Cell Cryopreservation Market is Estimated to Witness High Growth Owing to Opportunity in Stem Cell Therapies
Cell cryopreservation involves freezing cells at an extremely low temperature so they can be stored and preserved for future use. The cryopreservation techniques ensure that the viability and biological activity of cells are maintained for extended periods of time. Cell cryopreservation finds widespread applications in biomedical applications including stem cell therapies, cancer research, and drug testing. Stem cell therapies have gained huge popularity in the recent times for treating various chronic and degenerative diseases. The increasing funding in stem cell research and clinical trials for developing novel cell-based therapies for diseases like cancer, cardiovascular diseases, diabetes etc. have raised the demand for cell cryopreservation.
The global cell cryopreservation market is estimated to be valued at US$ 228.8 Mn in 2023 and is expected to
exhibit a CAGR of 5.7% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity:
The growing number of stem cell clinical trials being conducted worldwide
presents a major market opportunity for cell cryopreservation. According to
clinicaltrials.gov, as of August 2022, there are around 4,274 active clinical
trials being conducted globally evaluating the potential of stem cell-based
therapies for treating a wide range of diseases. Further, increasing
investments from both private and public sectors in stem cell research are also
fueling the clinical pipeline. The promising therapeutic applications of stem
cells thus ensure consistent demand for cell cryopreservation services and
solutions, thereby propelling the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Cell cryopreservation market requires high capital
investment for research and development which poses a high entry barrier for
new players. Regulatory requirements for safety and quality also raise entry
barriers.
Bargaining power of buyers: Buyers have moderate to high bargaining power in
the market owing to the presence of substitutes. The development of new
techniques also provides choices to buyers.
Bargaining power of suppliers: A few major players dominate the supply market.
Thus suppliers have moderate bargaining power. However, necessity of their
products provides them stability.
Threat of new substitutes: Alternate cryopreservation techniques like
vitrification, hypothermic storage pose threats. Researchers are developing new
biomaterials to improve efficacy.
Competitive rivalry: The market is competitive with major global players.
Players compete on factors like product quality, price and service.
SWOT Analysis
Strength: Cell cryopreservation techniques help in long term storage and
transport of valuable cell lines. It aids research in tissue engineering and
regenerative medicine.
Weakness: High cost of equipment and maintenance required for cryopreservation.
Variations in efficacy for different cell types. Strict regulations add to
costs.
Opportunity: Growing biobanking industry drives demand. Stem cell research
offers scope for innovations. Developing economies offer market potential.
Threats: Alternate low-cost preservation methods. Stringent approval timelines
for new products. Concerns over stability and viability of stored cells.
Key Takeaways
The global
Cell Cryopreservation Market is expected to witness high growth over the
forecast period owing to the rising research in regenerative medicine and
biobanking. The increasing demand for cryopreservation in stem cell research
and cord blood banking will drive market revenues. The global Cell
Cryopreservation Market is estimated to be valued at US$ 228.8 Mn in 2023 and
is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the market currently due to
extensive research funding and presence of advanced healthcare infrastructure.
The Asia Pacific region shows high growth potential led by China, India and
other developing countries. Increased healthcare spending and stem cell
research activities in the region offer opportunities.
Key players operating in the Cell Cryopreservation market are BASF SE, Bayer
Group, AkzoNobel N.V., The Dow Chemical Company, LyondellBasell Industries
Holdings B.V., E.I. DuPont de Nemours and Company, Mitsui Chemicals, Braskem
SA, PPG Industries, and Eastman Chemical Company. Key players compete on
factors like products, services, innovation and pricing. They focus on
expanding in emerging markets through partnerships.
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