The global liquid nitrogen cryopreservation market accounted revenue of US$1,805.5 Mn in 2020 with a growing CAGR of 12.5% for the analysis period of 2021 to 2028
The Journal of Fertilization: In vitro - IVF-Worldwide, Reproductive Medicine, Genetics & Stem Cell Biology defines liquid nitrogen cryopreservation as a substance produced through an industrial process using the fractional distillation method. Furthermore, liquid nitrogen is a cryogenic fluid that is required for in-vitro reproductive technologies, which are widely used in human IVF, the cattle industry for in-vitro embryo production, and livestock breeding.
Rising number of government initiatives for preservation of stem cells foster the ultimate growth of global market
The National Cord Blood Program (NCBP), established in 1992, examines cord blood as a potential remedy for vital public health. This is for determining appropriate hemopoetic transplants for patients who do not have a match for bone marrow donor. NCBP freezes and stores cord blood units in liquid nitrogen so that they can be shipped as needed. In 2011, the Canadian Department of Health established the first publicly funded national umbilical cord blood bank in Canada, which accepts donations for allergenic stem cell transplantation hematopoietic stem cell transplantation. Furthermore, the UK Stem Cell Bank, which is sponsored by the UK Medical Research Council, is a quality-controlled, ethically accepted, and confirmed repository for human embryo, foetus, and adult stem cell lines that are provided by the Science and Healthcare Growth, Biotechnology, and Biological Research Council. The Stem Cell Bank (UK) distributed human cell lines to Sheffield University for use in medical trials and research. Storage and preservation of stem cells, bone marrow cells, foetus and sperm needs an extremely low temperature, making liquid nitrogen as the best suitable option. Such aforementioned factors will have a positive impact on the overall growth of the global liquid nitrogen cryopreservation market.
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High risk associated during handling of liquid nitrogen cryopreservation equipment limit the growth of global market
When nitrogen circulated from a cryogenic storage vessel and the oxygen concentration around it is unacceptably high, the utility of freezers is jeopardized. Moreover, liquid nitrogen is extremely cold in nature and can make rapid frostbite or cold contact burns on the exposed skin that comes into contact with it. Accidental releases or overflow of liquid nitrogen pose hazards and cause property damage, and most common cause of accidental releases is insufficient training on handling specific hazards materials. Leak of LN2 into laboratories pose the greatest risk of asphyxiation, personal injury, and environmental harm among others.
|Market||Liquid Nitrogen Cryopreservation Market|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Application, By End-Use and By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||
CUSTOM BIOGENIC SYSTEMS, Chart Industries, Linde, Taylor-Wharton, Antech Group Inc., Abeyance Cryo Solutions, Thermo Fisher Scientific, Inc., Worthington Industries, Inc., BIOLOGIX GROUP LTD, and others
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation
The ability to replace organs and tissues on demand saves and improves millions of lives worldwide each year, resulting in public health benefits by curing numerous life-threatening diseases. Advanced organ preservation techniques may even allow for cutting-edge pretransplant interventions with the potential to improve transplant outcomes, such as immunomodulation or gene therapy approaches for functional augmentation in specialized laboratories. Such factors have resulted in a high demand for the liquid nitrogen cryopreservation market, which has led to the overall growth of the global market.
Global liquid nitrogen cryopreservation market is segmented based on application and end-use. By application, the market is segmented as stem cells, sperms, semen, & testicular tissues, embryos & oocytes, and others. End-use is segmented as stem cell banks, biotechnology and pharmaceutical organization, contract research organization, stem cell research laboratories, and research and academic institutes.
Based on application, stem cell segment dominates the overall market by recording considerable revenue and will continue to do so till the foreseeable future. Based on end-use, stem cell research laboratories segment dominates the segmental growth by recording dominating share.
Europe records considerable market share for liquid nitrogen cryopreservation
The increasing number of contract manufacturing organizations (CMO) and contract research organizations (CRO), as well as increased R&D activities related to cell line development and stem cell research are key factors driving the global market. Furthermore, rising partnerships and agreements enhances the business presence with rising customer base will positively influence the target market's growth.
Asia Pacific registers fastest growing CAGR for liquid nitrogen cryopreservation market
Countries such as South Korea, Russia, India, and others are focusing on strengthening their research and development capabilities in response to the rising COVID-19, and are spending on the development and establishment of advanced laboratories. As a result, the demand for liquid nitrogen freezers is increasing. Furthermore, favorable government business policies and the emergence of small and mid-sized players with innovative solutions will drive the global liquid nitrogen cryopreservation market.
The prominent players of global liquid nitrogen cryopreservation market includes CUSTOM BIOGENIC SYSTEMS, Chart Industries, Linde, Taylor-Wharton, Antech Group Inc., Abeyance Cryo Solutions, Thermo Fisher Scientific, Inc., Worthington Industries, Inc., BIOLOGIX GROUP LTD, and others
Market by Application
Market by End-Use
Market By Geography
Market in 2020 was US$1,805.5 Mn and CAGR was accounted to be 12.5% during the forecast period of 2021 to 2028
North America held the dominant position and Asia pacific exhibited the fastest growing CAGR
The prominent players of the global liquid nitrogen cryopreservation market includes CUSTOM BIOGENIC SYSTEMS, Chart Industries, Linde, Taylor-Wharton, Antech Group Inc., Abeyance Cryo Solutions, Thermo Fisher Scientific, Inc., Worthington Industries, Inc., BIOLOGIX GROUP LTD, and others.