According to the study, the global cryogenic boxes market is expected to grow at a CAGR of 7.3% between 2022 and 2032. The market value is projected to increase from US$ 326.2 Mn in 2022 to US$ 657.3 Mn by 2032. The cryogenic boxes market was valued at US$ 305 Mn at the end of 2021 and is anticipated to exhibit Y-o-Y growth of 7.0% in 2022
According to Future Market Insights (FMI), the demand for cryogenic boxes is expected to surge with rising prevalence of common illnesses, lifestyle disorders, and chronic diseases. Also, growing focus on improving healthcare facilities and expanding biological and pharmaceutical research and improvements will boost the market.
Increased demand for cryogenic boxes has resulted from the expansion of diagnostic facilities, medical services, and biotechnological foundations, as well as government financing support. Following the COVID-19 outbreak, the global cryogenic box business gained immense traction, especially through the FQ-20.
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The global cryogenic box market is growing due to the increasing development of stronger antiviral medications, research into improved vaccine development, and immunity-boosting doses. Biodegradable, recyclable, and ecologically friendly materials are being developed by key stakeholders.
Growth in the cryogenic boxes market might be hampered by downward cost pressure in the pharmaceutical and healthcare sectors. The difficulties of continual product development and manufacture of superior grade cryogenic boxes can drive up market selling prices, affecting product supply.
Polypropylene, for example, has a shorter life duration and takes 20-30 years to disintegrate, resulting in trash accumulation. Replacing polypropylene with cardboard and fiberboard raises product costs and does not deliver the same level of efficiency. This factor may limit the growth of the cryogenic box market.
The biodegradability and recyclability of materials are important factors in influencing the cryogenic box market dynamics. Eco-friendly material improvements are critical to the cryogenic box market’s success.
Cryogenic boxes made of cardboard and fiberboard is predicted to rise in popularity during the prediction period. COVID-19 vaccine development and distribution, on the other hand, remain the product’s most promising market development prospects.
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Key Takeaways from Global Cryogenic Boxes Market
- Plastic cryogenic boxes are expected to increase at the 7.8% CAGR during the projection period (2022-2032).
- Paper & paperboard cryogenic box segment will witness fastest growth due to the easy biodegradable property of paper & paperboard cryogenic box
- The U.S. cryogenic boxes market is estimated to expand 2.1x of the current value, by 2032.
- The healthcare industry accounted for the 44% value share in 2021 and is poised to increase at a CAGR of 8% in the global market.
- India cryogenic boxes market is expected to grow at a CAGR of 8.1%. between 2022 and 2032.
“Cryogenic boxes are gaining traction in the pharmaceutical and healthcare sector. They are also gaining immense popularity as a result of the growing demand for shipping organic material at ultra-low temperatures.” –comments FMI Analyst
Global Cryogenic Boxes Market Landscape
With big global and local competitors, the cryogenic box market is fiercely competitive. Customers can choose their sizes thanks to the market’s leading companies. Cryogenic boxes lids are also being innovated by several manufacturers in order to gain market share. Market shares are projected to change as a result of overall innovation in material, size, and appearance. Some of the market’s major companies are Tarsons, Thermo Fisher Scientific Inc., Cole-Parmer Instrument Company, LLC, Merck KGaA, ratiolab, BIOLOGIX GROUP LTD, Heathrow Scientific, Bioline Technologies, TENAK A/S, Deluxe Scientific Surgico Private Limited, CAPP, GENAXXON bioscience, Glassco, AHN Biotechnologie Gm
Global Cryogenic Boxes Market by Category
By Material:
- Plastic
- Paper & paperboard
- Metal
By Application:
- Vials
- Ampoules
- Tubes
By End Use Industry:
- Chemical
- Healthcare
- Personal Care
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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