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Cryogenic Vials Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2027
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A study by Transparency Market Research predicts the global cryogenic vial market to rise at a tepid pace. By clocking a CAGR of 3.9% during the period between 2017 and 2027, the market is expected to attain a value of US$199.3 mn by 2027-end from US$131.8 mn in 2016.
Depending upon the types of products, the global cryogenic vials market can be divided into self-standing and round-bottom. Of the two, the self-standing cryogenic vials dominate the market with over 50.0% share in it. Their greater uptake results from their eliminating the need for extra storage space – they do not require to be put in cryogenic racks which is mandatory for the round bottom cryogenic vials.
Geographically, the key segments of the global cryogenic vials market are North America, Latin America, Asia Pacific, Europe and the Middle East and Africa. Of them, North America leads with maximum share in the market. In the years ahead too, the region is expected to retain its dominant position by expanding its value at a CAGR of 4.2%. The growth in the region is being primarily powered by the increasing allocations on research and development of antibiotics. The U.S. is at the forefront of driving demand in the region on account of the major spends in development of new drugs.
Growing Spends on Research and Development of New Drugs Boost Demand
Majorly fuelling the global cryogenic vials market is the rising spends on research and development of new drugs by governments in key economies. Besides, cryopreservation feature of cryogenic vials, mainly needed for proteins, animal tissues, and cells which lose their chemical properties at room temperature and hence need to be preserved far below subzero temperature, is also boosting their demand. The cryogenic vials are safe for storing samples up to -196 degree centigrade.
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Barcoding of Cryogenic Vials Leads to Uptake from Healthcare Institutions
“The ongoing trend observed in cryogenic vials market is that cryogenic vials are now being provided with the barcodes that facilitates easy identification. Also, barcoding of cryogenic vials aids in incorporation of data for future reference which has further propelled its application in the healthcare institutions,” adds the lead analyst of the TMR report.
Occasional Damage to Seal Integrity Serves to Reduce Demand
Cryogenic vials, however, suffer from certain drawbacks which is serving to hamper their demand. For example, sometimes they lose their seal integrity when they are immersed in liquid nitrogen, which results in cross contamination of liquid nitrogen with the biological sample. Also, prolonged storage of cryogenic vials in the liquid nitrogen may cause explosion. There have been instances where the leakage of vapors of liquid nitrogen has caused asphyxiation too.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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