The cryogenic vials market is poised for substantial growth, with projected sales rising at a commendable Compound Annual Growth Rate (CAGR) of 4.2% over the forecast period. The market’s estimated valuation in 2022 stands at a significant US$ 158.1 million, and it is expected to experience robust expansion, ultimately surpassing US$ 238.6 million by the year 2032.
Among the various closure types available for cryogenic vials, two prominent categories take the spotlight: internally threaded cryogenic vials and externally threaded cryogenic vials. Notably, internally threaded cryogenic vials claim the lion’s share, contributing to a substantial 55% of the total revenue. This dominance reflects their widespread use and preference across various applications.
Furthermore, when considering the primary application industry for cryogenic vials, the research sector emerges as the frontrunner, accounting for a significant share of over 35%. This underscores the indispensable role cryogenic vials play in preserving and safeguarding precious research samples, contributing significantly to their widespread adoption and market growth.
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Market Drivers:
- Biobanking and Research: The growth of biobanking, genomics, and life sciences research has driven the demand for cryogenic vials for the long-term storage of biological samples, DNA, and cell cultures.
- Pharmaceutical and Healthcare: Cryogenic vials are used in pharmaceutical and healthcare applications, including the storage of vaccines, stem cells, and tissues, which have seen increased demand.
- Drug Discovery and Development: Cryogenic vials are essential in drug discovery and development processes, including the storage of high-throughput screening samples and compound libraries.
- COVID-19 Vaccine Distribution: The distribution and storage of COVID-19 vaccines at ultra-low temperatures have boosted the need for cryogenic vials and related storage solutions.
- Technological Advancements: Innovations in materials and designs of cryogenic vials have improved sample integrity, reducing the risk of contamination and sample degradation.
- Biomedical Research: Cryogenic vials play a crucial role in various biomedical research areas, such as regenerative medicine and personalized healthcare.
Market Restraints:
- Cost of Specialized Equipment: Cryogenic vials require specialized storage and handling equipment, which can be expensive to procure and maintain.
- Fragility: Cryogenic vials may be more fragile compared to other types of sample storage containers, leading to potential issues with breakage.
- Supply Chain Disruptions: Events like natural disasters and global supply chain disruptions, such as those caused by the COVID-19 pandemic, can impact the availability of cryogenic vials and related equipment.
- Technical Expertise: Proper handling and labeling of cryogenic vials require specific knowledge and training, and improper use can lead to sample contamination and loss.
- Environmental Concerns: The use of cryogenic materials, such as liquid nitrogen, can raise environmental concerns, particularly regarding safety and emissions.
- Regulatory Compliance: Compliance with regulations related to sample tracking, labeling, and temperature monitoring can be a challenge in the field of cryogenic storage.
- Limited Storage Capacity: Cryogenic vials may have limited storage capacity, and as sample collections grow, additional space and resources may be required.
- Alternative Technologies: Advancements in alternative sample storage technologies, such as dry storage or automated sample retrieval, can compete with cryogenic vials.
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Top 5 Key Companies Revamping the Cryogenic Vials Market Space
The cryogenic vials market share is expected to increase as manufacturers are looking to expand their production and presence in the market, through various collaborations and partnerships. Furthermore, the industry is becoming highly competitive amongst market players in terms of product variation and pricing.
- In January 2022, Schreiner MediPharm, a Germany-based global provider of innovative functional label solutions for the healthcare industry, developed Freeze-Lock, a cryo label that permanently withstands the sub-zero storage and transport temperatures needed for many cell and gene therapy medications or clinical trials – including those for COVID-19 mRNA vaccines. The new solution comprises two interlocking label layers that ensure reliable adhesive strength and product information readability.
Key Market Players
- BioCision LLC
- Sumitomo Bakelite Co. Ltd.
- Starlab International GmbH
- Capp ApS
- Incell Technologies
- Ziath Ltd.
- Argos Technologies Inc.
- Azer Scientific Inc.
- E&K Scientific Products Inc.
- Evergreen Scientific
- CELLTREAT Scientific Products
- BIOLOGIX GROUP LTD.
- Abdos Labtech Private Limited
- Simport Plastics Limited
Key Segments Profiled in the Cryogenic Vials Market Survey
By Product Type:
- Self-Standing
- Round Bottom
By Capacity Type:
- 0.5ml-1ml
- 1ml-2ml
- 2ml-5ml
By Material Type:
- Polypropylene
- Polyethylene
By Closure Type:
- External Thread
- Internal Thread
By End User:
- Research Organization
- Drug Manufacturers
- Healthcare Institutions
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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