Global cryogenic storage in the healthcare market is expected to proliferate at a rapid pace during the period of 2021-26 due to the increasing incidences of chronic disease across the world coupled with the growing activities for drug research. Moreover, the increasing demand for stem cell therapies for the treatment of cancer and diabetes patients is projected to boost the requirement for cryogenic storage as the cryogenic containers are used to store stem cells. In addition, global distribution and storage of the COVID-19 vaccine would further provide impetus to the market growth in the forthcoming years.
According to MarkNtel Advisors’ research report “Global Cryogenic Storage in Healthcare Market Analysis, 2020”, the Global cryogenic storage in the healthcare market is expected to grow at a considerable CAGR during 2021-26. The prime growth prospect driving the market are rapid development in cell-based tissue engineering, the constant progress of regenerative medicine, cell therapy, and biobanking applications. COVID-19 vaccine distribution and storage would stimulate demand across developed and emerging economies. The overall impact of the COVID-19 vaccine on the global cryogenic storage market is expected to last for a period of around 6-7 years Thus, the Global cryogenic storage in the healthcare market is anticipated to grow at a sturdy rate in coming years.
“Global Cryogenic Storage in Healthcare Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Global Cryogenic Storage in Healthcare providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go Market Strategies and identifying the blue ocean for its offerings.
Medical Testing Centers Segment to Attain Highest CAGR in the Coming Years
Based on application, the medical testing centers captured the majority market share in 2020 owing to the outbreak of coronavirus pandemic in 2020 as it created a demand for a vaccine that required storage of ultra-cold temperatures. Hence, an increased demand was experienced for cryogenic storage by medical testing centers as they were rapidly involved in the formation of a vaccine for COVID-19. The growth of medical testing centers would continue to magnify during the forecast period as revealed by the MarkNtel Advisors’ research report “Global Cryogenic Storage in Healthcare Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global cryogenic storage in healthcare market include ThermoFisher, PHC Corporation, Vestfrost Solutions, B Medical Systems, etc.
Key questions answered in the study: