The global cryo box market is on track to achieve significant growth, with its value projected to reach $349.87 million in 2023 and forecasted to surge to $714.2 million by 2033, reflecting a robust Compound Annual Growth Rate (CAGR) of 7.39% for the period from 2023 to 2033. Notably, the market exhibited a commendable historical CAGR of 5.4% from 2018 to 2022.
Cryo boxes play a crucial role in preserving organic material samples by maintaining cold temperatures, which has become a key driver for their market expansion. The necessity of transporting biological samples has also emerged as a major growth catalyst, fueled by advancements in biological and medical sciences. This demand is further intensified by the lack of viable alternatives.
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The increasing demand for cryo boxes is influenced by various factors, including the rising focus on healthcare industry development and the need for reliable storage solutions. However, the market faces the challenge of high costs associated with these boxes, potentially limiting their broader adoption. Conversely, the expansion of diagnostic facilities, medical services, and biotechnological foundations, along with government support, has propelled cryo box demand, notably accelerated by the aftermath of the COVID-19 pandemic.
As the prevalence of common illnesses, chronic diseases, and lifestyle disorders continues to rise, coupled with heightened healthcare facility enhancement and expanded research in biological and pharmaceutical domains, the demand for cryo boxes is expected to grow. Moreover, the surge in research on improved vaccines, antiviral medications, and immunity-boosting treatments has contributed to the increased uptake of cryo boxes. Notably, the development of environmentally friendly materials further augments the industry’s growth prospects.
Market Dynamics:
The growth for cryo box is led by advancements in biology and medical science. Non availability of substitutes for convenient handling and extreme temperature is likely to grow the demand for the cryo boxes. Pharmaceutical research and biotechnological advancement projects such as stem cell research and human genome project are likely to increase the demand for cryo box.
Cryo box is appropriate for liquid nitrogen and mechanical freezers. Moreover, the sample can be managed well due to the presence of grids which are removable in the cryo box which can be numbered easily. This factor might lead to growth in the demand for cryo box and would impact the market for cryo box positively.
Cryo boxes can be customized as per the need of the biological study and research. Cryo boxes come with vent and drain holes which provide proper thermal setting for the cryopreservation. Cryo boxes are stackable and can be easily stored and transported.
Demand in focus towards developments in the healthcare industry and integration of research and technology aiming at providing better healthcare services across the globe is anticipated to boost the demand for cryo boxes.
The regions which have high number of biotech firms are in regions such as North America, Europe and Asia. The demand by these regions primarily in the countries such as Unites States, Spain, Korea, Germany, United Kingdom, Japan, Mexico and Belgium are estimated to have high growth for cryo boxes which is likely to boost the demand for cryo box industry in the years to come.
Regional Outlook
North America owing to its biological and pharmaceutical advancements is expected to increase the market demand for the cryo box market. Following United States from North America, Japan and China have the largest pharmaceutical and biotechnological market. Continuous focus of government to enhance healthcare facilities, since health care plays a predominant role in the development of the society.
Furthermore, demand from emerging counties such as India and China for healthcare services is likely to hike the demand for cryo box and is going to impact the cryo box market positively in the forecasted years.
Key Players
Key players in the cryo box market are as follows,
- Cryostore
- Heathrow Scientific
- Tenak
- Biologix Group Limited
- Biocision
- Deluxe Scientific Surgico Pvt Ltd
- Bioline Technologies
- Argos Technologies
- Capp
- Wildcat Wholesale LLC
- Thermo Fisher Scientific
- Accupet
- Brandtech
- Corning.
- Drummond
- Eppendorf
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Market Segmentation:
By End Use Industry,
- Chemicals Industry
- Healthcare Industry
- Personal Care Industry
By Material type,
- Polypropylene plastic
- Polycarbonate
- Laminated cardboard
- Moisture repellent fiberboard
By Microtube holding capacity,
- Less than 0.5 ml
- 0.6 to 1 ml
- 1.1 to 1.7 ml
- 1.8 to 2 ml
- More than 2.1 ml
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
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