The North America Cell Cryopreservation Market would witness market growth of 19.5% CAGR during the forecast period (2023-2030).
The capacity of ready-to-use media to decrease the development of ice crystals while cryopreserving live cells led to its increasing adoption among the research community. Furthermore, the rising popularity of cell-based drugs has resulted in massive investments from manufacturers to develop sophisticated biopharmaceuticals for severe medical conditions, which will propel the demand for cryopreservation and further boost market growth. The versatility, ready-to-use, and inexpensive cost of these media over traditional freezing processes have resulted in widespread adoption among end-users.
Traditional freezing techniques necessitate liquid nitrogen, which has significant safety concerns. Other disadvantages of nitrogen use include the potential of cross-contamination, high operating costs, and the risk of asphyxiation due to the displacement of atmospheric oxygen. As a result, the use of ready-to-use freezing media has grown in recent years, which further boosts the market. Additionally, developments in freezing media formulation and cryopreservation techniques, as well as leveraging cryopreservation freezing media applications in fields such as tissue engineering, cellular treatment, and stem cell research, have driven the market substantially. Favorable government regulations for regenerative medicine & cell-based research are expected to boost the market further.
According to Statistics Canada, in 2020, the R&D pharmaceutical sector contributed $15.9 billion to the Canadian economy in gross value added, an increase of 5.8% from the $15.0 billion generated in 2019. The growing R&D activities in the pharmaceutical sector in Canada can contribute significantly to expanding the market. Pharmaceutical research and development rely on preserving cells, tissues, and biological materials for various applications, including drug discovery, clinical trials, and personalized medicine. The aforementioned factors will drive the market’s growth in this region.
The US market dominated the North America Cell Cryopreservation Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9,015 million by 2030. The Canada market is registering a CAGR of 22.2% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 21.1% during (2023 - 2030).
Based on Component, the market is segmented into Consumables (Cryogenic Vials, Cryogenic Tubes, Cooler Boxes/Containers, and Others), Cell Freezing Media (Dimethyl Sulfoxide, Ethylene Glycol, Glycerol & Others), and Equipment (Freezers, Incubators, and Liquid Nitrogen Supply Tanks). Based on End-use, the market is segmented into IVF clinics, Biopharmaceutical & Pharmaceutical Companies, Biobanks, Research Institutes, and Others. Based on Application, the market is segmented into Stem Cells, Oocytes & Embryotic cells, Sperm Cells, Hepatocytes, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Cell Cryopreservation Market is Predict to reach $35.7 Billion by 2030, at a CAGR of 20.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Merck KGaA, Thermo Fisher Scientific, Inc., Sartorius AG, PromoCell GmbH, Lonza Group Ltd., HiMedia Laboratories Pvt. Ltd., Corning Incorporated, BioLife Solutions, Inc., Eppendorf SE and Danaher Corporation.
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