Cryopreservation is a process of preserving biological samples such as cells, tissues, and blood at cryogenic temperatures for a certain period. In this process, samples of cells, tissues, and organelles are cooled at very low temperatures (less than -2130 degree F), for preservation. Cryopreservation is used to preserve oocytes and embryos with in-vitro fertilization (IVF) cycle, before chemotherapy for women diagnosed with breast cancer, to preserve their reproductive capacity.
The global cell cryopreservation market size was valued at US$ 4,027.9 million in 2018 and is expected to exhibit a CAGR of 22.5% over the forecast period (2018–2026).
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Figure 1. Global Cell Cryopreservation Market Value (US$ Mn), by Region, 2018
Source: Coherent Market Insights Analysis (2019)
Rising government initiatives for the preservation of stem cells is projected to augment the market growth
Government organizations’ initiatives for the preservation of stem cells is a prime factor fueling market growth. For instance, NCBP is the first and largest cord bank in the world, which recorded a collection of over 60,000 cord blood units, till 2016. NCBP has provided cord blood units for transplantation to over 4,900 recipients, throughout the world. Moreover, in 2011, Canada’s Ministry of Health initiated Canada’s first national, publicly funded umbilical cord blood bank, which aims to provide donations for the allogeneic hematopoietic stem cell transplant.
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The rising launch of advanced and novel cryopreservation systems and the approval of cryopreserved cells by regulatory authorities is also projected to foster market growth. For instance, in 2015, AMS Biotechnology Limited launched its new Stem-Cellbanker, a GMP grade cell cryopreservation media. Stem-Cellbanker is a freezing solution that is used for the preservation of stem cells, induced pluripotent stem (iPS) cells, and other cells.
On the flip side, increasing adoption and development of alternative methods is projected to hamper the market growth. For instance, in May 2019, researchers at the University of Japan developed a technique to cryopreserve animal cells without using a cryoprotectant agent. The researchers plan to apply this technique to a wide range of cells, especially cells sensitive to cryopreservation procedures.
Figure 2. Global Cell Cryopreservation Market Share (%), by Application, 2018 and 2026
Source: Coherent Market Insights Analysis (2019)
Growing R&D expenditure by pharmaceutical and biotechnology companies in North America is projected to foster the market growth
North America holds a dominant position in the global cell cryopreservation market, and this can be attributed to rising expenditure on research and development activities by a pharmaceutical organization. For instance, in 2013, Amgen Foundation launched an international program named Amgen Biotech Experience. The foundation also collaborated with non-profit organizations such as Education Development Center, Inc. (EDC) and provided grants amounting to US$ 30 Mn to local, regional, and international nonprofit organizations to provide technical assistance in biotechnology research.
The growing focus of key players on developing novel products for preserving various cells and tissues for research and use in medical applications is a major factor fueling market growth. For instance, in 2018, Vanessa Research Inc., a startup company, launched a compact device aimed at batch cryopreservation, which allows freezing of multiple tissue samples, simultaneously.
Moreover, in January 2015, the precision medicine initiative proposed by the U.S. Government led to the creation of a new biobank that contains medical records and genetic information. The biobank is used for the research of new disease-gene associations and medical care. Hence, the rising launch of biobanks is projected to rise a high demand for cell cryopreservation services, thus supporting market growth in the region.
Major players operating in the global cell cryopreservation market include General Electric Company, Thermo Fisher Scientific Inc., Merck KGaA, AMS Biotechnology (Europe) Limited, Miltenyi Biotec GmbH, BioLifeSolutions Inc., HiMedia Laboratories Pvt. Ltd., PromoCell GmbH, Corning Incorporated, Cooper Companies, Inc., and Planer PLC.
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