Cryogenic Freezers Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, France, China, UK - Size and Forecast 2024-2028

Cryogenic Freezers Market Size 2024-2028

The global cryogenic freezers market size is estimated to grow by USD 181 million at a CAGR of 8.09% between 2023 and 2028. 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.

What will be the size of the Market During the Forecast Period?

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Market Segmentation

Type Analysis

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 89.80 million in 2018. 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.

Regional Analysis

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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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Key Market Players 

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.

• Air Water Inc.
• ARCTIKO AS
• 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.
• ACMAS Technologies Pvt. Ltd.

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.

Market Dynamics

The market is witnessing significant growth due to the increasing demand for cryopreservation in various sectors, primarily in medical and food industries. Cryogenic refrigerators are essential for preserving medical samples such as organs, cells, and biological samples for extended periods. In the medical sector, these freezers play a crucial role in bio banking sectors and genomic research. In food preservation, they help maintain the integrity of food samples, especially those susceptible to viruses and other contaminants. Cryogenic freezers operate using refrigeration system and insulation materials, with cooling technologies like liquid carbon dioxide and mechanical systems. These freezers ensure temperature consistency, a critical factor in maintaining specimen integrity. Hygienic design elements are essential to prevent contamination, making them ideal for applications in medical illnesses and food safety. The Internet of Things (IoT) is transforming cold chain management, enabling real-time monitoring and ensuring optimal temperature conditions. The market is expected to grow further due to the increasing demand for organ transplants and the expanding scope of research in various fields.

Key Market Drivers

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 pharmaceutical and healthcare industries 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. 

Significant Market Trends

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.

Major Market Challenges

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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Key Customer Landscape

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

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Type Outlook
  • Tunnel freezer
  • IQF freezer
  • Immersion freezer
  • Spiral freezer
  • Others

• End-user Outlook
  • Hospitals and blood centers
  • Biotechnology companies
  • Academic and research institutions
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Argentina
    • Brazil
    • Chile

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Market Analyst Overview

The market is essential for industries requiring temperature control and energy-efficient solutions. These freezers play a crucial role in medical and healthcare settings, particularly for temperature-sensitive medications, vaccines, and personalized medicine. Corporate laboratories, universities and research institutions, and biotechnology firms rely on ultra-low temperature storage to preserve responsive cells and other critical biological materials. In the pharmaceutical business and food and beverages sectors, cryogenic air separation plants and hydrogen plants are pivotal for maintaining the quality of pharmaceuticals, chemicals, and food products. These technologies also support industrial gas provider needs, such as helium, hydrogen, and oxygen, used in applications from beverage carbonation to steel production and aerospace. Modern cryogenic freezers offer smart features like remote monitoring and data logging to ensure precise temperature control. With applications extending to processing facilities and local facilities, these systems are crucial for maintaining the integrity of medical device disinfection products, skin disinfectants, and antiseptics.

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What are the Key Data Covered in this Market Forecasting Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of the market and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on Companies' Position and Classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and the Rest of the World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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