The global sales of cryoboxes are estimated to be worth USD 4.3 billion in 2021 and are anticipated to reach a value of USD 7.2 billion by 2031. Sales are projected to rise at a CAGR of 5.3% over the forecast period between 2021 and 2031. The revenue generated by cryoboxes in 2020 was USD 4.1 billion.
The growth of the cryoboxes market is witnessed with the increasing demand for secure and reliable storage solutions for biological samples in industries dealing with biotechnology, pharmaceuticals, and healthcare. With an increase in the use of bio banking, stem cell studies, and clinical trials, a surge in demand has been seen for high-quality cryoboxes capable of maintaining the integrity of the samples at ultra-low temperatures.
Advancing material technologies such as durable and temperature-resistant plastics bolsters performance and durability. Growing demands for regulatory compliance and safety in handling biological materials further enhance market demand. Increasing research facilities and laboratories across the world promote better adoption. The trend for personalized medicine and precision health also favours the growth of the cryoboxes market.
Global Cryoboxes Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 4.1 billion |
| Estimated Size, 2021 | USD 4.3 billion |
| Projected Size, 2031 | USD 7.2 billion |
| Value-based CAGR (2021 to 2031) | 5.3% |
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Cryoboxes are designed to store samples in cryogenic vials and tubes in extreme temperatures. Cryoboxes can be customized as per customer requirements for capacity. Printed location grids, hinged lid and moisture-repellent coating are few prominent features of cryoboxes.
The market for cryoboxes is observing a sharp upsurge due to the onset of COVID-19. The ongoing research on improved vaccine development, production of better anti-viral drugs and immunity-boosting shots is fueling the market growth.
The development of ultra-low freezers or ULTs could be reckoned as a revolution in the refrigeration industry. Generally used for storage of biological samples, ULTs have revamped into the market after COVID-19 vaccine developing companies like Pfizer and BioNTech announced requirements for storage of vaccines at extremely low temperatures like -70° C. Production of ultra-low freezers is expected to push the development of compatible cryoboxes to store vaccine samples.
An article published in BioMed Central Ltd. on 24th March 2021, contributes to deeper insights into understanding cryopreservation and how its usage in almost every field is set to affect the future of medicine and drug discovery in coming years. It is expected to not only uplift the market for cryoboxes but also assist in product development.
Principal Consultant
The biopharmaceutical industry lies at the core of the pharmaceutical industry with a potential of expeditious amplification in the coming years. The innovation-led sector highly comprises disruptive technology, digitization and a holistic approach for the treatment of incurable diseases.
The scope of development of the biopharmaceutical industry is reshaping the dynamics of the cryoboxes market. Cryoboxes applications are projected to intensify with escalating biopharmaceutical industry. Cryovials could be used for the storage of drugs for cancer, HIV and Alzheimer's disease.
According to a report published by the Pharmaceutical Research and Manufacturers of America (PhRMA), in 2017 biopharmaceutical industry in the USA accounted for 3.2% of the total country’s GDP, with a value of USD 625 billion.
Downward cost pressure for product affordability in the pharmaceutical and healthcare sector is expected to hamper the demand for cryoboxes. The complexity of continuous product development and manufacture of superior quality cryoboxes can raise its selling prices in the market, which can affect the supply of the product.
Material like polypropylene has a shorter life span and takes 20-30 years to decompose, which can result in the accumulation of waste. Replacing polypropylene with cardboard and fiberboard increases the product prices and doesn’t exactly provide the same efficiency as the material. This factor can restrict the market growth of cryoboxes.
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Cryoboxes market is highly competitive with the presence of large global and local players. Key players in the market are providing customization in case of sizes to the customers. Some players are also innovating cryobox lids to seize some market share. Overall innovation in material, size and appearance is expected to remodel the market shares.
Denmark based player Capp ApS is providing eco-friendly cardboard cryoboxes, which not only repels moisture but also circumvents mild chemical spills.
The biodegradability and recyclability of material are playing a vital role in changing the dynamics of the cryoboxes market. Environmental-friendly material innovations are the key to success in the cryoboxes market. Cardboard and fibreboard cryoboxes are expected to witness growth during the forecast period. However, COVID-19 vaccine development and distribution remain the top-most prospect for market development of the product.
The United States is known to have the least market barriers for the entrance of a new market player in the pharmaceutical market. It also contains the most supportive business environment for the commercialization and development of pharmaceutical equipment and drugs. The USA is considered to be a grossing market for cryoboxes, it is expected to attract a majority of investments and is likely to observe the entrance of new manufacturers during the forecast period.
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Cryoboxes Market
