Cell Cryopreservation Market Size

Cell Cryopreservation Market Size

Cell Cryopreservation Market size was valued at USD 10.4 billion in 2023 and is estimated to expand at 21.5% CAGR from 2024 to 2032. Cell cryopreservation is a technique used to preserve cells by freezing them at extremely low temperatures, typically in liquid nitrogen, to slow down their metabolic processes and prevent deterioration.

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Globally, public biobanks are estimated to preserve more than 800,000 units of umbilical cord blood, whereas private cord blood banks may store as many as 4 million units. The growth of the cord stem cell banking is propelled by various factors, including the rising acceptance of stem cell therapeutics, increasing R&D in the field, etc. Additionally, the market is driven by the emergence of new applications for stem cells in disease treatment, augmented investment in the management of chronic diseases, heightened awareness surrounding stem cell therapeutics, and an upswing in mergers and acquisitions involving major industry players.

Furthermore, ongoing advancements in biopreservation, such as improved cryoprotectants and freezing techniques, contribute to the market growth by enhancing the efficiency and viability of preserved cells. Additionally, growing investments from both public and private sectors in the life sciences and healthcare sectors contribute to the expansion of cell cryopreservation technologies and services.