A recent study conducted by Future Market Insights has unveiled a promising forecast for the global cryopreservation freezers market. With an anticipated compound annual growth rate (CAGR) of 6.5% through 2033, the market is poised for significant expansion, catapulting its value from USD 585.0 million in 2023 to an impressive USD 1.1 billion by 2033.
The cryopreservation freezers sector, vital for the long-term storage of biologics, organs, and tissues, holds a pivotal position in various clinical applications. In 2022, the market closed at a valuation of USD 552.3 million and is projected to witness a year-over-year growth of 5.9% in 2023.
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Driving this remarkable growth trajectory is the escalating demand for reliable storage solutions within the biomedical sector, complemented by a surge in governmental support for research and development initiatives associated with organ transplantation. As the imperative to preserve biological materials with utmost integrity continues to escalate, the cryopreservation freezers market is positioned to adeptly address these critical demands.
“The exponential growth forecasted for the cryopreservation freezers market underscores its indispensable role in safeguarding vital biological materials,” remarked FMI. “This surge not only reflects the growing prominence of biomedical research but also underscores the industry’s commitment to advancing healthcare through cutting-edge storage technologies.”
Key Takeaways from Market Study:
- By product, tunnel freezer contributed around USD 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 USD 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 USD 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.
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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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About Future Market Insights (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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