The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The cell cryopreservation market is experiencing unprecedented growth, driven by various factors ranging from advances in biomedical research to the rising demand for organ transplantation. This blog will delve into the key drivers, trends, and major players contributing to this exponential market expansion.

Exponential Growth in Market Size

• 2023 Market Size: The cell cryopreservation market was valued at $10.21 billion in 2023.
• 2024 Forecast: It is projected to grow to $12.65 billion in 2024, with a compound annual growth rate (CAGR) of 23.8%.
• 2028 Forecast: By 2028, the market is expected to reach $29.9 billion, with a CAGR of 24%.

Key Drivers of Growth

• Demand for Cell-Based Therapies: The increasing application of cell-based therapies in treating various conditions is a significant driver.
• Organ Transplantation: The growing need for organ transplantation, fueled by rising cases of organ failure, is propelling the market forward.
• Biomedical Research: Enhanced R&D activities in cell-based therapies and the increasing use of cryopreserved cells are boosting market demand.
• In Vitro Fertilization (IVF) Procedures: A rise in IVF procedures is also expected to contribute to market growth.

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Trends Shaping the Future

• Advancements in Cryopreservation Techniques: Innovations in cryoprotectants and freezing methods are enhancing the effectiveness of cell cryopreservation.
• MRNA Vaccine Storage: The development of advanced storage solutions for MRNA vaccines is expected to support market growth.
• Personalized Medicine: The shift towards personalized medicine is creating new opportunities for cell cryopreservation, particularly in the storage of stem cells.
• Stem Cell Research: Continued advancements in stem cell research will drive demand for cryopreservation solutions.

Organ Transplantation: A Key Growth Driver

• Increase in Transplant Procedures: Organ transplant procedures have seen a significant increase, with 46,632 transplants performed in 2023, an 8.7% rise from the previous year.
• Role of Cryopreservation: Cryopreservation helps in preserving cells from organs, increasing graft success and reducing immune rejection in transplantation.

Major Players in the Market

• Thermo Fisher Scientific Inc.
• Danaher Corporation
• Merck KGaA
• Corning Inc.
• STEMCELL Technologies
• Cryoport Inc.
• BioLife Solutions Inc.
• Nkarta Inc.
• Fujifilm Irvine Scientific
• Artiva Biotherapeutics

Innovations in Cryopreservation Media

• Pluristyx Inc.’s PluriFreeze: A notable innovation is Pluristyx Inc.’s PluriFreeze cryopreservation medium solution, launched in April 2024. This product is designed to accelerate stem cell therapy development by enhancing the growth of induced pluripotent stem cells (iPSCs).

Strategic Acquisitions to Expand Services

• CooperSurgical’s Acquisition: In December 2021, CooperSurgical Inc. acquired Generate Life Sciences for $1.6 billion. This acquisition expanded CooperSurgical’s portfolio in fertility and cryopreservation services, enhancing its offerings to fertility clinics and obstetricians.

Regional Insights

• North America: North America was the largest region in the cell cryopreservation market in 2023, driven by advanced healthcare infrastructure and significant R&D activities.
• Asia-Pacific: The Asia-Pacific region is expected to be the fastest-growing market, supported by increasing healthcare investments and a rising focus on biobanking and IVF procedures.

Conclusion
The cell cryopreservation market is on a trajectory of significant growth, with numerous factors contributing to its expansion. The advancements in cryopreservation technologies, coupled with rising demand for organ transplantation and IVF procedures, are expected to continue driving this market forward. As major companies innovate and expand their offerings, the market is poised for further developments, making it an exciting space to watch in the coming years.

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