Cryopreservation Equipment Market revenue to cross USD 11255.02 million by 2028 says, The Insight Partners – Digital Journal

According to The Insight Partners new market research study on Cryopreservation Equipment Market Forecast to 2028 COVID-19 Impact and Global Analysis by Type, Cryogen Type, Application, and End User, the market is expected to reach US$ 11,255.02 million by 2028 from US$ 5,798.82 million in 2021; it is estimated to grow at a CAGR of 9.9% from 2021 to 2028.

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.

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Prominent players operating in the cryopreservation equipment market include Thermo Fisher Scientific Inc., Gold Sim Cellular Science LLC, Brooks Automation, Inc, Avantor, Inc., Hamilton Company, PHC Holdings Corporation, General Electric Company, Cryoport Systems, LLC., Antech Group Inc., Cryofab, BioLife Solutions, and ZhongkeMeiling Cryogenics Company Limited.

Market players are launching new and innovative products and services to maintain their position in the cryopreservation equipment market. In May 2021, Stirling Ultracold has been acquired by BioLife Solutions, Inc for cell and gene therapies and the broader biopharma market. In return for all of Stirlings outstanding shares, BioLife issued 6,646,870 shares of ordinary stock.

The COVID-19 pandemic has had a mixed impact on the cryopreservation equipment market. Restricted access to family planning services as well as diverted focus of people due to economic uncertainties and recession, and disturbed work-life balance have led to rise in egg and embryo freezing activities at fertility clinics during the pandemic. As a result, the rising use of cryopreservation equipment is boosting the market growth. Furthermore, supply chain disruption caused due to congestion of ports and disturbances in other transport means has substantially affected the distribution of cryopreservation equipment and other accessories.

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Based on type, the cryopreservation equipment market is segmented into freezers, sample preparation systems, and accessories. In 2020, the freezers segment held the largest share of the market, and it is expected to register the highest CAGR during 20212028. In ultracold freezers, liquid nitrogen is used for the successful preservation of more complex biological structures by virtually seizing all biological activities.

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 March 2021, Novartis AG received approval from the Health Sciences Authority of Singapore for the commercialization of the first CAR-T therapy named Kymriah, which is claimed as a one-time treatment procedure run individually for each patient. The therapy was approved under the new cell, tissue, and gene therapy products (CTGTP) regulatory framework.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).In December 2017, Spark Therapeutics received an approval from the US FDA for Luxturna. It is a one-time gene therapy product for the treatment of patients with confirmed biallelic RPE65 mutation-associated retinal dystrophy.

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Cryopreservation Equipment Market revenue to cross USD 11255.02 million by 2028 says, The Insight Partners - Digital Journal