Report : Europe Cryopreservation Equipment Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Freezers, Sample Preparation Systems, and Accessories), Cryogen Type (Liquid Nitrogen, Oxygen, Liquid Helium, Argon, and Others), Application (Cord Blood Stem Cells, Sperms, Semen, & Testicular Tissues, Embryos & Oocytes, Cell & Gene Therapies, and Others), and End User (Stem Cell Banks, Biotechnology & Pharmaceutical Organizations, Stem Cell Research Laboratories, and Others)
At 11.5% CAGR, the Europe Cryopreservation Market is speculated to be worth US$ 2,803.97 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe cryopreservation market was valued at US$ 1,459.67 million in 2022 and is expected to reach US$ 2,803.97 million by 2028, registering an annual growth rate of 11.5% from 2022 to 2028. Rising acceptance for regenerative medicine and rising needs of biobankong process are the critical factors attributed to the market expansion.
Biobanks are developed extensively for the preservation of biological materials, including human biologics, plants, animals, and microbes, for medical research, drug development, agriculture, and ecology. The demand for cryopreservation equipment has increased among biotechnology and pharmaceutical manufacturers, contract research organizations, stem cell banks, and stem cell research laboratories in the past few years. These end users contribute to the development of biomarker detection, molecular diagnosis, translational medicine, and multidisciplinary disease research.
In addition, biomaterials used to study the interactions between genetic and environmental or lifestyle factors can also be stored biobanks. They require cryopreservation equipment to store umbilical cord blood as a source of hematopoietic stem and progenitor cells; cancerous tissue samples; semen for artificial insemination; oocytes and embryos for in-vitro fertilization (IVF); and plant seeds/shoots for breeding. Furthermore, the COVID-19 pandemic has triggered the research and developments activities for effective diagnostics and therapeutic approaches, which is adding to the requirement of biobanks.
Biobank Graz, Shanghai Zhangjiang Biobank, “All of Us” Biobank, International Agency for Research on Cancer (IARC) Biobank (IBB), China Kadoorie Biobank, UK Biobank, FINNGEN biobanks, Canadian Partnership for Tomorrow Project Biobank, EuroBioBank network, and Qatar Biobank are among the leading biobanks across the world. They are part of national government-funded studies regarding population health. Apart from the listed biobanks, various other biobanks owned by private and public entities across all regions require cryopreservation equipment and accessories in large volumes.
On the contrary, less awareness about ESG software hurdles the growth of Europe cryopreservation market.
The Europe cryopreservation equipment market, by type is segmented into freezers, sample preparation systems, and accessories. The freezers segment held the largest share of the market in 2022, moreover the same segment is anticipated to register the highest CAGR of 12.1% in the market during the forecast period. It held 48.4% market share in 2022, amassing US$ 705.80 million. It is projected to garner US$ 1,398.02 million by 2028 to expand at 12.8% CAGR during 2022–2028.
Europe cryopreservation equipment market based on the cryogen type is segmented into liquid nitrogen, oxygen, liquid helium, argon, and others. In 2022, the liquid nitrogen segment is likely to hold the largest share of the market. With 45.4% share of the domain, the liquid nitrogen segment dominated the market in 2022. It accrued US$ 662.87 million in 2022 and is estimated to generate US$ 1,341.62 million by 2028 to grow at a CAGR of 12.5% over the forecast period.
The Europe cryopreservation equipment market by application, is segmented into cord blood stem cells, sperms, semen & testicular tissues, embryos and oocytes, cell and gene therapies, and others. The cord blood stem cells segment are likely to hold the 32.9% share of the market in 2022. Further it held 479.94 million in 2022 and is estimated to generate US$ 905.03 million by 2028 to grow at a CAGR of 11.2% over the forecast period.
The Europe cryopreservation equipment market by end user, is segmented into stem cell banks, biotechnology and pharmaceuticals organizations, stem cell research laboratories, and others. The biotechnology and pharmaceuticals organizations segment are likely to hold the largest share of the market in 2022, and the same segment is anticipated to register the highest CAGR of 40.4% of the market during the forecast period.
Our regional analysis states that Germany captured 30.2% market share in 2022. It was assessed at US$ 2,086.67 million in 2022 and is likely to hit US$ 4,221.88 million by 2028, exhibiting a CAGR of 12.5% during the forecast period.
Key players dominating the Europe cryopreservation market are Antech Group Inc.; Avantor, Inc.; BioLife Solutions; Brooks Automation, Inc; Cryofab; Cryoport Systems, LLC.; Danaher Corporation; Gold Sim Cellular Science LLC; Hamilton Company; PHC Holdings Corporation; Thermo Fisher Scientific Inc.; and ZhongkeMeiling Cryogenics Company Limited among others.
- In April 2021, Thermo Scientific CryoMed Controlled-Rate Freezers (CRF) use Type T thermocouples to monitor chamber and sample temperatures in real-time, ensuring sample safety and integrity.
- In March 2021, The company launched new Ultra Low Temperature MDF-DU901VHL (large 900 liters class) with newest cabinet design and intuitive LCD display control in ECO version.