Cryogenic Vials Market Size to Reach $10.6 Billion by 2030: Rising Demand for Storage of Temperature Sensitive Samples to Propel Growth: The Brainy Insights
The global development and growing growth of pharmaceutical companies is driving the need for cryogenic vials. The North America region will continue to be one of the most enticing markets during the projection period.
Newark, Feb. 10, 2023 (GLOBE NEWSWIRE) — The Cryogenic vials market was estimated at around USD 6.45 billion in 2021, growing at a CAGR of nearly 5.6% during 2022-2030. The market is projected to reach approximately USD 10.6 billion by 2030.
It is believed that cryogenic vials are the best and most leak-proof choice for storing samples for extended periods of time. It is perfect for preserving a range of specimens as well as biological materials at extremely low temperatures. The quick threading of the vial makes removal and tightening easier. They are frequently contained in distinctive, tamper-evident safety-lock bags. The market’s growing industry trends will help players create effective long-term strategies. Both developed and developing markets have put business expansion strategies into practice. Protein, animal tissue, and cell samples that are temperature-sensitive must be kept in freezers because they lose their chemical properties at room temperature. As a result, this aspect is fueling the global market for cryogenic vials. Cryogenic vial demand is being driven by the global pharmaceutical industry’s ongoing development and expansion. The rising prevalence of chronic illnesses including cancer, diabetes, and communicable diseases is also expected to fuel the sector’s growth. Because of an apparent increase in the world’s elderly population and the acceleration of industrialization, it is projected that the demand for cryogenic vials will increase throughout the forecast period.
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There are several uses for cryogenic vials in the medical field. This is a result of the prevalence of chronic illnesses including cancer, diabetes, and communicable diseases rising. Additionally, barcoding cryogenic vials makes it easier to identify them and incorporates dates for future use, both of which are likely to advance its use in healthcare facilities.
For cryopreservation, the biological samples are stored at an incredibly low temperature. This strategy is widely applied in cryosurgery, food sciences, cell and organ preservation, molecular biology and biochemistry, as well as medical applications. For laboratory physicians, medical professionals, and researchers who need to keep samples for a very long time while maintaining consistency and reproducibility in various applications, cryopreservation is proving to be a highly useful approach. Effective cryopreservation of biological components, like cells and tissues, aids in lowering the additional costs related to routinely replenishing inventory. The demand for cryopreservation has increased as a result of increased use of hepatocytes, cardiomyocytes, and neuronal cells in neuroscience and cardiology research. Cryogenic vials are crucial to cryopreservation procedures because they are so good at maintaining perfect storage conditions and enabling the sufficient retrieval of biological components. As a result, the demand for cryogenic vials is increasing at the same time as cryopreservation techniques are dramatically increasing. This will ultimately drive the global market’s growth over the forecast period.
Demand for supplies that are simple to track and record with little manual involvement is being driven by the growing usage of LIMS and automation technology. The usage of LIMS and other inventory management programs enables end users to conveniently track and preserve records and other crucial data. Vendors operating in the global market are concentrating on updating their product offerings with cutting-edge tracking technologies like 1D and 2D barcoded cryogenic vials in light of such aspects. Cryopreserving vast amounts and a variety of biomaterials is a common practice in biobanks and cell banks, therefore technologically superior cryogenic vials are becoming more popular. More durable than labels, printed barcodes on cryogenic vials make it easier to identify and track biomaterials and samples while preserving a trustworthy chain of custody through automated data storage. In addition to reducing the possibility of human mistake and maintaining repeatability and collaboration among sample batches, this improves the effectiveness and efficiency of cryopreservation processes. Information can now be easily shared across a variety of end users thanks to digital storage made possible by barcode scanning. During the projected period, the advancement of these items and their rising use are anticipated to drive the global market’s expansion.
The market for cryogenic vials is split into types and applications. The type predicts that internally threaded cryogenic vials segment will grow at the fastest rate. The end-user preference and the manual handling techniques used during cryopreservation have a considerable role in the selection of cryogenic vials. Externally threaded cryogenic vials and internally threaded cryogenic vials both offer comparable biomaterial viability and sealing capabilities. In terms of their handling during cryopreservation, end users believe internally threaded cryogenic vials to be more suitable. Because of this, internally threaded cryogenic vials sell for more money than externally threaded ones.
Throughout the projected period, healthcare institution segment is expected to increase at the quickest rate. Global research and development efforts have rapidly increased, which is primarily responsible for the segment’s rise in the cryogenic vials market.
In the cryogenic vials market, North America represented the largest market share of the whole market. Large portions of revenue growth in North America are driven by developed economies like the United States. The need for cryopreservation of biomaterials, such as antibodies, nucleic acids, cells, proteins, and tissue samples in biopharmaceutical research would increase during the course of the anticipated time period, as would the volume of cryopreserved samples. In this region, the market for cryogenic vials has expanded as a result of technological and scientific advances.
It is projected that Asia Pacific would become the region of the global market with the fastest rate of growth. The fast rise of the pharmaceutical and biotechnology industries, as well as the globalization of local and international organizations, are all expected to create significant potential prospects for the Asia Pacific cryogenic vials market. The Asia Pacific cryogenic vials market is predicted to benefit from an increase in biotechnology research activities in the region due to low costs, biobanks, and a rising need for cells. The market for cryogenic vials in this region is therefore being influenced by these considerations.
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|Report Coverage||Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, and Latin America|
|Market Size(unit)||USD Billion|
|Cryogenic vials Market CAGR||5.6%|
|Segments Covered||By Type
List of the prominent players in the Global Cryogenic vials market:
• Thermo Fisher Scientific Inc.
• Corning Incorporated
• DWK Life Sciences GmbH
• Sigma-Aldrich Corporation
• VWR International LLC
• BioCision LLC
• Sumitomo Bakelite Co. Ltd
• Starlab International GmbH
• Incell Technologies
• Argos Technologies
The global Cryogenic vials market is segmented as follows:
• Internally Threaded Cryogenic Vials
• Externally Threaded Cryogenic Vials
• Research Organization
• Drug Manufacturer
• Healthcare Institution
• North America
o The U.S.
o The UK
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Rest of Latin America
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About the report:
The market is analyzed based on value (USD million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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