Cryopreservation Equipment Market is expected to reach US$ 11,255.02 Mn With CAGR of 9.9% from 2021 to 2028 | Biobank Graz, Shanghai Zhangjiang Biobank, “All of Us” Biobank, International Agency for Research on Cancer (IARC) Biobank (IBB), China Kadoo
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Based on type, the cryopreservation equipment market is segmented into freezers, sample preparation systems, and accessories. In 2020, the freezers segment held the largest share of the market, and it is expected to register the highest CAGR in the market during 2021–2028. In ultracold freezers, liquid nitrogen is used for the successful preservation of more complex biological structures by virtually seizing all biological activities.
The COVID-19 pandemic has had a mixed impact on the cryopreservation equipment market. Restricted access to family planning services as well as diverted focus of people due to economic uncertainties and recession, and disturbed work-life balance have led to rise in egg and embryo freezing activities at fertility clinics during the pandemic. As a result, the rising use of cryopreservation equipment is boosting the market growth. Furthermore, supply chain disruption caused due to congestion of ports and disturbances in other transport means has substantially affected the distribution of cryopreservation equipment and other accessories.
A few prominent players operating in the cryopreservation equipment market are Thermo Fisher Scientific Inc., Gold Sim Cellular Science LLC, Brooks Automation, Inc, Avantor, Inc., Hamilton Company, PHC Holdings Corporation, General Electric Company, Cryoport Systems, LLC., Antech Group Inc., Cryofab, BioLife Solutions, and ZhongkeMeiling Cryogenics Company Limited.
Companies are launching new and innovative products and services to sustain their position in the cryopreservation equipment market. In May 2021, Stirling Ultracold has been acquired by BioLife Solutions, Inc for cell and gene therapies and the broader biopharma market. In return for all of Stirling's outstanding shares, BioLife issued 6,646,870 shares of ordinary stock.
Growing Acceptance for Regenerative Medicine Drives Cryopreservation Equipment Market Growth
Cryopreservation plays an important part in the field of regenerative medicine as it facilitates stable and secure storage of cells and other related components for a prolonged time. Regenerative medicine enables replacing diseased or damaged cells, tissues, and organs by retrieving their normal function through stem cell therapy. Owing to the advancements in the medical technology, stem cell therapy is now being considered as an alternative to traditional drug therapies in the treatment of a wide range of chronic diseases, including diabetes and neurodegenerative diseases. Moreover, the US Food and Drug Administration (FDA) has approved blood-forming stem cells. The blood-forming stem cells are also known as hematopoietic progenitor cells that are derived from umbilical cord blood. The growing approvals for stem cell and gene therapies are eventually leading to the high demand for cryopreservation equipment. Following are a few instances of stem cell and gene therapies approved by the FDA and other regulatory bodies.
In February 2021, Bristol Myers Squibb (Juno Therapeutics, Inc.) received an FDA approval for Breyanzi, a CD19-directed chimeric antigen receptor T-cell (CAR-T) therapy. The CAR-T cell therapy is used for treating relapsed or refractory large B-cell lymphoma in adults.
In March 2021, Novartis AG received approval from the Health Sciences Authority of Singapore for the commercialization of the first CAR-T therapy named Kymriah, which is claimed as a one-time treatment procedure run individually for each patient. The therapy was approved under the new cell, tissue, and gene therapy products (CTGTP) regulatory framework.
In July 2020, Kite, a Gilead Company, received an approval from the US FDA for its Tecartus (formerly known as KTE-X19) CAR-T cell therapy. The therapy is designed for the treatment of adult patients with relapsed or refractory mantle cell lymphoma (MCL).
In May 2019, Vericel Corporation received an approval for its MACI (autologous cultured chondrocytes on porcine collagen membrane).
In December 2017, Spark Therapeutics received an approval from the US FDA for Luxturna. It is a one-time gene therapy product for the treatment of patients with confirmed biallelic RPE65 mutation-associated retinal dystrophy.
Increasing Need of Biobanking Practices Contributes Significantly to Market Growth
Biobanks are developed extensively for the preservation of biological materials, including human biologics, plants, animals, and microbes, for medical research, drug development, agriculture, and ecology. The demand for cryopreservation equipment has increased among biotechnology and pharmaceutical manufacturers, contract research organizations, stem cell banks, and stem cell research laboratories in the past few years. These end users contribute to the development of biomarker detection, molecular diagnosis, translational medicine, and multidisciplinary disease research. In addition, biomaterials used to study the interactions between genetic and environmental or lifestyle factors can also be stored biobanks. They require cryopreservation equipment to store umbilical cord blood as a source of hematopoietic stem and progenitor cells; cancerous tissue samples; semen for artificial insemination; oocytes and embryos for in-vitro fertilization (IVF); and plant seeds/shoots for breeding. Furthermore, the COVID-19 pandemic has triggered the research and developments activities for effective diagnostics and therapeutic approaches, which is adding to the requirement of biobanks.
Biobank Graz, Shanghai Zhangjiang Biobank, “All of Us” Biobank, International Agency for Research on Cancer (IARC) Biobank (IBB), China Kadoorie Biobank, UK Biobank, FINNGEN biobanks, Canadian Partnership for Tomorrow Project Biobank, EuroBioBank network, and Qatar Biobank are among the leading biobanks across the world. They are part of national government-funded studies regarding population health. Apart from the listed biobanks, various other biobanks owned by private and public entities across all regions require cryopreservation equipment and accessories in large volumes.
The report segments the global cryopreservation equipment market as follows:
Sample Preparation Systems
By Cryogen Type
Cord Blood Stem Cells
Sperms Semen and Testicular Tissues
Embryos and Oocytes
Cell and Gene Therapies
By End User
Stem Cell Banks
Biotechnology and Pharmaceutical Organizations
Stem Cell Research Laboratories
Rest of Europe
Rest of Asia Pacific
Middle East and Africa
Rest of Middle East and Africa
South and Central America
Rest of South and Central America
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