Asia Pacific Cryopreservation Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Freezers, Sample Preparation Systems, and Accessories); Cryogen Type (Liquid Nitrogen, Oxygen, Liquid Helium, Argon, and Others); Application (Cord Blood Stem Cells, Sperms, Semen, & Testicular Tissues, Embryos & Oocytes, Cell and Gene Therapies, and Others); End User (Stem Cell Banks, Biotechnology & Pharmaceutical Organizations, Stem Cell Research Laboratories, and Others)
The cryopreservation equipment market in Asia Pacific is expected to grow from US$ 821.1 million in 2021 to US$ 1,663.5 million by 2028; it is estimated to grow at a CAGR of 10.6% from 2021 to 2028.
Biobanks are developed extensively for the preservation of biological materials, including human biologics, plants, animals, and microbes, for medical research, drug development, agriculture, and ecology. The demand for cryopreservation equipment has increased among biotechnology and pharmaceutical manufacturers, contract research organizations, stem cell banks, and stem cell research laboratories in the past few years. These end users contribute to the development of biomarker detection, molecular diagnosis, translational medicine, and multidisciplinary disease research. In addition, biomaterials used to study the interactions between genetic and environmental or lifestyle factors can also be stored biobanks. They require cryopreservation equipment to store umbilical cord blood as a source of hematopoietic stem and progenitor cells; cancerous tissue samples; semen for artificial insemination; oocytes and embryos for in-vitro fertilization (IVF); and plant seeds/shoots for breeding. Furthermore, the COVID-19 pandemic has triggered the research and developments activities for effective diagnostics and therapeutic approaches, which is adding to the requirement of biobanks.
The market for cryopreservation equipment market is segmented into type, cryogen type, application, and end user. Based on type, the cryopreservation equipment market is segmented into freezers, sample preparation systems, and accessories. In 2020, the freezers segment held the largest share of the market, by type. Moreover, the same segment is estimated to grow at significant CAGR due to versatile nature of freezers to be used in various settings, easy to use, technological advances, increasing product launches, and high adoption of freezers in stem cell banks during the forecast period.
Many measures have been implemented to contain the spread of COVID-19, that have resulted in significant operational disruption for many companies including in healthcare industry. Moreover, medical device companies are starting to forecast large sales declines in their Chinese markets because people are staying at home. Many big medical device companies such as Philips, GE Healthcare, and Hill-Rom amongst others have predicated the decline in sales in China. On the other hand, restricted access to family planning services, economic uncertainty and recession, and reduced work-life balance led to increasing number of egg and embryo freezing during the pandemic. The Asia Pacific region and beyond have taken unprecedented steps to curb the spread of the virus and provide care for the many infected individuals. Crucially, the impact of the pandemic on fertility is associated with huge uncertainty. Thus, the rising use of cryopreservation equipment during the pandemic is likely to pose a positive impact on the market.
The overall Asia Pacific cryopreservation equipment market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Asia Pacific cryopreservation equipment market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific Cryopreservation equipment market. Thermo Fisher Scientific Inc.; Gold Sim Cellular Science Llc; Brooks Automation, Inc.; Avantor, Inc.; Hamilton Company; PHC Holdings Corporation; General Electric Company; Cryoport Systems, LLC.; Antech Group Inc.; BioLife Solutions; and ZhongkeMeiling Cryogenics Company Limited are among a few players operating in the Asia Pacific cryopreservation equipment market.
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