Cryopreservation Cell Lines Market Share

North American Market Forecast   

North America industry is estimated to dominate majority revenue share of 42% by 2037. The market in the region is estimated to witness a noteworthy share over the forecast period on the back of increasing healthcare expenditure on research and development activities by pharmaceutical and other biotech companies. For instance, according to World Bank data, current health expenditure (% of GDP) in North America increased from 12.2% in 2000 to 16.32% in 2019, growing at an average annual rate of 1.57%. Further, the increasing focus of market players on developing novel products for preserving various cells for research and use in medical settings is a major factor propelling the market growth in the region. For instance, Merck KGaA invested approximately USD 2.8 billion in 2020 in R&D. The company focused on both in-house research and external collaborations to launch new and innovative products.

APAC Market Statistics

On the other hand, the market in the Asia Pacific region is expected to grow at the highest growth rate during the forecast period due to improved healthcare infrastructure and accelerating product management operations. Optimization of cryopreservation is the rapidly developing segment in this region and is likely to increase the demand for cryopreservation cell lines in Asia Pacific countries.