As per Inkwood Research, the Global Cryopreservation Equipment Market is expected to record a CAGR of 11.87% in terms of revenue during 2023-2032.
“Browse 77 Market Data Tables and 61 Figures spread over 250 Pages, along with an in-depth TOC on the Global Cryopreservation Equipment Market Forecast 2023-2032.”
The cryopreservation equipment market plays a pivotal role in the preservation and storage of biological specimens, pharmaceuticals, and other sensitive materials at extremely low temperatures. The market’s growth trajectory is underpinned by the increasing adoption of biobanking practices worldwide.
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Rising Demand for Biobanking Practices Beneficial to Market Growth
Biobanking practices have gained prominence in recent years, primarily driven by advancements in medical research, regenerative medicine, and personalized healthcare. These practices involve the collection, storage, and management of biological specimens, such as tissues, cells, and DNA, for future research and diagnostic purposes.
The rising prevalence of chronic diseases and genetic disorders and the growing need for personalized medicine have spurred the demand for cryopreservation equipment. Biobanks serve as repositories of valuable biological samples, and the cryopreservation process ensures their long-term viability. This growing demand for biobanking practices is expected to be the primary driver of the cryopreservation equipment market in the coming years.
Liquid Nitrogen leads the Cryogen Segment
Among the various cryopreservation methods and equipment available, liquid nitrogen-based systems stand out as the prominent segment. Liquid nitrogen, with its ultra-low temperature capabilities, is widely used for the preservation of a diverse range of biological samples, including stem cells, embryos, and tissues.
The advantages of liquid nitrogen cryopreservation include rapid cooling, minimal risk of contamination, and the ability to store samples for extended periods without degradation. These features make liquid nitrogen-based cryopreservation systems the preferred choice for biobanks, research institutions, and healthcare facilities.
Asia-Pacific is the Dominating Region
The Asia-Pacific region has emerged as a prominent and high-growth market for cryopreservation equipment. Several factors contribute to its significance. Asia-Pacific countries are investing heavily in expanding their healthcare infrastructure, leading to increased demand for cryopreservation equipment in hospitals and research institutions.
Further, the region has witnessed a surge in biobanking activities, driven by research advancements and the need to address the healthcare challenges of a large and diverse population. Moreover, Asia-Pacific countries are embracing advanced cryopreservation technologies to support their burgeoning healthcare and research sectors.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.