PUBLISHER: Allied Market Research | PRODUCT CODE: 1344319
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344319
According to a new report published by Allied Market Research, titled, "Cell Cryopreservation Market," The cell cryopreservation market 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 the process of freezing and storing cells at ultra-low temperatures to preserve their viability and functionality for extended periods. This technique allows cells to be stored and later thawed for use in research, medical treatments, or other applications. The applications covered in t study include stem cells, oocytes cells, sperm cells, and others. In addition, pharmaceutical & biotechnology company, research institute, and others are the major end users detailed in the report.
The growth of the global cell cryopreservation market is majorly driven by increase in infertility among women coupled with rise in number of egg freezing cycles. According to The Society for Assisted Reproductive Technology, it was reported that the egg freezing cycle increased by 31% from 2020 to 2021 in the U.S. In addition, rise in presence of biobanks is anticipated to drive the growth of the cell cryopreservation market. Biobanking has gained prominence due to its crucial role in facilitating biomedical research, drug discovery, and personalized medicine. According to the Biobank Resource Center, as of 2023, there are 340 registered biobanks, including both Canadian and international biobanks.
Moreover, according to the Journal of Biopreservation and Biobanking, in 2022, it was reported that the BBMRI directory listed 641 biobanks from 17 countries (as of February 12, 2021). With the advancement of biobanking technologies and the establishment of larger and more comprehensive biobanks, the demand for efficient and reliable cell cryopreservation methods has grown significantly. Furthermore, increase in R&D activities in pharmaceutical and biotechnology industries, rise in government support for R&D activities, and increase in prevalence of chronic diseases such as cancer and Parkinson's propel the growth of the market.
According to Health Resource and Service Administration, in 2023, it was reported that the donor registry contains more than 9 million potential donors in the U.S. Furthermore, as per the National Library of Medicine, in 2022, it was reported that various preclinical research activities are conducted in embryonic stem cells for the treatment of wide range of disease such as retinal diseases, Parkinson's disease, Huntington's disease, spinal cord injury, myocardial infarction, and type 1 diabetes. In addition, the Government of India conducted stem cell research through various departments and institutions by supporting basic as well as clinical research through national funding agencies such as the Indian Council of Medical Research (ICMR), Department of Biotechnology (DBT), and Department of Science and Technology (DST).
Furthermore, according to Regulatory Affairs Professionals Society, in 2021, there were around 2,754 clinics engaged in providing stem cell therapies. Consequently, the growing demand for stem cell therapies acts as a significant driver of the cell cryopreservation market. In addition, surge in demand for personalized medicines is expected to act as a significant driver of the cell cryopreservation market. Cell-based therapies, such as immune cell-based immunotherapies and engineered cell therapies, are being explored as personalized treatment approaches. Cryopreservation enables long-term storage of patient-specific cells, including immune cells, which can be used in the development of personalized therapies.
By preserving these cells, cryopreservation ensures their availability when needed for patient-specific treatments. As the interest in personalized medicine continues to grow, the demand for cell cryopreservation methods and storage facilities increases simultaneously, thereby augmenting the growth of the global market. Furthermore, rise in infertility rates notably contributes toward the growth of the market. However, availability of alternative therapies for cell cryopreservation and high maintenance cost in storage procedure hinder the growth of the market.