Cryopreservation Cell Lines Market Trends

Growth Drivers

• Growing Government Support to Develop Cryopreservation Cell Lines – The government of different nations is focusing on developing advanced cryopreservation cell lines for preserving tissue cells and other human components for the conduction of tests and developing high-quality medicines. Thus, a high amount of investments is made to initiate advanced facilities for cryopreservation cell lines. For instance, New York Blood Center’s - National Cord Blood Program (NCBP), is the world's first and largest cord bank, which freezes and preserves cord blood units in liquid nitrogen freezers. It has recorded a collection of over 70,000 cord blood units and provided cord blood units for transplantation to over 5,300 recipients worldwide.

• Burgeoning Geriatric Cases – With the weakening of the human body and deteriorating body organs demand high-quality medicine. Thus, with cryopreservation cell lines, effective research methodologies can be carried out for developing efficacious methodologies for treatment processes. The World Health Organization stated that by 2030, one out of six people in the world is bound to age 60 years and over.

• Rising Prevalence of Chronic Diseases – Recent statistics from the World Health Organization (WHO) stated that chronic diseases are responsible for almost all the deaths occurring worldwide. Cardiovascular diseases take almost 17.9 million lives annually, followed by cancers, chronic respiratory diseases, and diabetes responsible for killing 9.3 million, 4.1 million, and 2 million people every year across the globe.

• Increased Focus on Developing Advanced Medical Procedures – High investments are made by key players operating in the global market in research and development activities to enhance the process of cryopreservation along with the expansion of healthcare expenditure. Thus, robust expenditure in the R&D sector is expected to bring growth opportunities for market expansion in the near future. According to the World Bank, global expenditure on research and development was calculated to be 2.63% of GDP in 2020 up from 2.2% in 2018.

Challenges

• High Cost Associated with Cryopreservation Cell Lines – As cryopreservation cell lines require technologically developed equipment coupled with specialized medical professionals and integration of advanced features, the process of cryopreservation cell lines subsequently becomes costly. As a result, the population with low and middle income is pushed further away from opting for cryopreservation cell lines which are anticipated to lower the adoption rate and ultimately hamper market growth during the forecast period.
• Low Awareness Level Among the Population
• Rising Concern Regarding Failure