Global Cryogenic Storage Equipment in Healthcare Market Research Report: Forecast (2024-2029)
By Type (Blood Refrigerators, Medical Freezers, Medical Cryopreservation Box, Liquid Nitrogen Tank, Others), By Temperature Range (Low-temperature [-500C to -1500C], Ultra Low-temp...erature [Below -1500C]), By Equipment (Tanks, Valves, Vaporizers, Pumps, Others), By End User (Hospitals, Medical Testing Centers, Disease Control & Prevention Centers, Biopharmaceutical, Others), By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific), By Company (Thermofisher Scientific Inc., PHC Corporation, Vestfrost Solutions, B Medical System, Arctiko, Haier Biomedical, Eppendorf, Helmer Scientific , So-Low Environmental Equipment Co., Kirsch Medical, LabCold, Bioway Corporation, Aucma International, Lec Medical, Felix Storch, Others) Read more
- Healthcare
- Oct 2023
- 202
- PDF, Excel, PPT
Market Definition
Cryogenic storage for healthcare refers to the infrastructure & facilities used worldwide to store medical and biological materials at extremely low temperatures, typically below -150 degrees Celsius (-238 degrees Fahrenheit). This specialized storage is essential for preserving & maintaining the integrity of various healthcare-based products.
Market Insights & Analysis: Global Cryogenic Storage Equipment in Healthcare Market (2024-29):
The Global Cryogenic Storage Equipment in Healthcare Market size is valued at around USD 2.01 billion in 2023 and is estimated to grow at a CAGR of about 8.01% during the forecast period, i.e., 2024-29. The increasing need for regenerative medicine in addressing chronic diseases like cancer, diabetes, and dialysis is a key driver propelling the market growth. This surge is primarily attributed to the preservation of crucial resources such as blood cords & stem cells, essential for treating these diseases, which necessitate storage at extremely low temperatures to maintain the authenticity of the treatment.
The rising demand for medical gases like liquid nitrogen & oxygen in healthcare for managing respiratory & cardiac conditions is also fueling the requirement for cryogenic storage solutions, including tanks & freezers. These factors collectively contribute to the growing demand for cryogenic storage solutions on a global scale within the healthcare industry.
Report Coverage | Details |
---|---|
Study Period | Historical Data: 2019-22 |
Base Year: 2023 | |
Forecast Period: 2024-29 | |
CAGR (2024-2029) | 8.01% |
Regions Covered | North America: US, Canada, Mexico |
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
South America: Brazil, Argentina, Rest of South America | |
Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA | |
Key Companies Profiled | Thermofisher Scientific Inc., PHC Corporation, Vestfrost Solutions, B Medical System, Arctiko, Haier Biomedical, Eppendorf, Helmer Scientific , So-Low Environmental Equipment Co., Kirsch Medical, LabCold, Bioway Corporation, Aucma International, Lec Medical, Felix Storch, Others |
Market Value (2023) | USD 2.01 Billion |
Furthermore, the demand for cryogenic storage solutions has been accelerated by advances in medical research, the development of biopharmaceutical products, and the expansion of regenerative medicine. This is driven by the inherent requirements of these medical innovations for ultra-low-temperature storage. Moreover, the pandemic also emphasized the crucial role of cold storage infrastructure in vaccine distribution, prompting substantial investments in cryogenic storage facilities by both healthcare institutions & private enterprises. These investments have been significantly influencing the demand from 2020 to 2022.
Also, the industry's growth is reinforced by stringent regulatory directives & exacting quality control standards, emphasizing the imperative of maintaining the safety & integrity of stored materials. As healthcare technologies continue to evolve, and the imperative to preserve delicate medical & biological resources remains a global priority, the Cryogenic Storage Equipment in Healthcare Market is poised for sustained global expansion.
Global Cryogenic Storage Equipment in Healthcare Market Driver
Cell & Gene Therapies Storage Are Driving the Demand for Cryogenic Storage Equipment – The rising prevalence of chronic & autoimmune disease globally have been influencing the demand for cell & gene therapies for treatment, further driving the need for cryogenic storage equipment in the healthcare industry. This demand is primarily driven by the imperative to maintain the therapies at low temperatures to preserve their integrity & efficacy.
With the growing demand for cell therapies, numerous companies are actively working on creating new and inventive products that can fulfill the storage and transportation needs of these therapies while also ensuring their safety. These advancements in the safe processing and storage of cell therapies are poised to significantly boost the demand for cryogenic storage solutions in the market.
Global Cryogenic Storage Equipment in Healthcare Market Opportunity
Advancing Novel Cell-based Therapies Creating Opportunities for Manufacturers – The emergence of novel cell-based therapies in the market presents a significant opportunity for cryogenic storage providers. Pharmaceutical & biotechnology companies are actively developing therapies for treating chronic diseases like cancer. For instance, in 2023, Bayer initiated phase 2 of a clinical trial for a cell therapy aimed at treating Parkinson's disease following the successful completion of their early-stage study.
