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Cell Cryopreservation Global Market Predicted to Expand at 24% CAGR, Hitting $29.9 Billion by 2028 | Danaher Corporation, Merck KGaA, Corning Inc., STEMCELL Technologies, Cryoport Inc., BioLife Solutions Inc
Cell Cryopreservation Market
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According to The Business Research Company's, The cell cryopreservation market size has grown exponentially in recent years. It will grow from $10.21 billion in 2023 to $12.65 billion in 2024 at a compound annual growth rate (CAGR) of 23.8%. The growth in the historic period can be attributed to increasing demand for cell-based therapies, rise in biomedical research, growing need for organ transplantation, rise in R&D activities for cell based therapies and increasing use of cryopreserved cell.
The cell cryopreservation market size is expected to see exponential growth in the next few years. It will grow to $29.9 billion in 2028 at a compound annual growth rate (CAGR) of 24%. The growth in the forecast period can be attributed to rising demand for in vitro fertilization (IVF) procedures, advancement in organ transplantation procedures, expansion of biobanking activities, rising incidence of chronic diseases and positive government initiatives and funding. Major trends in the forecast period include advancements in cryopreservation techniques, advancements in MRNA vaccine storage and transportation, advancements in cryoprotectants and freezing techniques, growing trend towards personalized medicine and advancements in stem cell research.
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Market Drivers and Trends:
The growth in cosmetic surgeries for the aging population is expected to propel the growth of the calcium-hydroxylapatite filler market going forward. Cosmetic surgeries are medical procedures that improve or alter physical appearance for aesthetic reasons. The influence of social media and celebrities, technological advancements, an aging population, and the trend of medical tourism fuel cosmetic surgeries. Calcium hydroxylapatite fillers are used in cosmetic surgeries to restore volume, smooth wrinkles, and enhance facial contours by injecting the filler into targeted areas, such as the cheeks, nasolabial folds, and jawline, providing immediate results and stimulating natural collagen production for long-lasting effects. For instance, according to the International Society of Aesthetic Plastic Surgery (ISAPS), in 2022, there was an overall increase of 11.2% in procedures performed by plastic surgeons, with over 14.9 million surgical procedures and 18.8 million non-surgical procedures conducted globally. Therefore, growth in cosmetic surgeries for the aging population is driving the development of the calcium-hydroxylapatite filler market.
Companies operating in the cell cryopreservation market focus on developing cryopreservation medium solutions to better serve customers with advanced features. Cryopreservation medium solution refers to specialized formulations that preserve cells or tissues by freezing them at ultra-low temperatures, facilitating long-term storage and transportation while maintaining viability and functionality. For instance, in April 2024, Pluristyx Inc., a US-based provider of tools, technologies, and services for cellular therapies, launched PluriFreeze, a proprietary cryopreservation medium solution to accelerate stem cell therapy development. This solution is developed to support the growth of induced pluripotent stem cells (iPSCs) and offers an innovative method to improve the efficiency and quality of iPSC therapy development. Pluristyx's PluriFreeze Cryopreservation Media, intended for Research Use Only (RUO), aims to streamline the development of stem cell therapy and aid in commercializing cell therapies.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Danaher Corporation, Merck KGaA, Corning Inc., STEMCELL Technologies, Cryoport Inc., BioLife Solutions Inc, Nkarta Inc., Tn-Sanso Corporation, Coya Therapeutics, FUJIFILM Irvine Scientific, Artiva Biotherapeutics, Acorn Biolabs Inc., ThermoGenesis Holdings Inc., Evia Bio Inc., Wideblue Limited, Akron Biotech, Captivate Bio LLC, Pluristyx Inc., CryoCrate LLC, PanTHERA CryoSolutions, ParaTechs Corporation, Plus Therapeutics, X-Therma Inc., Protein Technologies Limited
Cell Cryopreservation Market 2024 Key Insights:
• The cell cryopreservation market size is expected to see exponential growth in the next few years. It will grow to $29.9 billion in 2028 at a compound annual growth rate (CAGR) of 24%.
• Surge In Organ Transplantation Fuels Growth In Cell Cryopreservation Market
• Innovation In Cell Cryopreservation Media
• North America was the largest region in the cell cryopreservation market in 2023
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