Cell Cryopreservation Market Expected to Reach $63.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cell Cryopreservation Market," The cell cryopreservation market size was valued at $10.3 billion in 2022, and is estimated to reach $76.6 billion by 2032, growing at a CAGR of 22.2% from 2023 to 2032. Cell cryopreservation is a process of preserving cells at very low temperature, typically below −130° degree Celsius, to maintain their viability and functionality for future use.  Increase in number of stem cell transplantation, rise in number of FDA approvals, and advancements in technology in pharmaceutical and biotechnology industries act as the key driving forces of the global cell cryopreservation market. Furthermore, key players have adopted product launch as their key developmental strategy to strengthen their presence in the global market.

For instance, in 2023, BioLife Solutions, Inc., a leading supplier of bioproduction tools and services, announced the launch of IntelliRate i67C, a liquid nitrogen (LN2) controlled-rate freezer. This product aims to increase single-batch, LN2 CRF capacity from mid- and late-stage clinical research to initial commercial manufacturing volumes. Moreover, the U.S. Food and Drug Administration (FDA) approved many cell and gene therapies over the last few years.

According to the FDA, as of 2023, 29 cell and gene therapies have been approved. Cryopreservation allows the long-term storage of stem cells, ensuring their availability for research and therapeutic applications. Thus, rise in awareness about the therapeutic potential of stem cells and ongoing research activities have led to a growing demand for cryopreserved stem cells. In addition, increase in infertility rate has escalated the need for sperm cryopreservation and oocyte cryopreservation, which notably contributes toward the cell cryopreservation market growth.

Furthermore, increase in presence of biobanks is anticipated to foster the growth of the market. Biobanks are repositories that store biological samples such as cells, tissues, blood, and other biological materials for research purposes. Biobanks play a crucial role in facilitating medical research, drug discovery, and personalized medicine. For instance, in 2023, UK Biobank, the world’s most significant source of data and biological samples for health research, is set to receive $134.36 million to fund to build a biobank facility at Bruntwood SciTech’s Manchester Science Park. Thus, increase in such fundings received from the public and private institutions boosts the growth of the market.  However, the availability of alternative therapies for cell cryopreservation acts as the key deterrent factor of the cell cryopreservation market. On the contrary, favorable governments initiatives such as funding for research and development is expected to open new avenues for the expansion of the market during the forecast period.

On the basis of type, the cell cryopreservation market share is classified into cryopreservation media and equipment. The cryopreservation media segment is further sub segmented into ethylene glycol, dimethyl sulfoxide, glycerol, and others.. The equipment segment is subsegmented into freezers, liquid nitrogen supply tanks, and others. The cryopreservation media segment was the highest revenue contributor in 2022, owing to wide application of cryopreservation media across various fields, including stem cell regeneration, drug discovery, regenerative medicines, and biobanking. However equipment segment is expected to grow at the fastest rate during the forecast period, owing to the high use of equipment in the facilities such as biobanks and research institutes to store and preserve biological material. Depending on application, the market is segregated into stem cells, oocytes cells, sperm cells, and others.

The other segment accounted for the highest revenue in 2022, owing to increase in incidence of traumatic injury and rise in cryopreservation of blood cells such red blood cells & white blood cells. However, stem cells segment is expected to register fastest growth rate during the forecast period, owing to the high research activities in the development of stem cell therapies.

By end user, the market is fragmented into pharmaceutical & biotechnology company, research institute, and others. The other segment was the major revenue generator in 2022, and is expected to lead the market in the coming years, owing to increase in demand for cell culture surge in number of cell banks and clinical centers for R&D activities. industries.

Region wise, North America was the key shareholder in 2022, and is expected to maintain its lead during the forecast period, owing to high prevalence rate of chronic disease and strong presence of cell cryopreservation Industrys in the region. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period owing to improvement in healthcare awareness, increase in R&D activities in the pharmaceutical & biotechnical industries, and rise in government funds for research activities.

According to the Journal of National Library of Medicine, in 2022, it was reported that less than 10% of National Marrow Donor Registry (NMDP) product are cryopreserved before pandemic. While more than 90% of NMDP product are cryopreserved during March 2020 to August 2020 and January 2022 to 14 March 2022. Thus, the COVID-19 outbreak is anticipated to have a positive impact on the growth of the cell cryopreservation market.

Key Findings of The Study

• By type, the cryopreservation media segment accounted for major share in 2022. However, equipment segment is expected to register fastest growth.
• On the basis of application, the others segment accounted for major share in 2022. However, stem cells segment is anticipated to grow with the highest CAGR throughout the forecast period.
• Depending on end user, the other segment accounted for major share in 2022 and is anticipated to grow with the highest CAGR throughout the forecast period.
• Region wise, North America occupied major share of the cell cryopreservation market in 2022; however, Asia-Pacific is expected to register fastest growth during the forecast period.