Wilmington, Delaware, United States, Nov. 04, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The products and solutions offered by players in the global cryopreservation equipment market are used for the storage of human blood and tissue products for long periods of time. They create a controlled environment in order to stabilize these products and maintain their quality for a longer period. Rising awareness pertaining to benefits of using this cutting-edge medical equipment is boosting growth in the market. As per a recent market intelligence report, the global cryopreservation equipment market is anticipated to register a CAGR of 10% over the forecast period of 2019 to 2027.
Growing spending on healthcare and increasing demand for regenerative medicine is propelling demand within the global cryopreservation equipment market. In North America region, rising adoption of these cryopreservation equipment and devices for laboratorial and clinical analysis is thrusting growth. North America region held a leading share of the global cryopreservation equipment market in 2018.
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Cryopreservation Equipment Market – Key Findings of the Report
- Rising Demand for Liquid Nitrogen-based Cryopreservation Equipment: The liquid nitrogen segment leads the global cryopreservation equipment market in terms of value. Innovations in cryogen techniques have led to the introduction of new age laboratory freezers that operate by using liquid nitrogen. Furthermore, rising demand for the development of essential tools required for bioproduction of gene therapies and cells is also propelling demand within the global cryopreservation equipment market.
- Increasing Demand for Incubators: The rising demand for incubator products is thrusting growth in the global cryopreservation equipment market. Players in the market are focused on gaining technical expertise that can help them in advancing their sensor technologies to boost use of incubators in IVF clinics, as well as laboratories. Increasing utilization of modern sensor technologies can also aid in offering insights for measurement of CO2 levels of pH levels in certain incubators.
- Alternative Income Sources for Market Players: Players working in the global cryopreservation equipment market are extending their services portfolio to include long-term storage of advanced therapeutic and medicinal products using their cryopreservation equipment and tools. Furthermore, the advent of new types of cell manufacturing plants is also bolstering market growth. Various notable industry stakeholders are launching new plants that can offer cell purification and cryopreservation services as alternative sources of income.
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Cryopreservation Equipment Market – Growth Drivers
- Rising demand for regenerative medicines boosts growth of the global cryopreservation equipment market
- Consistent advancements in field of biobanking and emergence of new biobanking technologies motivate market growth
- Increase in the healthcare spending fuels expansion of the global cryopreservation equipment market
Cryopreservation Equipment Market – Key Players
The competitive landscape of the global cryopreservation equipment market is consolidated in nature, with three major players leading the industry in terms of share. Some of the key incumbent companies functional in the global cryopreservation equipment market are Beckman Coulter, Inc., VWR International, Merck KGaA, Bluechip Ltd., Hamilton Company, Thermo Fisher Scientific Inc., Brooks Automation, Inc., Biolife Solutions, Inc., Custom Biogenic Company, and PHC Corporation.
Players operating in the global cryopreservation equipment market are focusing on adopting mergers and acquisitions as key strategies to enhance their share and expand their range of product offerings. This has also led to considerable number of innovations in bioproduction of gene therapies, as well as in development of technologically advanced freezers. Apart from this, players in the market are also focused on increasing the efficacy of their monitoring systems operating on cloud functionalities to aid in precise evaluation of storage conditions for biological samples.
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Cryopreservation Equipment Market: Segmentation
Cryopreservation Equipment Market, by Type
- Freezers
Cryopreservation Freezers
Drystore Freezers
- Incubators
- Sample Preparation
- Systems
- Accessories
Freezer Boxes
Cryogenic Vaporizers
Cryopreservation Vials
Others
Cryopreservation Equipment Market, by Cryogen
- Liquid Nitrogen
- Oxygen
- Liquid Helium
Cryopreservation Equipment Market, by Application
- Cord Blood Stem Cells
- Sperms, Semen, and Testicular Tissues
- Embryos & Oocytes
- Others
Cryopreservation Equipment Market, by End User
- Stem Cell Banks
- Biotechnology & Pharmaceutical Organizations
- Stem Cell Research Laboratories
- Others
Cryopreservation Equipment Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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