Cryopreservation Equipment Market: Overview
- North America and Western Europe are likely to account for dominant shares of the global cryopreservation equipment market. Increase in the number of organ transplantations, technological advancements, and rise in healthcare coverage are likely to drive the cryopreservation equipment market in both regions during the forecast period.
- Asia Pacific is expected to be a highly lucrative market for cryopreservation equipment during the forecast period
- High competition, however, is likely to hamper the cryopreservation equipment market
Increase in Demand for Regenerative Medicines to Accelerate Cryopreservation Equipment Market Growth
- Regenerative medicine is the process of creating living, functional tissues in order to repair or replace tissues lost due to age, disease, damage, or congenital defects
- Regenerative medicine has the potential to solve the problem of shortage of organs available through donation. Rapid development in transplant medicine, along with the aging of the baby boomer generation has fueled the demand for tissues and organs far exceeding the available donor organs.
- Approximately 500,000 people in the U.S. benefit from transplants every year. Regenerative medicine is expected to improve the quality of life of individuals by providing healthy, functional tissues, and organs.
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Advancements in Biobanking Technology to Augment Cryopreservation Equipment Market
- Advancements in biobanking technology have improved new areas of science such as biorepository and biospecimen
- Usage of robotic sample handling and processing, along with software specifically designed for storage management in facilities is anticipated to make the biobanking process easy and effective, as biobanking grows larger and more complex
Storage Problems and Instability to Restrain Cryopreservation Equipment Market
- Storage of biological products under required temperature is important for stability and biological activity
- Some factors responsible for stability issues are shortage of storage containers and electricity failure. These factors are expected to restrain the cryopreservation equipment market.
Asia Pacific Cryopreservation Equipment Market to Expand Significantly
- Rise in prevalence of chronic diseases, increase in collaborations between hospitals and tissue banks, and surge in investments in research & development are likely to drive the cryopreservation equipment market in Asia Pacific during the forecast period
- The cryopreservation equipment market in Asia Pacific is likely to expand at a high CAGR from 2019 to 2027
- Growth of the cryopreservation equipment market in the region can be attributed to increase in healthcare coverage, rise in healthcare expenditure, surge in awareness among people, and government initiatives
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Global Cryopreservation Equipment Market: Competition Landscape
- The report also provides profiles of leading players operating in the global cryopreservation equipment market. These include Thermo Fisher Scientific, Inc., Beckman Coulter, Inc., Brooks Automation, Inc., VWR International, LLC, Merck KGaA, BioLifeSolutions, Inc., Bluechiip Ltd., Custom Biogenic Systems, Hamilton Company, and PHC Corporation.
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