Cryopreservation Equipment Market is expected to reach US$ 12,489.84 Million by 2028

Growing Acceptance for Regenerative Medicine Contributes to Cryopreservation Equipment Market Growth

According to our latest market research study on “Cryopreservation Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Cryogen Type, End User, and Application,” the market is expected to reach US$ 12,489.84 million by 2028 from US$ 6,358.65 million in 2022; it is estimated to grow at a CAGR of 11.9% from 2022 to 2028. The report highlights the market trends, drivers, and deterrents. Growing acceptance for regenerative medicine and increasing needs of biobanking practices are among the key forces driving the market growth. However, stringent regulatory requirements hinder the market growth.

Based on type, the cryopreservation equipment market is segmented into freezers, sample preparation systems, and accessories. In 2021, the freezers segment held the largest share of the market, and it is expected to register the highest CAGR in the market during 2022–2028. In ultracold freezers, liquid nitrogen is used for the successful preservation of more complex biological structures by virtually seizing all biological activities.      

The COVID-19 pandemic had a mixed impact on the cryopreservation equipment market. Restricted access to family planning services as well as diverted focus of people due to economic uncertainties and recession, and disturbed work-life balance have led to a rise in egg and embryo freezing activities at fertility clinics during the pandemic. As a result, the rising use of cryopreservation equipment is boosting the market growth. Furthermore, supply chain disruption caused due to congestion of ports and disturbances in other transport means has substantially affected the distribution of cryopreservation equipment and other accessories. 

A few prominent players operating in the cryopreservation equipment market are Thermo Fisher Scientific Inc., Gold Sim Cellular Science LLC, Brooks Automation, Inc, Avantor, Inc., Hamilton Company, PHC Holdings Corporation, General Electric Company, Cryoport Systems, LLC., Antech Group Inc., Cryofab, BioLife Solutions, and ZhongkeMeiling Cryogenics Company Limited.

Companies are launching new and innovative products and services to sustain their position in the cryopreservation equipment market. In May 2021, Stirling Ultracold has been acquired by BioLife Solutions, Inc for cell and gene therapies and to expand the biopharma market. In return for all of Stirling's outstanding shares, BioLife issued 6,646,870 shares of ordinary stock.           

Cryopreservation Equipment Market, by Region, 2021 (%)

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Cryopreservation Equipment Market Growth, Report by 2028

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Cryopreservation Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Freezers, Sample Preparation Systems, and Accessories), Cryogen Type (Liquid Nitrogen, Oxygen, Liquid Helium, Argon, and Others), Application (Cord Blood Stem Cells, Sperms, Semen, & Testicular Tissues, Embryos & Oocytes, Cell & Gene Therapies, and Others), and End User (Stem Cell Banks, Biotechnology & Pharmaceutical Organizations, Stem Cell Research Laboratories, and Others)

The report segments the global cryopreservation equipment market as follows: