[250 Pages Report] According to the study, the global cryogenic boxes market is expected to grow at a CAGR of 7.3% between 2022 and 2032. The market value is projected to increase from US$ 326.2 Mn in 2022 to US$ 657.3 Mn by 2032. The cryogenic boxes market was valued at US$ 305 Mn at the end of 2021 and is anticipated to exhibit Y-o-Y growth of 7.0% in 2022
| Attribute | Details |
|---|---|
| Global Cryogenic Boxes Market Size (2022E) | US$ 326.2 Million |
| Projected Market Size (2032F) | US$ 657.3 Million |
| Value CAGR (2022 to 2032) | 7.3% |
| Top 3 Countries Market Share | 34.5% |
Newly released data from cryogenic boxes market analysis shows that global demand of overall plastic cryogenic boxes enjoyed year-on-year (YoY) growth of 6.8% in 2021. This growth is attributed to unprecedented outbreak of COVID-19 across the globe.
The need of cryogenic boxes exponentially increased for the transportation of COVID-19 vaccine vials, syringes, and several other healthcare products. Over the coming decade, the consumption of paper & paperboard based cryogenic boxes is estimated to increase at a growth rate of 8% amid rising sustainability concerns.
The consumption of cryogenic boxes in healthcare industry witnessed robust growth in 2021 with worldwide revenues up 12.6% year over year. A new forecast by Future Market Insights (FMI) estimates that cryogenic boxes revenues in the healthcare industry will nearly double between 2022 and 2032.
It is expected to reach a valuation of nearly US$ 309 Mn in 2032 with a ten-year compound annual growth rate (CAGR) of 8%. Regionally, in 2021, the U.S cryogenic boxes market grew by 5.5% year on year, the total demand/sales of cryogenic boxes in North America reached US$ 82.4 Mn.
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During the historic period (2015-2021), the cryogenic boxes market grew at a CAGR of 5.5% and valued at US$ 305 Mn in 2021. However, with the increase in manufacturing of vaccine and cosmetic products, the global market is estimated to increase 2.2x over the next decade.
Cryogenic boxes are used to store and transport organic material at ultra-low temperatures for short or long period of time. It is designed to keep cryogenic vials and tubes safe, utilizing modern technologies and products to give a boost to the cryogenic box market. Various market participants and product innovations helped to increase market penetration during this time period.
The market for cryogenic boxes observed exponential growth following the outbreak of COVID-19. Growth is also due to increasing research into better vaccine development, introduction of antiviral medications, and immunity-boosting shots.
Furthermore, increasing demand owing to non-fragile lab applications is another driving the cryogenic boxes market. Application of cryogenic boxes in healthcare sector is expected to create significant revenue creating opportunities for the manufacturers.
The biopharmaceutical sector is gaining immense traction in the pharmaceutical industry, and it has the potential to grow rapidly in the next years. Disruptive technologies, digitization, and a comprehensive approach to the treatment of incurable diseases are some of the factors boosting the market.
With the expansion of biopharmaceutical industry, cryogenic box applications are expected to surge. Cryovials could be utilized to store cancer, HIV, and Alzheimer's disease medications. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), the biopharmaceutical business in the United States accounted for 3.2 percent of total GDP in 2017, with a value of US$ 625 billion. This is further expected to increase the sales of cryogenic boxes in upcoming decade.
Principal Consultant
The cryogenic boxes demand is increasing for storing and transporting vaccines, chemicals, and various other ingredients in different packaging formats such as vials, ampoules, and tubes. The demand for cryogenic boxes for storing powder or liquid ingredient in vials is surging across the globe.
However, due to increasing clinical research and drug research in India, the demand for cryogenic boxes for storing tubes is expected to rise in South Asia. As per FMI, South Asia market is expected to hold a market share of 44% during the forecast period.
Consumption and sales of cryogenic boxes in ampoules segment is estimated to hold a varying market share between 10-15% in all regions. Although this consist of low market share in Europe, it is expected to increase with the significant pace in 2022-2032.
Presence of Leading Cryogenic Boxes Manufacturers in the U.S. to Push the Sales
The U.S. is considered to have the lowest market barriers to new market entrants in the pharmaceutical industry. It also has the most favorable business climate for the research and sale of pharmaceutical equipment and medications.
According to FMI, the U.S. will reach a valuation of US$ 73 Mn in 2022, accounting for about 23% of the worldwide cryogenic box market.
As per the annual report published by Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Government of India, India pharmaceutical industry is the world’s third largest by volume and 14th largest by value.
India is the largest provider of generic drugs globally. India supplies affordable and low-cost generic drugs to millions of people across the globe and operates a significant number of United States Food and Drug Administration (USFDA) and World Health Organization (WHO) Good Manufacturing Practices (GMP)-compliant plants.
