According to data from Future Market Insights, the global cryopreservation freezers market growth is anticipated to expand at a CAGR of 6.5% over the forecasted time. By 2033, the market value is anticipated to have increased from US$ 585.0 million to US$ 1.1 billion. The market for cryopreservation freezers had a value of US$ 552.3 million at the end of 2022 and is projected to expand by 5.9% year over year in 2023.
The global cryopreservation freezers market demand is expected to grow at a significant rate in the coming years, driven by several factors. These includes growing demand for maintaining the storage conditions for various biologics, organs and tissues for clinical purpose and increasing growing government funds for the research and development field for organ transplantation.
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A potentially useful method for storing and moving organs is cryopreservation. Government officials are aware of the potential benefits of cryopreservation in resolving the medical issues raised during organ transplantation.
For the market for cryopreservation freezers, government financing in the area of research and development for organ transplantation has been a significant market driver. Effective preservation techniques are becoming more and more important due to the rising prevalence of chronic diseases and organ failure.
- According to the article Buying Time for Transplants published by National Library of Medicine, the Consortium for Organ Preservation in Europe (COPE) received a US$ 7.1 million allocation from the European Union.
- According to the article Buying Time for Transplants published by National Library of Medicine, Cryopreservation and ex vivo perfusion technology received US$ 7 million in a search of NIH RO1 grants during the course of the previous year.
The government aims to raise the success rates of transplant procedures by funding the research and development of cryopreservation freezers. Extending organ viability can enable longer periods of transport and improve the chances of successful transplantation.
Significantly, breakthroughs in organ transplantation technology have positive economic effects. Organ transplants are expensive, and using cryopreservation technology could help cut healthcare costs by enhancing the effectiveness of organ preservation and transportation, which is what, drives the demand for cryopreservation freezers.
Key Takeaways from Market Study:
- By product, tunnel freezer contributed around US$ 227.5 Million in 2022. The tunnel freezers excel in reducing environmental contamination, which helps to ensure the quality of the item stored and helps for a longer duration of storage.
- By end user, medical and healthcare settings contributed around US$ 233.6 Million in 2022, owed to growing demand for long-term storage options for vaccines, biological samples, stem cells, and other medicinal supplies. The segment gains from the growing demand for safeguarding these delicate materials’ viability and integrity for use in research, diagnostics, and therapeutic procedures in medical and healthcare settings.
- By region, North America held dominant share in world in 2022 contributing around US$ 201.0 Million. North America’s prominent position in the cryopreservation freezer market is a result of the existence of important market participants, research organizations, and academic institutions there.
“Demand growing for long-term storage and preservation of biologics, tissues and organs for various clinical application across industries” says an analyst of Future Market Insights.
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Market Competition:
The cryopreservation freezers market is highly competitive, with key players including BioLife, Common Sense Ltd. and Nanjing Liming Bio-products Co., Ltd. These companies are constantly working towards introducing new products into the market with advanced features and new technology integrated.
- In January 2021, Biolife Solutions- stirling ultracold, a leading manufacturer of ultra-low temperature (ULT) freezers, signed exclusive distribution agreement as a sole supplier of ULT freezers to Puerto Rico and all US embassy facilities.
- In March 2023, BioLife introduces Stirling Ultraguard -70°C Phase Change Material.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the cryopreservation freezers in its latest study, presenting a historical demand assessment of 2017 – 2022 and projections for 2023 – 2033. The global cryopreservation freezers market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader
The analysis is based on product type (tunnel freezer, IQF freezer, immersion freezer, spiral freezer and others), by end user (medical and healthcare settings, bio-pharma companies, blood banks, research institutes and others) across seven key regions around the world.
Key Market Segments Covered in Cryopreservation Freezers Industry Research:
By Product:
- Tunnel Freezer
- IQF Freezer
- Immersion Freezer
- Spiral Freezer
- Others
By End User:
- Medical and Healthcare settings
- Bio-pharma companies
- Blood Banks
- Research Institutes
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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