Report : North America 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 12.2% CAGR, the North America Cryopreservation Market is speculated to be worth US$ 6,783.23 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America cryopreservation market was valued at US$ 3,403.24 million in 2022 and is expected to reach US$ 6,783.23 million by 2028, registering an annual growth rate of 12.2% from 2022 to 2028. Rising acceptance for regenerative medicine and rising needs of biobankong process are the critical factors attributed to the market expansion.
Cryopreservation plays an important part in the field of regenerative medicine as it facilitates stable and secure storage of cells and other related components for a prolonged time. Regenerative medicine enables replacing diseased or damaged cells, tissues, and organs by retrieving their normal function through stem cell therapy. Owing to the advancements in the medical technology, stem cell therapy is now being considered as an alternative to traditional drug therapies in the treatment of a wide range of chronic diseases, including diabetes and neurodegenerative diseases. Moreover, the US Food and Drug Administration (FDA) has approved blood-forming stem cells. The blood-forming stem cells are also known as hematopoietic progenitor cells that are derived from umbilical cord blood. The growing approvals for stem cell and gene therapies are eventually leading to the high demand for cryopreservation equipment. Following are a few instances of stem cell and gene therapies approved by the FDA and other regulatory bodies.
• In February 2021, Bristol Myers Squibb (Juno Therapeutics, Inc.) received an FDA approval for Breyanzi, a CD19-directed chimeric antigen receptor T-cell (CAR-T) therapy. The CAR-T cell therapy is used for treating relapsed or refractory large B-cell lymphoma in adults.
• In July 2020, Kite, a Gilead Company, received an approval from the US FDA for its Tecartus (formerly known as KTE-X19) CAR-T cell therapy. The therapy is designed for the treatment of adult patients with relapsed or refractory mantle cell lymphoma (MCL).
• In May 2019, Vericel Corporation received an approval for its MACI (autologous cultured chondrocytes on porcine collagen membrane).
On the contrary, less awareness about ESG software hurdles the growth of North America cryopreservation market.
The North America 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 12.8% in the market during the forecast period. It held 47.3% market share in 2022, amassing US$1,610.79 million. It is projected to garner US$ 3,313.35 million by 2028 to expand at 12.8% CAGR during 2022–2028.
North America 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 44.0% share of the domain, the liquid nitrogen segment dominated the market in 2022. It accrued US$ 1,497.47 million in 2022 and is estimated to generate US$ 3,146.77 million by 2028 to grow at a CAGR of 13.2% over the forecast period.
The North America 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 33.3% share of the market in 2022. Further it held 1,133.28 million in 2022 and is estimated to generate US$ 2,218.59 million by 2028 to grow at a CAGR of 11.8% over the forecast period.
The North America 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 13.0% of the market during the forecast period.
Our regional analysis states that US captured 61.3% 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 North America 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.