Cryo Bio Freezer Market Report Overview
- Request a Free sample to learn more about this report
The global cryo bio freezer market size was 171.3 million in 2022 & the market is expected to reach USD 317 million by 2031, exhibiting a CAGR of 7.1% during the forecast period.
The COVID-19 pandemic has been unprecedented and staggering, with cryo bio freezer experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Cryo bio freezers, also known as cryogenic freezers or ultra-low temperature freezers, are specialized equipment designed to store biological samples, tissues, cells, and other materials at extremely low temperatures. These freezers are essential for preserving the integrity and viability of biological specimens for research, medical, and pharmaceutical purposes. Cryo bio freezers can reach and maintain temperatures as low as -80°C (-112°F) and even lower, using technologies such as mechanical compression or liquid nitrogen cooling.
These freezers are used to store a wide range of biological materials, including vaccines, cell lines, DNA, RNA, proteins, and other sensitive samples. The low temperatures help slow down chemical reactions and biological degradation. Cryogenic storage is crucial for biobanks that collect, store, and manage biological specimens for research and medical purposes. These specimens can be used for studies on genetics, diseases, and drug development.
COVID-19 IMPACT: Increased Demand for Vaccine Storage to Boost Demand Significantly
COVID-19 had a life changing impact globally. The cryo bio freezer market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for cryo bio freezer experienced an increased demand.
The development and distribution of COVID-19 vaccines placed a significant demand on cold storage infrastructure, including cryo bio freezers. Many of the vaccines required ultra-cold storage to maintain their efficacy, which led to a surge in demand for specialized freezers capable of reaching and maintaining extremely low temperatures.
It's possible that the heightened awareness of the need for robust cold storage solutions, particularly in the context of vaccine distribution, could have long-term implications for the cryo bio freezer market. The pandemic might have accelerated advancements in cold storage technology and increased awareness of the importance of maintaining critical samples. The market is anticipated to boost the cryo bio freezer market share following the pandemic.
LATEST TRENDS
"Advanced Monitoring and Remote Management to Broaden Market Growth"
Cryo bio freezer manufacturers have been focusing on integrating advanced monitoring and remote management capabilities into their products. This allows researchers and lab personnel to track temperature, humidity, and other conditions in real time and receive alerts or notifications remotely. Such features enhance sample security and reduce the risk of loss due to equipment malfunctions. The integration of automation and robotics technology in cryo bio freezers has the potential to streamline sample management processes. Automated retrieval and storage systems can increase efficiency and reduce the risk of contamination, especially in high-throughput laboratories.
Integrated sample tracking and data management systems are becoming more prevalent. These systems help researchers and lab managers keep track of the samples stored in cryo bio freezers, ensuring better organization and easier retrieval. Integration with laboratory management system (LIMS) allows for seamless data exchange between cryo bio freezers and the overall laboratory management system, improving data accuracy, traceability, and compliance. These latest developments are anticipated to boost the cryo bio freezer market growth.
Cryo Bio Freezer Market Segmentation
- Request a Free sample to learn more about this report
By LN2 Capacity
Based on LN2 Capacity, the market is divided into below 50L, 50-100L and above 100L.
By Application
Based on application, the market is bifurcated into vaccine storage, umbilical cord, stem cell preservation, embryo storage, gene data bank and others.
DRIVING FACTORS
"Biomedical Research Advancements to Boost Market Share"
Advancements in biomedical research and the need to store sensitive biological samples, cell lines, and tissues for research purposes have driven the demand for cryo bio freezers. As research technologies and methodologies evolve, the need for precise and controlled storage environments becomes increasingly important. Pharmaceutical companies rely on cryo bio freezers to store drug compounds, reference materials, and other critical samples used in drug development and testing. As pharmaceutical research expands, so does the demand for advanced storage solutions.
"Bio banking Expansion to Boost Market Size"
The growth of biobanks, which store and manage various biological specimens for research and medical purposes, has significantly contributed to the demand for cryo bio freezers. Biobanks require reliable and high-capacity storage solutions to maintain the integrity of stored samples over extended periods. The development, storage, and distribution of vaccines, especially those requiring ultra-low temperatures, have driven demand for specialized cryo bio freezers. This was particularly highlighted during the COVID-19 pandemic, where vaccines required precise storage conditions. These factors are anticipated to drive the cryo bio freezer market share.
RESTRAINING FACTORS
"High Cost to Hamper Market Share"
Cryo bio freezers, especially those designed for ultra-low temperatures can be expensive to manufacture, operate, and maintain. The high upfront and ongoing costs can pose a barrier for smaller research facilities or organizations with limited budgets. Maintaining cryo bio freezers at ultra-low temperatures requires substantial energy consumption, leading to high operational expenses. This ongoing cost can be a challenge for research institutions and laboratories with tight budgets. Cryo bio freezers are complex devices with sensitive components. Regular maintenance and occasional repairs are essential to ensure their proper functioning. These maintenance requirements can lead to downtime and additional expenses. The factors are anticipated to hinder the growth of the cryo bio freezer market share.
Cryo Bio Freezer Market Regional Insights
- Request a Free sample to learn more about this report
"North America Dominates the Cryo Bio Freezer Market "
North America, particularly the United States, has historically been a significant player in the scientific and laboratory equipment industry, including the cryo bio freezer market. The United States is home to numerous research institutions, biobanks, pharmaceutical companies, and advanced healthcare facilities that drive the demand for cryo bio freezers. The United States is known for its robust scientific research and development activities across various fields, including biotechnology, genomics, and medical research. These activities drive the demand for cryo bio freezers to store biological samples for experiments, studies, and analysis. Europe is the second major shareholder of the cryo bio freezer market.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- MVE Biological Solutions [U.S.]
- Thermo Fisher Scientific [U.S.]
- Worthington Industries [U.S.]
- Statebourne Cryogenics [U.K.]
- INOXCVA [India]
- CryoSafe [U.S.]
- BioLife Solutions [U.S.]
- GOLD SIM [U.S.]
- Abeyance Cryo Solutions [U.S.]
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 171.3 Million in 2022 |
Market Size Value By |
US$ 317 Million by 2031 |
Growth Rate |
CAGR of 7.1% from 2022 to 2031 |
Forecast Period |
2022-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type & Application |
Frequently Asked Questions
-
What value is the market expected to touch by 2031?
The global cryo bio freezer market is expected to reach USD 317 million by 2031.
-
What CAGR is the market expected to exhibit by 2031?
The market is expected to exhibit a CAGR of 7.1% by 2031.
-
Which are the driving factors of the market?
Biomedical Research Advancements and Bio banking Expansion are drivers of this market.
-
Which are the top companies operating in the market?
MVE Biological Solutions, Thermo Fisher, Worthington Industries, Statebourne Cryogenics, INOXCVA, CryoSafe, BioLife Solutions, GOLD SIM and Abeyance Cryo Solutions are key companies operating in the market.
