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.

Explore more trending article on this topic:https://www.newsstatix.com/cryopreservation-of-cells-is-driven-by-growing-applications-in-stem-cell-reproductive-and-drug-discovery-technologies/