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The global cryogenic freezers market size is estimated to grow by USD 148.21 million at a Compound Annual Growth Rate (CAGR) of 7.2% between 2022 and 2027.
The life sciences sector in the healthcare industry is constantly experiencing technological advances and innovations in areas such as regenerative medicines, vaccinations, immunotherapy, and biopharmaceuticals. They extensively use cryogenic freezers for a variety of applications including preservation, storage, and treatment applications at specific temperatures. For example, chimeric antigen receptor (CAR) T-cell therapy is a part of immunotherapies that are used for the treatment of cancer. For this, immune cells are collected from the blood of the patients and then used for the production of chimeric antigen receptors which are then infused into the patient for killing cancer cells. To ensure the quality of receptor cells is retained during activation and storage, freezers play a vital role. Cryogenic freezers are also used for the biological storage of stem cells, bone marrow, human tissues, cord blood, etc.
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The market share growth by the tunnel freezer segment will be significant during the forecast period. These tunnel freezers utilize a continuous conveyor system for rapidly freezing products, improving the speed and efficiency of the freezing process. The cryogenic gases they use for the creation of extremely low temperatures in the freezing chamber are liquid nitrogen or carbon dioxide. It offers various advantages such as high throughput and continuous processing capabilities which allows a constant flow of products through the freezer making it ideal for high-volume production environments.
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The tunnel freezer segment was valued at USD 84.50 million in 2017. Tunnel freezers are used in a variety of applications across several industries, such as the food industry, pharmaceutical, chemical, and other industrial applications for freezing products. The rapid speed of tunnel freezers helps reduce the cost and time spent during the freezing process in comparison to traditional batch freezers. This helps increase production capacity and reduce cycle times. Hence such factors are expected to contribute to further market growth during the forecast period.
The hospitals and blood centers segment includes the largest end-users which use cryogenic freezers for the storage of biological sample freezers. A major vendor, Linde offers freezers that can store up to 15,600 to 94,500 biological sample freezers at ultra-low temperatures. It can be used for long-term storage of DNA, blood samples and cultures, skin cells, organs, drugs, etc., in hospitals. Cryogenic freezers are used to store blood samples in the blood bank. Hence it is extensively used in hospitals, clinics, and other facilities that facilitate vaccines and other lifesaving medicines across the world. Moreover, vendors like Air Products offer a wide range of cryogenic freezers, such as liquid nitrogen freezers which can be used throughout the hospital. Hence such factors will contribute to the market growth of this segment during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period.
Within the North American region, the US is the largest market in the region due to the increasing demand for cryopreservation of biomaterials such as antibodies, nucleic acids, proteins, cells, and tissue samples in biopharmaceutical research. Additionally, the preservation of nucleic acids, proteins, and stem cells is also boosting regional market growth. Due to the evolving usage of stem cells for the development of precision and regenerative medicines, there is increasing demand for the cryopreservation of pluripotent stem cells. Moreover, favorable regulatory policies for regenerative medicines like the Regenerative Medicine Promotion Act of 2014 (H.R. 4494; S. 2126), in the US are enabling vendors to develop facilities for the efficient storage of pluripotent, mesenchymal, and embryonic stem cells. Hence such factors will propel regional market growth during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 19 market companies, including:
Aucma Co. Ltd - The company offers cryogenic freezers such as Cryo 230 and Cryo 170.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The favorable government support and increase in funding are driving the market growth. The government is supporting the market by improving the capacity development of cryopreservation storage facilities, cell banks, and biobanks through continuous funding and promotions. This helps to provide quality healthcare and supports biotechnology companies and organizations involved in life science R&D. For instance, in January 2021, the German Federal Ministry of Education and Research announced it would support German Biobank Node (GBN) till 2024 by providing around USD 4.303 million in funding.
Moreover, several government organizations like the Food and Agriculture Organization (FAO) and the National Bureau of Plant Genetic Resources (NBPGR) are involved in the preservation of genomic samples, seeds, tissues, cells, and other biomaterials of rare species and species on the verge of extinction. All these efforts of governments are helping advance the field with major developments such as the evolution of plant-based cryopreservation from the slow-cooling approach to the complete vitrification procedure. Hence such factors will propel the market growth during the forecast period.
Increasing mergers and acquisitions (M&As) and collaboration are major market trends. Out of various end-users, the biomedical and food industry are the most prominent. Vendors also utilize collaborations and partnerships to expand market share. For example, in October 2021, Azenta Life Sciences acquired Abeyance Cryo which helped it to add Abeyance Cryo Solutions cryogenic freezer products under its portfolio of Automated Storage Solutions.
Besides, Linde and Bluefors collaborated to create cooling solutions for large-scale quantum computers in March 2021, advancing benefits such as cooling power, efficiency, and robustness in large-scale computing. BioLife Solutions signed a merger agreement to acquire Global Cooling Inc., a major manufacturer of ultra-low temperature (cryogenic) mechanical freezers in April 2021. Hence such factors will help fuel market growth during the forecast period.
The threat from faulty or loosely insulated cryogenic freezers is challenging the market growth. Cryogenic freezers are primarily used for the storage of products at extremely low temperatures. Gases present in cryogenic freezers must be stored properly to prevent leakage, which would occur due to faulty or loosely insulated cryogenic freezers. Preventing leakage is vital as if sufficient insulation measures are not conducted and leakage occurs, it will adversely impact the health of employees and people in the vicinity of freezers.
For instance, argon inhalation can cause suffocation, a stinging sensation in the eyes, vomiting, dizziness, rapid breathing, excitation, headaches, excess salivation, and stinging of the nose and throat, and may result in unconsciousness. Hence, there are state law requirements to prevent faulty or loosely insulated freezers which will negatively affect the health of employees. Hence such factors will pose a hindrance to market growth during the forecast period.
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The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The Cryogenic Freezers Market is vital across various sectors, especially in the healthcare and food industries. In the healthcare sector, cryogenic freezers play a crucial role in preserving medical samples, organs, and tissues for research and treatment of medical illnesses. These freezers ensure the integrity of organelles and extracellular matrices in medical research, particularly in blood banks and corporate laboratories. Similarly, in the food industry, cryogenic processing guarantees food safety by eliminating viruses and maintaining temperature consistency for food preservation.
Leading players in the market prioritize energy efficiency and hygienic design elements such as sloped surfaces and seamless construction to enhance maintenance and cleanliness. With applications ranging from food processing to research institutions, cryogenic freezers contribute to production efficiency and research advancement. The market witnesses continuous innovation through new product launches, strategic activities, and investments, ensuring a global footprint and offering cost-effective solutions to diverse end-users.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Cryogenic Freezers Market Scope |
|
Market Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.2% |
Market growth 2023-2027 |
USD 148.21 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.83 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 35% |
Key countries |
US, Germany, France, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Air Water Inc., ARCTIKO AS, Aucma Co. Ltd, Avantor Inc., Azenta Inc., BioLife Solutions Inc., Chart Industries Inc., Eppendorf SE, Froilabo, Haier Biomedical, Helmer Scientific Inc., Messer SE and Co. KGaA, PHC Holdings Corp., Scientific Research Instruments Co Pvt Ltd, Stericox India Pvt. Ltd., Taylor Wharton, Thermo Fisher Scientific Inc., ZHONGKE MEILING CRYOGENICS CO. LTD., and ACMAS Technologies Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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