Cryogenic Vials Market Trends and Research Insights by 2027
Top players operating in the global cryogenic vials market include Thermo Fisher Scientific Inc., Corning Incorporated, Abdos Labtech Private Limited, EZ Bio Research LLC, BIOLOGIX GROUP LTD, CELLTREAT Scientific Products, Evergreen Scientific, E&K Scientific Products, Azer Scientific, Inc., Argos Technologies, Inc., Capp ApS, and Ziath Ltd., finds Transparency Market Research (TMR). Some other prominent players vying for a substantial share in the market are Starlab International GmbH, Sumitomo Bakelite Co., Ltd., BioCision, LLC, VWR International LLC, and DWK Life Sciences GmbH.
Several prominent manufacturers and suppliers of cryogenic vials are harping on design innovations and combining unique materials to this end. They are also launching products with advanced functionalities that are also stable across a wide range of temperatures, in order to gain a competitive edge over other players.
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The global cryogenic vials market stood at US$131.8 mn in 2016 and is projected to rise at a CAGR of 3.9% from 2017 to 2027. Rising at this pace, the market is estimated to touch a valuation of US$199.3 mn by the end of the forecast timeline.
Broadly, the two types of products used in cryogenic vials are self-standing and round-bottom vials. Of these, self-standing cryogenic vials held the major share in the market in 2016. This can be attributed to their extensive uptake since they don’t need extra storage space.
The various regional markets for cryogenic vials are Latin America, the Middle East and Africa, North America, Asia Pacific, and Europe. Of these regions, North America accounted for the leading shares of the global market and is anticipated to hold its sway throughout the forecast timeline. By the end of 2027, it is projected to hold a market share of 37.3%. The regional market, led by the U.S., will be primarily driven by substantial allocations on research and development of new drug pipelines, notably antibiotics.
Substantial R&D Funding on New Drugs to Bolster Demand
The growing demand for long-term preservation of various biological materials, including human and animal cells and serum, is a key factor stoking the demand for cryogenic vials for ultralow temperature storage. The rising quantum of investment on research activities for developing new drugs by governments in various developing and developed economies is a key factor driving the market. The intensifying need for long-term storage of diverse biological materials helps the commercial production of bio-chemicals.
The rising popularity of commercially available cryogenic vials for the preservation of proteins and animal tissues is boosting the market. The substantial and sustained focus on the on the discovery of new antibiotic drugs in numerous developing and developed countries is a key factor bolstering the demand for cryogenic vials for cryopreservation.
Barcode-enabled Cryogenic Vials Gaining Popularity among Healthcare Institutions
The marked trend of including barcodes in cryogenic vials for convenient identification is opening up exciting prospects in the market. For instance, the advent of 2D barcoded cryogenic vials bodes well for the market.
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Constant advancements in storage methods are accentuating the growth of the market. However, such storage systems suffers from some drawbacks which needs to be addressed to sustain their growing demand. For instance, cryogenic vials when immersed in liquid nitrogen may cause cross-contamination on account of their unreliable seal integrity. Moreover, the risk of explosion associated with their long-term storage of biological materials may hamper the demand.
On the other hand, advancements in storage methods and design innovations are notable factors expected to accentuate the growth of the market over the forecast period.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Cryogenic Vials Market (Capacity - 0.5ml-1ml, 1ml-2ml, and 2ml-5ml; Product - Self Standing and Round Bottom; Material Type – Polypropylene and Polyethylene; End Use - Research Organization, Drug Manufacturer, and Healthcare Institution; Closure Type - External Thread and Internal Thread) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2027.”