According to a recent study by Future Market Insights, the global market for cryopreservation freezers is poised for significant growth, with an anticipated compound annual growth rate (CAGR) of 6.5% through to the year 2033. This robust expansion is expected to boost the market value from US$ 585.0 million in 2023 to US$ 1.1 billion by 2033.
The cryopreservation freezers sector, essential for the long-term storage of biologics, organs, and tissues, plays a pivotal role in various clinical applications. The market ended 2022 at a valuation of US$ 552.3 million and is forecasted to grow by 5.9% year over year in 2023.
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This significant growth trajectory is primarily fueled by increasing demand for reliable storage solutions in the biomedical sector, coupled with rising governmental support for research and development activities related to organ transplantation. As the need for preserving biological materials with high integrity continues to climb, the cryopreservation freezers market is set to meet these critical demands effectively.
“Cryopreservation technology is crucial in the fields of medicine and research, enabling the safe storage of organs and biological samples which are vital for the success of transplantation and other medical procedures,” said at Future Market Insights. “The sustained investment in research and the growing reliance on biologic-based treatments are key drivers propelling the expansion of the cryopreservation freezers market.”
As global healthcare systems continue to emphasize the importance of organ and tissue transplantation, the demand for advanced cryogenic storage solutions is expected to rise, reinforcing the market’s growth over the forecast period.
- According to the article Buying Time for Transplants published by National Library of Medicine, the Consortium for Organ Preservation in Europe (COPE) received a US$ 7.1 million allocation from the European Union.
- According to the article Buying Time for Transplants published by National Library of Medicine, Cryopreservation and ex vivo perfusion technology received US$ 7 million in a search of NIH RO1 grants during the course of the previous year.
The government aims to raise the success rates of transplant procedures by funding the research and development of cryopreservation freezers. Extending organ viability can enable longer periods of transport and improve the chances of successful transplantation.
Significantly, breakthroughs in organ transplantation technology have positive economic effects. Organ transplants are expensive, and using cryopreservation technology could help cut healthcare costs by enhancing the effectiveness of organ preservation and transportation, which is what, drives the demand for cryopreservation freezers.
Key Takeaways from Market Study:
- By product, tunnel freezer contributed around US$ 227.5 Million in 2022. The tunnel freezers excel in reducing environmental contamination, which helps to ensure the quality of the item stored and helps for a longer duration of storage.
- By end user, medical and healthcare settings contributed around US$ 233.6 Million in 2022, owed to growing demand for long-term storage options for vaccines, biological samples, stem cells, and other medicinal supplies. The segment gains from the growing demand for safeguarding these delicate materials’ viability and integrity for use in research, diagnostics, and therapeutic procedures in medical and healthcare settings.
- By region, North America held dominant share in world in 2022 contributing around US$ 201.0 Million. North America’s prominent position in the cryopreservation freezer market is a result of the existence of important market participants, research organizations, and academic institutions there.
“Demand growing for long-term storage and preservation of biologics, tissues and organs for various clinical application across industries” says an analyst of Future Market Insights.
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Market Competition:
The cryopreservation freezers market is highly competitive, with key players including BioLife, Common Sense Ltd. and Nanjing Liming Bio-products Co., Ltd. These companies are constantly working towards introducing new products into the market with advanced features and new technology integrated.
- In January 2021, Biolife Solutions- stirling ultracold, a leading manufacturer of ultra-low temperature (ULT) freezers, signed exclusive distribution agreement as a sole supplier of ULT freezers to Puerto Rico and all US embassy facilities.
- In March 2023, BioLife introduces Stirling Ultraguard -70°C Phase Change Material.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the cryopreservation freezers in its latest study, presenting a historical demand assessment of 2017 – 2022 and projections for 2023 – 2033. The global cryopreservation freezers market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader
The analysis is based on product type (tunnel freezer, IQF freezer, immersion freezer, spiral freezer and others), by end user (medical and healthcare settings, bio-pharma companies, blood banks, research institutes and others) across seven key regions around the world.
Key Market Segments Covered in Cryopreservation Freezers Industry Research:
By Product:
- Tunnel Freezer
- IQF Freezer
- Immersion Freezer
- Spiral Freezer
- Others
By End User:
- Medical and Healthcare settings
- Bio-pharma companies
- Blood Banks
- Research Institutes
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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About Future Market Insights (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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