The global sales of cryogenic ampoules are estimated to be worth USD 2.2 billion in 2021 and are anticipated to reach a value of USD 4.0 billion by 2031. Sales are projected to rise at a CAGR of 6.3% over the forecast period between 2021 and 2031. The revenue generated by cryogenic ampoules in 2020 was USD 2.1 billion.
Driving forces in the cryogenic ampoules market include an uptick in demand for safe storage and transportation of temperature-sensitive biological and pharmaceutical products. Further, advances in cryogenic technology and heightened interest in vaccines and cell therapies within the biopharmaceuticals category spur high demand in ultra-low temperature-resistant ampoules.
Increasing investments in healthcare R&D in regenerative medicine and genomics further fuel this demand. Product stability and safety during storage and transportation fuel the application of advanced cryogenic packaging solutions. Further, the handling and preservation of sensitive materials by regulatory requirements also drive the market. For example, the rise in global bio banking and clinical trials successfully drives demand for cryogenic ampoules.
Global Cryogenic Ampoules Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 2.1 billion |
| Estimated Size, 2021 | USD 2.2 billion |
| Projected Size, 2031 | USD 4.0 billion |
| Value-based CAGR (2021 to 2031) | 6.3% |
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Recent developments in the pharmaceutical industry and innovative research techniques used in cryogenics require a moisture-proof and safe packaging and storage solution, which is met successfully by cryogenic ampoules.
The ampoules for cryogenics are specially designed and made up of glass to resist materials stored at extremely low temperatures in it, growing number of research organizations and the number of testing done by pharmaceutical companies are also witnessing a sharp rise. Moreover, the global cryogenic ampoules market is expected to grow at a healthy rate in near future.
The increased demand for various types of vaccines and drugs which need to be packaged in a temperature-controlled package and maintained, rise in a number of research and development organizations testing various types of materials and chemicals and their effects.
All these factors result in high demand for cryogenic ampoules, along with the pharmaceutical industry being a major consumer. Thus, the global cryogenic ampoules market is expected to grow positively over the upcoming decade.
Cryogenic ampoules can be only opened by breaking the glass lid of the ampoule, which leads to the risk of small glass particles in the vaccine or chemical packed in it. Also, the cryogenic ampoules are only fit for single use only, these few limitations are likely to hamper the expected growth of the cryogenic ampoules market in coming years.
According to the latest developments by giant pharmaceutical companies and global research, organizations are demanding sustainable product which has no negative effects on the environment after disposing of it. Manufacturers of cryogenic ampoules are offering easy to open ampoules which is easy to store on racks and trays while conducting the test or while transporting the vaccine, it keeps the chemical or drug stored in it safe from moisture, dust and any risk of contamination.
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The rise in research and development by the giant pharmaceutical manufacturers and research organizations in the country makes its global hub for research & testing of all kinds of vaccines and chemicals. Also, demand for temperature-controlled packaging is high due to the growing number of research institutes in the country, which makes the USA a major market for the global cryogenic ampoules market.
The growth of a number of medicinal drugs manufacturers in the country and moreover the supply of various expensive chemicals and other fluids which require low-temperature packaging are packed in a cryogenic ampoule, also while transport the risk of damage of chemical is reduced. The entry of domestic manufacturers in the production of cryogenic ampoules indicates the positive impact it has on the growth of the global cryogenic ampoules market.
The easy availability of glass and other raw materials used in manufacturing the cryogenic ampoules and the development of health infrastructure in both countries of India and China, all these factors indicate lucrative growth opportunities offered by these countries.
Also, the ever-growing demand for pharmaceutical drugs and vaccines is driving demand for contamination-free, low-temperature packaging solutions such as cryogenic ampoules in India as well as China. The entry of global key players and the presence of few domestic manufacturers engaged in producing cryogenic ampoules provides a huge untapped market for manufacturers and growth opportunities to the global cryogenic ampoules market for the upcoming decade.
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Cryogenic Ampoules Market
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