The rising concerns towards infertility and increasing birth rates have boosted the demand for assisted reproductive technologies, prompting manufacturers to focus on improving storage conditions.
The global Cryopreservation Equipment Market is estimated to be valued at US$ 9059.28 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of fertility treatments and stem cell therapies has accelerated the growth of the cryopreservation equipment market over the past few years. Fertility centers and IVF clinics are increasingly relying on cryopreservation technologies to preserve gametes, embryos, and reproductive tissues. Moreover, stem cell therapies have gained massive popularity worldwide to treat chronic diseases. With the progress in regenerative medicine, there has been substantial growth in the preservation and storage of stem cells. Cryopreservation allows long term storage of stem cells and proper maintenance of viability and integrity during storage. This helps facilitate stem cell therapies when required without the need for repeated collections from donors. The rising demand for infertility treatment and stem cell research across the globe is a major factor fueling the growth of the cryopreservation equipment market.
Segment Analysis
The global cryopreservation equipment market is dominated by equipment used for cryopreservation of stem cells, which accounts for over 33% share of the overall market. Stem cell therapeutics is a fast growing application area with rising number of clinical trials and commercialisation of stem cell therapies for various diseases including cancer, cardiovascular diseases and musculoskeletal disorders. The sub-segment is growing at a robust pace due to increasing investments in regenerative medicine research as well as availability of commercialized stem cell therapies.
Key Takeaways
The global Cryopreservation Equipment Market Demand is expected to witness high over the forecast period of 2023 to 2030. The market is projected to progress at a CAGR of 4.9% during the forecast years.
Regional analysis
North America currently dominates the global cryopreservation equipment market supported by growing stem cell research and biobanking activities in the region. The United States accounts for the major share in the North American as well as global cryopreservation equipment market. However, Asia Pacific region is expected to emerge as the fastest growing regional market attributed to increasing life science research expenditures and rising medical tourism in countries such as China and India.
Key players
Key players operating in the cryopreservation equipment market are Ferring B.V., Bayer AG, Braintree, Bausch Health Companies Inc., and Norgine B.V. Ferring B.V. and Bayer AG are the leading players due to their strong product portfolio and global presence. These major players are focusing on new product launches and expansion of their commercial footprint in high growth markets to strengthen their market position.
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