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The cryo box market size is estimated to grow at a CAGR of 7.12% between 2022 and 2027. The market size is forecast to increase by USD 134.27 million. The growth of the market depends on several factors, including increasing adoption of cryopreservation procedures, growing use of cryo boxes in drug research and development, and increasing development, and funding for biobanks
This cryo box market report extensively covers market segmentation by material (polypropylene, polycarbonate, laminated cardboard, and moisture-repellent fiberboard), capacity (less than 0.5 ml, 0.6 to 1 ml, 1.1 to 1.7 ml, 1.8 to 2 ml, and more than 2 ml), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing adoption of cryopreservation procedures is notably driving the market growth, although factors such as fluctuating cost of raw materials impede the growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the cryo box market is the increasing adoption of cryopreservation procedures. The cryopreservation procedure uses ultra-low temperatures (<150 C) for preserving biological samples. A wide range of uses, such as the preservation of cells and organs, molecular biology and chemistry, cryosurgery, food science, and medical applications, among others, are being accepted by this method. The cost associated with regular stock ordering is reduced by effective cryopreservation of biological materials like cells and tissues.
Cryo tanks are necessary to preserve cryogenic vials due to their ability to maintain optimal storage conditions, which in turn results in a sufficient recovery of biological materials. Thus, the demand for cryogenic vials and, in turn, cryo boxes is increasing in tandem with the significant increase in cryopreservation procedures, which, in turn, will drive the growth of the global cryo box market during the forecast period.
A key factor shaping the cryo box market growth is the growing use of cryo boxes in drug research and development. The demand for cryo boxes is rising drastically from biopharmaceutical companies and contract research organizations. Since they are involved in long-term processes such as drug research and development and clinical trials, biopharmaceutical companies rely on long-term storage technologies such as cryopreservation for freezing and thawing biomaterials such as antibodies, cell suspensions, protein solutions, nucleic acid, microorganisms, and live virus vaccines, among others. The adoption of cryo vials has been increased by regulatory requirements on the efficient storage of ultralow and cryogenically materials.
Growing research for the development of biosimilars and drugs is intensifying the demand for cryo boxes in biopharmaceutical applications. Biomaterials can be used in the research and development of biosimilars in a significant way. Certain nucleic acids, cell suspensions, and proteins used in the production and development of biotherapeutics are highly susceptible to contamination and temperature changes, which requires their transfer under cryogenic conditions. Thus, significant revenue growth in the global market for cryo storage tanks will be stimulated by increasing usage of them among biopharmaceutical companies and is also expected to drive this market over the forecast period.
The fluctuating cost of raw materials is one of the key challenges hindering the cryo box market growth. Cryo boxes are manufactured using high-grade polymers such as polypropylene, polyethene, polylactic acid, and high-density polyethene. Established vendors majorly focus on forming partnership agreements with suppliers for sourcing raw materials. Such partnerships allow the vendors to maintain consistency in materials and low supply costs. However, the cost of polymers fluctuates due to the consistent volatility in crude oil prices.
The prices of crude oil polymers are directly proportional to polymers, which implies that if there is an increase in the price of crude oil, the price of polymer will also increase. Thus, it becomes more challenging for vendors to make correct procurement decisions to source raw materials at the right time with optimum cost benefits. One of the main challenges which are projected to slow down market growth in focus over the forecast period will thus be fluctuations in raw material costs.
The market 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cryo Box Market Customer Landscape
Vendors 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.
Abdos Labtech Pvt. Ltd: The company offers cryo boxes such as Abdos Labtech Cryo Vials Box.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the polypropylene segment will be significant during the forecast period. A polypropylene cryo box is used to preserve and store frozen samples. These can withstand ultra-low temperatures in deep freezers. These polymeric materials offer high mechanical strength. Various vendors, such as Abdos Labtech, offer cryo boxes made of polypropylene material. For instance, Abdos Labtech offers Abdos Labtech for sample storage up to (-) 80 C. These boxes help meet storage requirements of 1.5-2.0 ml microtubes and 1.0- 2.0 ml cryogenic vials.
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The polypropylene segment was valued at USD 96.95 million in 2017 and continued to grow until 2021. Manufacturers of polypropylene cryo boxes majorly stress the development and production of highly compatible products with efficient inertness and high mechanical and thermal strength, which can be used across multiple applications. Polypropylene cryo boxes are used in laboratories to store samples. Hence, the selection of compatible and suitable material of choice for cryo boxes becomes essential to mitigate the chances of leaching, contamination, and breakage during use.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America dominates the global cryo box market, with the US as the leading market in the region. The region is witnessing significant demand for cryo boxes for cryopreserving nucleic acids, proteins, and stem cells. Specifically, the demand for the cryopreservation of pluripotent stem cells has increased owing to their potential frontline applications in the development of precision and regenerative medicines. Thus, such factors will drive the demand for cryo boxes for cryopreservation of samples and, in turn, will drive the market in focus during the forecast period.
In 2020, the outbreak of COVID-19-related increased clinical research for COVID-19 drugs and vaccines and, in turn, added the application of cryo boxes for storing samples. Thus, the usage of cryo boxes for sample storage boosted the growth of the regional market in 2020. In addition, the region entered the recovery phase in 2021 due to the advent of the mass vaccination drive and the ease of lockdown restrictions. Moreover, there has been continuous development in biotechnology in the region, which will propel the demand for cryo boxes during the forecast period.
The cryo box market 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.
Technavio categorizes the global cryo box market as a part of the global life sciences tools and services market. The parent, global life sciences tools and services market covers products and companies engaged in R&D of a variety of product categories, including capital equipment, instruments, accessories, and consumables that are used for R&D on pharmaceuticals and biotechnology products and laboratory diagnosis of various diseases. It also covers life sciences-related services, including contract research, contract manufacturing, and contract sales. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Cryo Box Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.12% |
Market growth 2023-2027 |
USD 134.27 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.59 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, China, India, Japan, and the UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abdos Labtech Pvt. Ltd., AHN Biotechnologie GmbH, Aritech Chemazone Pvt. Ltd., Biologix Group Ltd., Corning Inc., Crystal Technology and Industries Inc., Eppendorf SE, GENAXY SCIENTIFIC PVT. LTD., GLW Storing Systems GmbH, Greiner AG, Heathrow Scientific LLC, Hospital Equipment Manufacturing Co., JaincoLab, National Analytical Corp., Naugra Export, Starlab International GmbH, TENAK AS, Thermo Fisher Scientific Inc., Wildcat Wholesale LLC, and Wuxi NEST Biotechnology Co. 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 report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Market Share of Vendors
6 Five Forces Analysis
7 Market Segmentation by Material
8 Market Segmentation by Capacity
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
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