PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1532412
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1532412
Global cell cryopreservation market is estimated to be valued at USD 10.10 Bn in 2024 and is expected to reach USD 43.11 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 23% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 10.10 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
Forecast Period 2024 to 2031 CAGR: | 23.00% | 2031 Value Projection: | US$ 43.11 Bn |
Cell cryopreservation involves preserving cells by cooling them to extremely low temperatures, usually -80°C or below using liquid nitrogen. It helps to preserve cells for a very long period of time without affecting their viability. Factors such as rising prevalence of cancers and genetic disorders, increasing investments in regenerative medicine research, stem cell banking, fertility preservation and tissue engineering can boost demand for cell cryopreservation processes across research institutes and hospitals. Technological advancements in cryopreservation equipment and solutions can also drive the market growth. However, high costs associated with cryopreservation procedures and equipment can hamper the market growth during the forecast period.
Global cell cryopreservation market growth is mainly driven by rising incidence of chronic and life-threatening diseases. Growing prevalence of cancers and genetic disorders globally boosts demand for research activities, cell therapies and clinical trials which heavily rely on cryopreserved cells. According to the World Cancer Research Fund, approximately 18 million new cancer cases were reported globally in 2020. Furthermore, increasing investments by both public and private players in regenerative medicine, stem cell research and medical biotech innovations have also boosted the uptake of cryopreservation processes. However, high costs associated with cryopreservation equipment, liquid nitrogen and overall procedures can hamper the market growth. Lack of skilled professionals and technical challenges during slow freezing processes can also hamper the market growth. Ongoing developments in robotic cryostorage technologies and equipment can offer lucrative market growth opportunities.
Detailed Segmentation-