increasing egg/sperm/embryo freezing for fertility treatments and
preservation. Geographically, North America dominates the cryopreservation
equipment market currently. However, Asia Pacific is expected to witness the
highest growth during the forecast period due to rising healthcare
expenditures, increasing biobanking activities, and growing stem cell research
in countries like China and India.
Market drivers: Rising prevalence of chronic diseases is generating significant
demand for regenerative therapies using stem cells which require reliable
cryopreservation of stem cells. Growing fertility tourism and late parenthood
trends have also increased the demand for cryopreservation in the fertility
industry.
Market restraints: High costs associated with cryopreservation equipment and
maintenance may limit adoption to some extent. Temperature and moisture
management during transport and storage also poses significant technological
challenges. Strict regulations for stem cell research and therapies in some
regions hamper market growth.
Segment Analysis:
Cryopreservation
Equipment Market Demand is
dominated by equipment segment which holds around 55% of the overall market
share. Equipment segment comprises of freezers, storage systems, sample
preparation systems and accessories which are used by research organizations,
hospitals, universities, biobanks and other end users for cryopreservation
applications. Within equipment segment, sample preparation systems sub segment
dominates primarily due to rising requirement of samples preparation before
storage. Sample preparation systems help in reducing risks of contamination and
maintains sample integrity during whole cryopreservation workflow.
Global Analysis:
North America dominates the global cryopreservation equipment market and holds
over 35% share majorly due to developed healthcare infrastructure, rising
prevalence of chronic diseases and increasing research expenditure in the
region. Asia Pacific represents the fastest growing region in cryopreservation
market owing to rising medical tourism, growing biotech and biopharma industry
and increasing healthcare expenditure in emerging economies like China and
India. Government support for development of advanced research facilities also
supports regional market growth. Europe stands as second largest region due to
presence of key market players and availability of funds for research
activities from European Commission. Middle East and Latin America shows
promising growth opportunities over the forecast period.
For more insights, read-https://www.pressreleasebulletin.com/cryopreservation-equipment-market-trends-size-and-share-analysis/
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