North America Cryopreservation Equipment Market

The cryopreservation equipment market in North America is expected to grow from US$ 3,403.24 million in 2022 to US$ 6,783.23 million by 2028; it is estimated to grow at a CAGR of 12.2% from 2022 to 2028.

Rising acceptance for regenerative medicine is the major factor driving North America cryopreservation equipment growth. Cryopreservation is important in regenerative medicine as it facilitates the stable and secure storage of cells and other related components for a prolonged time. Regenerative medicine enables replacing diseased or damaged cells, tissues, and organs by retrieving their normal function through stem cell therapy. Owing to the advancements in medical technology, stem cell therapy is now considered an alternative to traditional drug therapies in treating a wide range of chronic diseases, including diabetes and neurodegenerative diseases. Moreover, the US Food and Drug Administration (FDA) has approved blood-forming stem cells. The blood-forming stem cells, also known as hematopoietic progenitor cells derived from umbilical cord blood. The growing approvals for stem cell and gene therapies eventually led to the high demand for cryopreservation equipment. Following are a few instances of stem cell and gene therapies approved by the FDA and other regulatory bodies.

• In February 2021, Bristol Myers Squibb (Juno Therapeutics, Inc.) received FDA approval for Breyanzi, a CD19-directed chimeric antigen receptor T-cell (CAR-T) therapy. The CAR-T cell therapy is used for treating relapsed or refractory large B-cell lymphoma in adults.
• In July 2020, Kite, a Gilead Company, received approval from the US FDA for its Tecartus (formerly known as KTE-X19) CAR-T cell therapy. The therapy is designed to treat adult patients with relapsed or refractory mantle cell lymphoma (MCL).
• In May 2019, Vericel Corporation received approval for its MACI (autologous cultured chondrocytes on porcine collagen membrane).

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America cryopreservation equipment market. The North America cryopreservation equipment market is expected to grow at a good CAGR during the forecast period.

North America Cryopreservation Equipment

Market Revenue and Forecast to 2028 (US$ Million)

North America Cryopreservation Equipment Market Segmentation   

North America cryopreservation equipment market is segmented into type, cryogen type, application, end user, and country. Based on type, the cryopreservation equipment market is segmented into freezers, sample preparation systems, and accessories. The freezers segment is expected to lead the market in 2022. Based on the cryogen type, the Asia Pacific cryopreservation equipment market is segmented into liquid nitrogen, oxygen, liquid helium, argon, and others. In 2022, the liquid nitrogen segment is likely to hold the largest share of the market. The Asia Pacific cryopreservation equipment market, based on application, is segmented into cord blood stem cells, sperms, semen & testicular tissues, embryos and oocytes, cell and gene therapies, and others. The cord blood stem cells segment is likely to hold the largest share of the market in 2022. The Asia Pacific cryopreservation equipment market, based on end user, is segmented into stem cell banks, biotechnology and pharmaceuticals organizations, stem cell research laboratories, and others. The biotechnology and pharmaceuticals organizations segment is expected to hold the largest market share in 2022. On the basis of country, the market is further segmented into the US, Canada, and Mexico. The US held the largest largest share of the market in 2022.    

Antech Group Inc.; Avantor, Inc.; BioLife Solutions; Brooks Automation, Inc; Cryofab; Cryoport Systems, LLC.; Danaher Corporation; Gold Sim Cellular Science LLC; Hamilton Company; PHC Holdings Corporation; Thermo Fisher Scientific Inc.; and ZhongkeMeiling Cryogenics Company Limited are among the leading companies in the North America cryopreservation equipment market.