In anticipation of this demand, many cryogenic storage manufacturing companies are preparing to meet these upcoming storage needs. As the healthcare industry continues to innovate and develop advanced cell-based treatments, the role of cryogenic storage in supporting these therapies becomes increasingly vital in the future, thus enhancing the Cryogenic Storage Equipment in Healthcare Market size.
Global Cryogenic Storage Equipment in Healthcare Market Challenge
Cryogenic Storage Packaging for Cell Lines to Impede Market Growth – Cryogenic storage packaging for cell lines creates challenges in market growth. As cell lines are crucial in various biomedical and biotechnological applications, therefore their storage poses challenges. This is primarily due to the traditional packaging systems, made up of glass, and are ill-suited for cryogenic storage environments.
Glass containers are unable to withstand the extreme conditions of low temperatures, leading to concerns such as breakage & cracking when vials are subjected to temperature fluctuations, potentially resulting in cell death. These limitations in packaging & handling systems hinder the efficient & safe storage of cell lines, posing a notable challenge within the Global Cryogenic Storage Equipment in Healthcare Market.
Global Cryogenic Storage Equipment in Healthcare Market Trend
Government Industry Collaborations to Propel Market Expansion – In the Global Cryogenic Storage Equipment in Healthcare Market, a notable trend is the strategic collaboration between governments & cryogenic storage manufacturers to facilitate the establishment of manufacturing plants within their respective countries. This is driven by the increasing need for specialized storage facilities dedicated to drugs and therapies to meet growing domestic demand.
Global Cryogenic Storage Equipment in Healthcare Market (2024-29): Segmentation Analysis
The Global Cryogenic Storage Equipment in Healthcare Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2029 at the global levels. In accordance to the analysis, the market has been further classified as:
Based on Type:
- Blood Refrigerators
- Medical Freezers
- Medical Cryopreservation Box
- Liquid Nitrogen Tanks
- Others
Medical freezers captured a considerable share of the Global Cryogenic Storage Equipment in the Healthcare Market in 2023. This is attributed to its rising demand from research labs and pharmaceutical companies for drug R&D. Moreover, the rising incidence of chronic diseases such as cancer, cardiac diseases, and infectious diseases results in the increasing demand for blood transfusion, which is anticipated to boost the growth of the Medical Freezers Market.
Based on End User:
- Hospitals
- Medical Testing Centers
- Disease Control & Prevention Centers
- Biopharmaceuticals
- Others
Biopharmaceutical companies would capture the potential share of the Global Cryogenic Storage Equipment in Healthcare Market during the forecast period. These companies are at the forefront of developing advanced therapies, including biologics, cell & gene therapies, and vaccines.
Many of these therapies require cryogenic storage to maintain their stability & efficacy. For instance, cell-based therapies & gene-editing techniques often involve the preservation of sensitive biological materials, such as stem cells and viral vectors, at ultra-low temperatures. These companies must store large quantities of these materials for research, clinical trials, and production purposes, which drives a substantial demand for cryogenic storage solutions.
Global Cryogenic Storage Equipment in Healthcare Market (2024-29): Regional Projection
Geographically, the Global Cryogenic Storage Equipment in Healthcare Market expands across:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
The Asia-Pacific region is expected to dominate the Cryogenic Storage Equipment in Healthcare Market. The demand for cryogenic storage is driven by its burgeoning healthcare sector, the presence of significant industrial activities, and proactive government initiatives, making it the epicenter of growth.
The presence of major steel-producing nations like Japan, China, India, and South Korea contributes significantly to the region's market expansion. For instance, according to the World Steel Association, the Asia region produced nearly 1,351.1 metric tons of steel in 2022, the highest as compared to other regions globally.
Furthermore, strategic collaborations between governments & cryogenic storage manufacturers have led to the establishment of manufacturing plants within the region. This not only ensures a consistent supply of cryogenic storage equipment but also supports the local economy & reduces import dependencies.
Global Cryogenic Storage Equipment in Healthcare Industry Recent Development
- 2022: Thermofisher Scientific launched new integrated packaging, distribution services, this end-to-end solution combines cryogenic & cold chain logistics, serialization compliance, and global distribution for cell & gene therapy innovators.
- 2023: PHC Corporation launched PHCbi Brand VIP ECO SMART ultra-low temperature freezer series for use in facilities, including medical institutions, universities, and pharmaceutical companies
Gain a Competitive Edge with Our Global Cryogenic Storage Equipment in Healthcare Market Report
- Global Cryogenic Storage Equipment in Healthcare Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
- This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
- Global Cryogenic Storage Equipment in Healthcare Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.
