CRYOPRESERVATION EQUIPMENT MARKET ANALYSIS

Cryopreservation Equipment MarketSize and Trends

Global cryopreservation equipment market is estimated to be valued at US$ 8,002.9 million in 2022 and is expected to exhibit a CAGR of 13.2% during the forecast period (2022-2030).

Figure 1. Global Cryopreservation Equipment Market Share (%), by Cryogen, 2022

Increasing number of government initiatives for preservation of stem cells is expected to augment market growth.

New York Blood Center (NYBC) initiated the National Cord Blood Program, in 1992, to investigate, collect, process, freeze, and store the cord blood cells in liquid nitrogen freezers, which are used when patients with hematopoietic transplants are unable to find compatible bone marrow donors. NCBP is the first and largest cord bank in the world, which recorded a collection of over 60,000 cord blood units, till 2017.

Figure 2.Global Cryopreservation Equipment Market Share (%), by Region, 2022

Increasing funding initiatives by government organization for research and development in cryopreservation techniques is expected to drive the global cryopreservation equipment market growth over the forecast period.

Increasing funding initiatives by government organization for research and development in cryopreservation techniques is expected to drive the global cryopreservation equipment market growth over the forecast period. For instance, in February 2017, the U.K. Stem Cell Bank, funded by Medical Research Council, U.K. and Biotechnology and Biological Sciences Research Council, provides quality controlled, ethically approved, assured repository of human embryonic, and fetal and adult stem cell lines for research and healthcare developments. The U.K. Stem Cell Line Registry lists the human embryonic stem cells, which are approved to be used in the U.K. Moreover, in February 2017, U.K. Stem Cell Bank (UKSCB) distributed the human cell lines developed at the University of Sheffield for use in medical therapies and research.