India accounts for 60% of global vaccine production, contributing 40 to 70% of the WHO demand for Diphtheria, Tetanus and Pertussis (DPT) and Bacillus Calmette–Guérin (BCG) vaccines, and 90 percent of the WHO demand for the measles vaccine.
FMI team predicts that increasing exports and imports of vaccines and many other ingredients expected to create US$ 28.3 Mn revenue opportunity in next decade.
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Growing Sustainability Concerns to Spur the Sales of Paper & Paperboard Cryogenic Boxes
Plastic cryogenic box accounts for over 50% of the whole cryogenic box market, according to FMI. Demand for plastic cryogenic boxes in humid areas for protection against rain, dampness, as well as other liquid contents, is increasing.
However, paper & paperboard cryogenic boxes are gaining traction due to the easy biodegradable property of paper & paperboard cryogenic box and government restrictions also prohibit the use of plastic cryogenic box in various countries.
Cryogenic Boxes Market to Benefit from Rising Application in Healthcare Industry
Among the end-use, healthcare accounted for the largest share in 2021 and is poised to maintain its reign during the forecast period. Healthcare is expected to accelerate with a CAGR of 8% in the global market is expected to attract investors.
As per the report published by World Health Organization, global spending on health more than doubled in real terms over the past two decades, reaching US$ 8.5 trillion in 2019, or 9.8% of global GDP.
With big global and local competitors, the cryogenic box market is fiercely competitive. Customers can choose their sizes thanks to the market's leading companies. Cryogenic box lids are also being innovated by several manufacturers in order to gain market share.
Market shares are projected to change as a result of overall innovation in material, size, and appearance. Some of the market's major companies are Tarsons, Thermo Fisher Scientific Inc., Cole-Parmer Instrument Company, LLC, Merck KGaA, ratiolab, BIOLOGIX GROUP LTD, Heathrow Scientific, Bioline Technologies, TENAK A/S, Deluxe Scientific Surgico Private Limited, CAPP, GENAXXON bioscience, Glassco, AHN Biotechnologie GmbH
Some of the key developments:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2015 to 2021 |
| Market Analysis | US$ Million for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East & Africa |
| Key Countries Covered | USA, Brazil, Mexico, Germany, UK, China, India, Japan, Australia, and GCC Countries |
| Key Segments Covered | Material, Application, End Use Industry, Region |
| Key Companies Profiled | Tarsons; Thermo Fisher Scientific Inc.; Cole-Parmer Instrument Company; LLC, Merck KGaA, ratiolab; BIOLOGIX GROUP LTD; Heathrow Scientific; Bioline Technologies; TENAK A/S; Deluxe Scientific Surgico Private Limited; CAPP; GENAXXON bioscience; Glassco; AHN Biotechnologie GmbH |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The cryogenic boxes market was valued at US $ 305 Mn in 2021, and it is expected to grow at a CAGR of 7.3% from 2022 to 2032.
During the forecast period, plastic cryogenic boxes are estimated to grow at the fastest rate. However, paper & paperboard cryogenic boxes will gain traction on the back of rising sustainability concerns across the globe.
India is expected to reflect an incremental growth of 2.2x during the forecast period.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5. Cryogenic Boxes Market Demand Analysis 2015–2021 and Forecast, 2022–2032
5.1. Historical Market Volume (Mn Units) Analysis, 2015–2021
5.2. Current and Future Market Volume (Mn Units) Projections, 2022–2032
5.3. Y-o-Y Growth Trend Analysis
6. Cryogenic Boxes Market - Pricing Analysis
6.1. Regional Pricing Analysis
6.2. Global Average Pricing Analysis Benchmark
7. Cryogenic Boxes Market Demand (in Value or Size in US$ Mn) Analysis 2015–2021 and Forecast, 2022–2032
7.1. Historical Market Value (US$ Mn) Analysis, 2015–2021
7.2. Current and Future Market Value (US$ Mn) Projections, 2022–2032
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
8. Market Background
8.1. Global Packaging Market Outlook
8.2. Global Rigid Packaging Market Outlook
8.3. Global Cold Chain Packaging Market Outlook
8.4. Macro-Economic Factors
8.5. Forecast Factors - Relevance & Impact
8.6. Value Chain
8.6.1. Raw Material Suppliers
8.6.2. Cryogenic Boxes Manufacturers
8.6.3. End Users / Brand Owners
8.7. COVID-19 Crisis – Impact Assessment
8.7.1. Current Statistics
8.7.2. Short-Mid-Long Term Outlook
8.7.3. Likely Rebound
8.8. Market Dynamics
8.8.1. Drivers
8.8.2. Restraints
8.8.3. Opportunity Analysis
8.9. Supply Demand Analysis
9. Global Cryogenic Boxes Market Analysis 2015–2021 and Forecast 2022–2032, By Material
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ Mn) and Volume Analysis, by Material, 2015–2021
9.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast, by Material, 2022–2032
9.3.1. Paper & Paperboard Cryogenic Boxes
9.3.2. Plastic Cryogenic Boxes
9.3.3. Metal
9.4. Market Attractiveness Analysis, by Material
10. Global Cryogenic Boxes Market Analysis 2015–2021 and Forecast 2022–2032, By Application
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ Mn) and Volume Analysis, by Application, 2015–2021
10.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast, by Application, 2022–2032
10.3.1. Vials
10.3.2. Ampoules
10.3.3. Tubes
10.4. Market Attractiveness Analysis, by Application
11. Global Cryogenic Boxes Market Analysis 2015–2021 and Forecast 2022–2032, By End Use
11.1. Introduction / Key Findings
11.2. Historical Market Size (US$ Mn) and Volume Analysis, by End Use, 2015–2021
11.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast, by End Use, 2022–2032
11.3.1. Chemical
11.3.2. Healthcare
11.3.3. Personal Care
11.4. Market Attractiveness Analysis, by End Use
12. Global Cryogenic Boxes Market Analysis 2015–2021 and Forecast 2022–2032, by Region
12.1. Introduction / Key Findings
12.2. Historical Market Size (US$ Mn) and Volume Analysis, by Region, 2015–2021
12.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast, by Region, 2022–2032