Frequently Asked Questions
Global Cryogenic Storage Equipment in Healthcare Market Research Report (2024-2029) - Table of Contents
- Market Segmentation
- Introduction
- Type Definition
- Research Process
- Assumptions
- Executive Summary
- Global Cryogenic Storage Equipment in Healthcare Market Trends & Developments
- Global Cryogenic Storage Equipment in Healthcare Market Dynamics
- Drivers
- Challenges
- Global Cryogenic Storage Equipment in Healthcare Market Patent Analysis
- Global Cryogenic Storage Equipment in Healthcare Market Supply Chain Analysis
- Global Cryogenic Storage Equipment in Healthcare Market Porter Five Analysis
- Global Cryogenic Storage Equipment in Healthcare Market Regulations, Policies, and Type Standards
- Global Cryogenic Storage in Healthcare Hotspot & Opportunities
- Global Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Type
- Blood Refrigerators- Market Size & Forecast 2019-2029, (USD Million)
- Medical Freezers- Market Size & Forecast 2019-2029, (USD Million)
- Medical Cryopreservation Box- Market Size & Forecast 2019-2029, (USD Million)
- Liquid Nitrogen Tank -Market Size & Forecast 2019-2029, (USD Million)
- Others- Market Size & Forecast 2019-2029, (USD Million)
- By Temperature Range
- Low-temperature (-500C to -1500C)- Market Size & Forecast 2019-2029, (USD Million)
- Ultra Low-temperature (Below -1500C)- Market Size & Forecast 2019-2029, (USD Million)
- By Equipment
- Tanks- Market Size & Forecast 2019-2029, (USD Million)
- Valves- Market Size & Forecast 2019-2029, (USD Million)
- Vaporizers- Market Size & Forecast 2019-2029, (USD Million)
- Pumps- Market Size & Forecast 2019-2029, (USD Million)
- Others- Market Size & Forecast 2019-2029, (USD Million)
- By End User
- Hospitals- Market Size & Forecast 2019-2029, (USD Million)
- Medical Testing Centers - Market Size & Forecast 2019-2029, (USD Million)
- Disease Control & Prevention Centers- Market Size & Forecast 2019-2029, (USD Million)
- Biopharmaceutical- Market Size & Forecast 2019-2029, (USD Million)
- Others- Market Size & Forecast 2019-2029, (USD Million)
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
- By Competition
- Competition Characteristics
- Market Share Analysis
- By Type
- Market Size & Analysis
- North America Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By Temperature Range- Market Size & Forecast 2019-2029, USD Million
- By Equipment- Market Size & Forecast 2019-2029, USD Million
- By End User- Market Size & Forecast 2019-2029, USD Million
- By Country
- The US
- Canada
- Mexico
- The US Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User- Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Canada Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Mexico Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Market Size & Analysis
- South America Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By Temperature Range- Market Size & Forecast 2019-2029, USD Million
- By Equipment- Market Size & Forecast 2019-2029, USD Million
- By End User- Market Size & Forecast 2019-2029, USD Million
- By Country
- Brazil
- Argentina
- Rest of South America
- Brazil Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Argentina Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Market Size & Analysis
- Europe Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By Temperature Range - Market Size & Forecast 2019-2029, USD Million
- By Equipment- Market Size & Forecast 2019-2029, USD Million
- By End User- Market Size & Forecast 2019-2029, USD Million
- By Country
- Germany
- The UK
- France
- Spain
- Italy
- Rest of Europe
- Germany Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- The UK Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- France Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Spain Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Italy Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Market Size & Analysis
- The Middle East & Africa Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By Temperature Range- Market Size & Forecast 2019-2029, USD Million
- By Equipment- Market Size & Forecast 2019-2029, USD Million
- By End User- Market Size & Forecast 2019-2029, USD Million
- By Country
- The UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- The UAE Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Saudi Arabia Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- South Africa Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Market Size & Analysis
- Asia-Pacific Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By Temperature Range- Market Size & Forecast 2019-2029, USD Million
- By Equipment- Market Size & Forecast 2019-2029, USD Million
- By End User- Market Size & Forecast 2019-2029, USD Million
- By Country
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- China Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Japan Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- India Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- South Korea Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Australia Cryogenic Storage Equipment in Healthcare Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Type- Market Size & Forecast 2019-2029, USD Million
- By End User - Market Size & Forecast 2019-2029, USD Million
- Market Size & Analysis
- Market Size & Analysis
- Global Cryogenic Storage Equipment in Healthcare Market Key Strategic Imperatives for Success & Growth
- Competitive Outlook
- Company Profiles
- Thermofisher Scientific Inc.
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- PHC Corporation
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Vestfrost Solutions
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- B Medical System
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Arctiko
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Haier Biomedical
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Eppendorf
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Helmer Scientific
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- So-Low Environmental Equipment Co.
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Kirsch Medical
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- LabCold
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Bioway Corporation
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Aucma International
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Lec Medical
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Felix Storch
- Business Description
- Type Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others.
- Others
- Thermofisher Scientific Inc.
- Company Profiles
- Disclaimer