The global cryo box market is projected to reach a market worth of US$ 349.87 million in 2023 and to reach US$ 714.2 million by showing a CAGR of 7.39% from 2023 to 2033. In the historical period from 2018 to 2022, the cryo box market experienced a CAGR of 5.4%.
Cryopreservation is a technique where biological constructs such as organelles, cells, and tissues are preserved by cooling at low temperatures. Advancements in biotechnology and medical science are likely to impact the demand for cryo box. Cryo boxes are designed to store and preserve the samples of biological material such as human and animal cells which need to be stored at extremely low temperatures.
Biological goods need to be transported and shipped cross borders which require additional care and precautions. There is high risk of contamination and damage to these samples which can reflect in the outcome of the research leading to wrong conclusions which is an unaffordable risk for the healthcare and biotechnological institutions.
Therefore, cryo box is an ideal solution for handling and preservation of these biological materials which might impact the growth of the cryo box market positively.
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Cryo Box Market: Dynamics
The growth of cryo boxes is led by advancements in biology and medical science. Nonavailability of substitutes for convenient handling and extreme temperatures is likely to grow the demand for cryo boxes. Pharmaceutical research and biotechnological advancement projects such as stem cell research and human genome project are likely to increase the demand for cryo box.
Cryo box is appropriate for liquid nitrogen and mechanical freezers. Moreover, the sample can be managed well due to the presence of grids that are removable in the cryo box which can be numbered easily. This factor might lead to growth in the demand for cryo boxes and would impact the market for cryo boxes positively.
Cryo boxes can be customized as per the need of the biological study and research. Cryo boxes come with vent and drain holes which provide the proper thermal setting for cryopreservation. Cryo boxes are stackable and can be easily stored and transported.
Demand in focus towards developments in the healthcare industry and integration of research and technology aiming at providing better healthcare services across the globe is anticipated to boost the demand for cryo boxes.
The regions which have high number of biotech firms are in regions such as North America, Europe and Asia. The demand by these regions primarily in the countries such as United States, Spain, Korea, Germany, United Kingdom, Japan, Mexico and Belgium are estimated to have high growth for cryo boxes which is likely to boost the demand for cryo box market in the years to come.
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Cryo Box Market: Regional Outlook
North America owing to its biological and pharmaceutical advancements is expected to increase the market demand for the cryo box market. Following the United States from North America, Japan, and China have the largest pharmaceutical and biotechnological market. The continuous focus of government to enhance healthcare facilities, since healthcare plays a predominant role in the development of society.
Furthermore, demand from emerging counties such as India and China for healthcare services is likely to hike the demand for cryo boxes and is going to impact the cryo box market positively in the forecasted years.
Cryo Box Market: Key Players
Key players in the cryo box market are as follows,
- Cryostore
- Heathrow Scientific
- Tenak
- Biologix Group Limited
- Biocision
- Deluxe Scientific Surgico Pvt Ltd
- Bioline Technologies
- Argos Technologies
- Capp
- Wildcat Wholesale LLC
- Thermo Fisher Scientific
- Accupet
- Brandtech
- Corning.
- Drummond
- Eppendorf
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Cryo Box Market: Segmentation
Cryo Box Market can be segmented on the basis of End Use Industry, material type and microtube holding capacity.
By End Use Industry, Cryo Box Market can be segmented as
- Chemicals Industry
- Healthcare Industry
- Personal Care Industry
By Material type, Cryo Box Market can be segmented as
- Polypropylene plastic
- Polycarbonate
- Laminated cardboard
- Moisture-repellent fiberboard
By Microtube holding capacity, Cryo Box Market can be segmented as
- Less than 0.5 ml
- 0.6 to 1 ml
- 1.1 to 1.7 ml
- 1.8 to 2 ml
- More than 2.1 ml
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