The cryopreservation equipment market is expected to reach US$ 12,489.84 million by 2028 from US$ 6,358.65 million in 2022; it is estimated to grow at a CAGR of 11.9% from 2022 to 2028.

The factors such as growing acceptance for regenerative medicine and increasing need of biobanking practices are contributing to the market growth. However, the stringent regulatory requirements hinder the cryopreservation equipment market growth.

Cryopreservation is a technique employed to minimize cell damage caused during freezing and storage of biological materials such as tissue, bacteria, fungi, virus, and mammalian cells. Tissues and genetically stable living cells preserved via cryopreservation can be used in research and other biomedical applications. The equipment required for cryopreservation includes cryopreservation systems, cryoware, accessories, and cryogen.

Cryopreservation plays an important part in the field of regenerative medicine as it facilitates 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 the medical technology, stem cell therapy is now being considered as an alternative to traditional drug therapies in the treatment of 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 are also known as hematopoietic progenitor cells that are derived from umbilical cord blood. The growing approvals for stem cell and gene therapies are eventually leading 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 an 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 March 2021, Novartis AG received approval from the Health Sciences Authority of Singapore for the commercialization of the first CAR-T therapy named Kymriah, which is claimed as a one-time treatment procedure run individually for each patient. The therapy was approved under the new cell, tissue, and gene therapy products (CTGTP) regulatory framework.

- In July 2020, Kite, a Gilead Company, received an approval from the US FDA for its Tecartus (formerly known as KTE-X19) CAR-T cell therapy. The therapy is designed for the treatment of adult patients with relapsed or refractory mantle cell lymphoma (MCL).

- In May 2019, Vericel Corporation received an approval for its MACI (autologous cultured chondrocytes on porcine collagen membrane).

- In December 2017, Spark Therapeutics received an approval from the US FDA for Luxturna. It is a one-time gene therapy product for the treatment of patients with confirmed biallelic RPE65 mutation-associated retinal dystrophy.

Type Insights

Based on type, the global cryopreservation equipment market is segmented into freezers, sample preparation systems, and accessories. In 2021, the freezers segment held the largest share of the market, and it is expected to register the highest CAGR in the market during 2022-2028. In ultracold freezers, liquid nitrogen is used for the successful preservation of more complex biological structures by virtually seizing all biological activities.

Cryogen Type Insights

Based on cryogen type, the global cryopreservation equipment market is segmented into liquid nitrogen, oxygen, liquid helium, argon, and others. In 2021, the liquid nitrogen segment held the largest share of the market; the market for this segment is further expected to grow at the highest CAGR during 2022-2028. Liquid nitrogen is a nonmechanical method of cells preservation. Large thermos-like containers are used to house either racks or shelves that hold cryogenic vials.

Application Insights

Based on application, the global cryopreservation equipment market is segmented into cord blood stem cells, sperms, semen & testicular tissues, embryos and oocytes, cell and gene therapies, and others. In 2020, the cord blood stem cells segment held the largest share of the market. Moreover, the market for the sperms segment is expected to register the highest CAGR in the market during 2022-2028. In recent years, public cord banking has been promoted over private cord banking. Various centers across the world are performing cord blood stem cell transplantation as a part of the management of genetic, hematologic, immunologic, metabolic, and oncologic disorders, among others, which is bolstering the growth of the market for the public cord banking segment.

End User Insights

Based on end user, the cryopreservation equipment market is segmented into stem cell banks, biotechnology and pharmaceuticals organizations, stem cell research laboratories, and others. The biotechnology and pharmaceuticals organizations segment held the largest market share in 2020, and it is further expected to be the largest shareholder in the market by 2028. Cryopreservation has become an integral part of the manufacturing process of many cellular therapies as it sometimes precedes cell culture (by preserving the starting cellular material before beginning large-scale manufacturing) and generally follows cell expansion.

A few major primary and secondary sources referred to while preparing the report on the global cryopreservation equipment market are the US Food and Drug Administration (FDA), International Agency for Research on Cancer (IARC), US Society of Assisted Reproductive Technology (SART), Centre for Reproductive & Genetic Health (CRGH), European Society of Human Reproduction and Embryology (ESHRE), China's State Food and Drug Administration (SFDA), Chinese National Health and Family Planning Commission (NHFPC), Japan's Ministry of Education, Culture, Sports, Science, and Technology (MEXT), All India Institute of Medical Sciences (AIIMS), Indian Council of Medical Research (ICMR), International Stem Cell Corporation (ISCO), Global Stem Cell & Regenerative Medicine Acceleration Center (GSRAC), King Abdullah International Medical Research Center (KAIMRC), Dubai Health Authority (DHA).