An Exclusive Summary-
A cryogenic capsule is also known as a vial that stores liquid medicines in a small cylindrical glass container. These capsules are used to carefully transport drugs, biological materials, samples of humans or animals such as blood, cell, or serum, and even medicines that need to be stored at a particular temperature.
The global cryogenic capsules market is anticipated to accumulate a market value of US$ 7.1 billion in 2023 and is expected to garner a valuation of US$ 12.4 billion by exhibiting a CAGR of 5.7 % in the forecast period 2023 to 2033.
Most of medicines or drugs are supposed to be stored at extreme temperatures and kept sterilized. The cryogenic capsule market demand is rapidly increasing with the increasing growth of the pharmaceutical industry all over the globe.
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What Drives the Growth of the Cryogenic Capsules Market?
With the increasing industrialisation and the rapid growth in the population, there is a likelihood of an increase in chronic or new diseases which also drives the growth of the cryogenic capsule market. The property of the capsule itself is a promoting factor for the growth of the market such as the materials used to manufacture Polypropylene or Polyethylene which safeguards the item stored inside.
What Restraints the Growth of the Cryogenic Capsules Market?
The cryogenic capsule is growing in the market because of its benefits of storing various specimens and various biological materials under the said temperature, there is also restraint in the growth of this market which is the price. The cryogenic capsule is highly expensive specifically because the capsules cannot be used twice for different materials. In a way, this makes the capsule a one-time-use packaging.
What are the Key opportunities for Cryogenic Capsules Market in the Pharmaceutical Industry?
The cryogenic capsules are utilized as long term storage for biological materials, blood samples, cells, new drugs or any vaccines which need to be stored safely away from exterior factors such as water, air or even temperature changes. The capsule is secured at the lowest temperature for the safeguarding of the material stored.
The rise of experimentation and the growing prominence of chronic diseases has acquired significant attention in the pharmaceutical industry. Many developing countries such as India, China, Russia and many others are also investing for an increase in the production of cryogenic capsules.
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Competitive Landscape
Key players in the Cryogenic capsules market are
- VRV Asia Pacific Pvt Ltd
- Lab Depot Inc.
- Globe Scientific Inc.
- Heathrow Scientific
- BioCision
- Sumitomo Bakelite Co., Ltd.
- Starlab International GmbH
- E&K Scientific Products, Inc.
- Caesa-Labs Inc.
- Catalent
- Cryolor
- Wheaton
- Globe Scientific Inc.
- Thermo Fisher Scientific Inc
- Argos Technologies
- Sigma-Aldrich Corporation
- Capp ApS
- Corning Inc., etc.
How does North America Stand as a Big Market Player for Cryogenic Capsules Market?
North America region accounts to remain as the leading market player in the manufacturing of Cryogenic capsules market and is expected to grow steadily in the forecasted period. The major reason for the steady growth is the increasing industrialisation. The presence of major market players such as Heathrow Scientific, E&K Scientific Products, Thermo Fisher Scientific Inc. and many more.
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Key Segments of Cryogenic Capsules Market Covered in the Report
Based on the Material Used:
- Polypropylene
- Polyethylene
Based on the Capacity:
- 0.5ml to 1ml
- 1ml to 2ml
- 2ml to 5ml
Based on the Cap Closure Type:
- Inner cap (Internal thread)
- Outer cap (External thread)
Based on Region:
- Europe
- North America
- Latin America
- South Asia
- East Asia
- Oceania
- Middle East and Africa
Based on End-use:
- Medical Research Institution/Laboratory
- Pharmaceutical
- Biotechnology
- Healthcare Institution
- Drug manufacturers
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