Cryopreservation Equipment Market Revenue to Cross US$ 12,489.84 million by 2028 | Excusive Research by The Insight Partners

According to The Insight Partners latest market research study on "Cryopreservation Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Cryogen Type, End User, and Application," the market is expected to reach US$ 12,489.84 million by 2028 from US$ 6,358.65 million in 2022; it is estimated to grow at a CAGR of 11.9% from 2022 to 2028.

Cryopreservation is a technique employed to minimize cell damage caused during freezing and storage of biological materials such as tissue, bacteria, fungi, virus, and mammalian cells. Tissues and genetically stable living cells preserved via cryopreservation can be used in research and other biomedical applications. The equipment required for cryopreservation includes cryopreservation systems, cryoware, accessories, and cryogen.

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Based on type, the cryopreservation equipment market is segmented into freezers, sample preparation systems, and accessories. In 2021, the freezers segment held the largest share of the market, and it is expected to register the highest CAGR in the market during 2022-2028. In ultracold freezers, liquid nitrogen is used for the successful preservation of more complex biological structures by virtually seizing all biological activities.

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 to expand the biopharma market. In return for all of Stirling's outstanding shares, BioLife issued 6,646,870 shares of ordinary stock.

The COVID-19 pandemic 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 a 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.

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.

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