12.3.1. North America
12.3.2. Latin America
12.3.3. Europe
12.3.4. Middle East and Africa (MEA)
12.3.5. East Asia
12.3.6. South Asia
12.3.7. Oceania
12.4. Market Attractiveness Analysis, by Region
13. North America Cryogenic Boxes Market Analysis 2015–2021 and Forecast 2022–2032
13.1. Introduction / Key Findings
13.2. Historical Market Size (US$ Mn) and Volume (Mn Units) Analysis, by Market Taxonomy, 2015–2021
13.3. Current Market Size (US$ Mn) and Volume (Mn Units) Analysis and Forecast, by Market Taxonomy, 2022–2032
13.3.1. By Country
13.3.1.1. U.S.
13.3.1.2. Canada
13.3.2. By Material
13.3.3. By Application
13.3.4. By End Use
13.4. Market Attractiveness Analysis
13.4.1. By Country
13.4.2. By Material
13.4.3. By Application
13.4.4. By End Use
14. Latin America Cryogenic Boxes Market Analysis 2015–2021 and Forecast 2022–2032
14.1. Introduction / Key Findings
14.2. Historical Market Size (US$ Mn) and Volume (Mn Units) Analysis, by Market Taxonomy, 2015–2021
14.3. Current Market Size (US$ Mn) and Volume (Mn Units) Analysis and Forecast, by Market Taxonomy, 2022–2032
14.3.1. By Country
14.3.1.1. Brazil
14.3.1.2. Mexico
14.3.1.3. Argentina
14.3.1.4. Rest of Latin America
14.3.2. By Material
14.3.3. By Application
14.3.4. By End Use
14.4. Market Attractiveness Analysis
14.4.1. By Country
14.4.2. By Material
14.4.3. By Application
14.4.4. By End Use
15. Europe Cryogenic Boxes Market Analysis 2015–2021 and Forecast 2022–2032
15.1. Introduction / Key Findings
15.2. Historical Market Size (US$ Mn) and Volume (Mn Units) Analysis, by Market Taxonomy, 2015–2021
15.3. Current Market Size (US$ Mn) and Volume (Mn Units) Analysis and Forecast, by Market Taxonomy, 2022–2032
15.3.1. By Country
15.3.1.1. Germany
15.3.1.2. Italy
15.3.1.3. France
15.3.1.4. U.K.
15.3.1.5. Spain
15.3.1.6. BENELUX
15.3.1.7. Nordic
15.3.1.8. Russia
15.3.1.9. Poland
15.3.1.10. Rest of Europe
15.3.2. By Material
15.3.3. By Application
15.3.4. By End Use
15.4. Market Attractiveness Analysis
15.4.1. By Country
15.4.2. By Material
15.4.3. By Application
15.4.4. By End Use
16. Middle East & Africa Cryogenic Boxes Market Analysis 2015–2021 and Forecast 2022–2032
16.1. Introduction / Key Findings
16.2. Historical Market Size (US$ Mn) and Volume (Mn Units) Analysis, by Market Taxonomy, 2015–2021
16.3. Current Market Size (US$ Mn) and Volume (Mn Units) Analysis and Forecast, by Market Taxonomy, 2022–2032
16.3.1. By Country
16.3.1.1. GCC Countries
16.3.1.2. Turkey
16.3.1.3. Northern Africa
16.3.1.4. South Africa
16.3.1.5. Rest of Middle East and Africa
16.3.2. By Material
16.3.3. By Application
16.3.4. By End Use
16.4. Market Attractiveness Analysis
16.4.1. By Country
16.4.2. By Material
16.4.3. By Application
16.4.4. By End Use
17. East Asia Cryogenic Boxes Market Analysis 2015–2021 and Forecast 2022–2032
17.1. Introduction / Key Findings
17.2. Historical Market Size (US$ Mn) and Volume (Mn Units) Analysis, by Market Taxonomy, 2015–2021
17.3. Current Market Size (US$ Mn) and Volume (Mn Units) Analysis and Forecast, by Market Taxonomy, 2022–2032
17.3.1. By Country
