According to the study, the global cryogenic boxes market is expected to grow at a CAGR of 7.3% between 2022 and 2032. The market value is projected to increase from US$ 326.2 Million in 2022 to US$ 657.3 Million by 2032. The cryogenic boxes market was valued at US$ 305 Million at the end of 2021 and is anticipated to exhibit Y-o-Y growth of 7.0% in 2022
The growth of the cryogenic boxes market has been robust and multifaceted. It has been primarily fueled by the escalating demand for cryogenic preservation across various industries, such as healthcare, biotechnology, and pharmaceuticals. Cryogenic boxes offer a reliable solution for storing and transporting temperature-sensitive materials, including biological samples and vaccines, at ultra-low temperatures, thus extending their shelf life and maintaining their integrity.
Moreover, the expanding field of regenerative medicine and cell therapy has significantly contributed to market growth, as cryogenic boxes play a vital role in the storage and preservation of stem cells, tissues, and organs for research and clinical applications.
Technological advancements have further propelled market expansion by enhancing the performance and reliability of cryogenic boxes. The development of more durable and temperature-stable materials has improved their efficiency and effectiveness in maintaining ultra-low temperatures.
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The global cryogenic box market is growing due to the increasing development of stronger antiviral medications, research into improved vaccine development, and immunity-boosting doses. Biodegradable, recyclable, and ecologically friendly materials are being developed by key stakeholders.
Growth in the cryogenic boxes market might be hampered by downward cost pressure in the pharmaceutical and healthcare sectors. The difficulties of continual product development and manufacture of superior grade cryogenic boxes can drive up market selling prices, affecting product supply.
Polypropylene, for example, has a shorter life duration and takes 20-30 years to disintegrate, resulting in trash accumulation. Replacing polypropylene with cardboard and fiberboard raises product costs and does not deliver the same level of efficiency. This factor may limit the growth of the cryogenic box market.
The biodegradability and recyclability of materials are important factors in influencing the cryogenic box market dynamics. Eco-friendly material improvements are critical to the cryogenic box market’s success.
Cryogenic boxes made of cardboard and fiberboard is predicted to rise in popularity during the prediction period. COVID-19 vaccine development and distribution, on the other hand, remain the product’s most promising market development prospects.
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Key Takeaways from Global Cryogenic Boxes Market
- Plastic cryogenic boxes are expected to increase at the 7.8% CAGR during the projection period (2022-2032).
- Paper & paperboard cryogenic box segment will witness fastest growth due to the easy biodegradable property of paper & paperboard cryogenic box
- The U.S. cryogenic boxes market is estimated to expand 2.1x of the current value, by 2032.
- The healthcare industry accounted for the 44% value share in 2021 and is poised to increase at a CAGR of 8% in the global market.
- India cryogenic boxes market is expected to grow at a CAGR of 8.1%. between 2022 and 2032.
“Cryogenic boxes are gaining traction in the pharmaceutical and healthcare sector. They are also gaining immense popularity as a result of the growing demand for shipping organic material at ultra-low temperatures.” –comments FMI Analyst
Global Cryogenic Boxes Market Landscape
With big global and local competitors, the cryogenic box market is fiercely competitive. Customers can choose their sizes thanks to the market’s leading companies. Cryogenic boxes lids are also being innovated by several manufacturers in order to gain market share. Market shares are projected to change as a result of overall innovation in material, size, and appearance. Some of the market’s major companies are Tarsons, Thermo Fisher Scientific Inc., Cole-Parmer Instrument Company, LLC, Merck KGaA, ratiolab, BIOLOGIX GROUP LTD, Heathrow Scientific, Bioline Technologies, TENAK A/S, Deluxe Scientific Surgico Private Limited, CAPP, GENAXXON bioscience, Glassco, AHN Biotechnologie Gm
Global Cryogenic Boxes Market by Category
By Material:
- Plastic
- Paper & paperboard
- Metal
By Application:
- Vials
- Ampoules
- Tubes
By End Use Industry:
- Chemical
- Healthcare
- Personal Care
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
About Future Market Insights Inc. (FMI)
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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