17.3.1.1. China
17.3.1.2. Japan
17.3.1.3. South Korea
17.3.2. By Material
17.3.3. By Application
17.3.4. By End Use
17.4. Market Attractiveness Analysis
17.4.1. By Country
17.4.2. By Material
17.4.3. By Application
17.4.4. By End Use
18. South Asia Cryogenic Boxes Market Analysis 2015–2021 and Forecast 2022–2032
18.1. Introduction / Key Findings
18.2. Historical Market Size (US$ Mn) and Volume (Mn Units) Analysis, by Market Taxonomy, 2015–2021
18.3. Current Market Size (US$ Mn) and Volume (Mn Units) Analysis and Forecast, by Market Taxonomy, 2022–2032
18.3.1. By Country
18.3.1.1. India
18.3.1.2. Thailand
18.3.1.3. Indonesia
18.3.1.4. Malaysia
18.3.1.5. Rest of South Asia
18.3.2. By Material
18.3.3. By Application
18.3.4. By End Use
18.4. Market Attractiveness Analysis
18.4.1. By Country
18.4.2. By Material
18.4.3. By Application
18.4.4. By End Use
19. Oceania Cryogenic Boxes Market Analysis 2015–2021 and Forecast 2022–2032
19.1. Introduction / Key Findings
19.2. Historical Market Size (US$ Mn) and Volume (Mn Units) Analysis, by Market Taxonomy, 2015–2021
19.3. Current Market Size (US$ Mn) and Volume (Mn Units) Analysis and Forecast, by Market Taxonomy, 2022–2032
19.3.1. By Country
19.3.1.1. Australia
19.3.1.2. New Zealand
19.3.2. By Material
19.3.3. By Application
19.3.4. By End Use
19.4. Market Attractiveness Analysis
19.4.1. By Country
19.4.2. By Material
19.4.3. By Application
19.4.4. By End Use
20. Country wise Cryogenic Boxes Market Analysis
20.1. United States (US) Cryogenic Boxes Market Analysis
20.1.1. By Material
20.1.2. By Application
20.1.3. By End Use
20.2. Canada Cryogenic Boxes Market Analysis
20.2.1. By Material
20.2.2. By Application
20.2.3. By End Use
20.3. Brazil Cryogenic Boxes Market Analysis
20.3.1. By Material
20.3.2. By Application
20.3.3. By End Use
20.4. Mexico Cryogenic Boxes Market Analysis
20.4.1. By Material
20.4.2. By Application
20.4.3. By End Use
20.5. Germany Cryogenic Boxes Market Analysis
20.5.1. By Material
20.5.2. By Application
20.5.3. By End Use
20.6. Italy Cryogenic Boxes Market Analysis
20.6.1. By Material
20.6.2. By Application
20.6.3. By End Use
20.7. France Cryogenic Boxes Market Analysis
20.7.1. By Material
20.7.2. By Application
20.7.3. By End Use
20.8. U.K. Cryogenic Boxes Market Analysis
20.8.1. By Material
20.8.2. By Application
20.8.3. By End Use
20.9. Spain Cryogenic Boxes Market Analysis
20.9.1. By Material
20.9.2. By Application
20.9.3. By End Use
20.10. Russia Cryogenic Boxes Market Analysis
20.10.1. By Material
20.10.2. By Application
20.10.3. By End Use
20.11. China Cryogenic Boxes Market Analysis
20.11.1. By Material
20.11.2. By Application
20.11.3. By End Use
20.12. Japan Cryogenic Boxes Market Analysis
20.12.1. By Application
20.12.2. By Material
20.12.3. By End Use
20.13. India Cryogenic Boxes Market Analysis
20.13.1. By Material
20.13.2. By Application
20.13.3. By End Use
20.14. GCC Countries Cryogenic Boxes Market Analysis
20.14.1. By Material
20.14.2. By Application
20.14.3. By End Use
20.15. Australia Cryogenic Boxes Market Analysis
20.15.1. By Material
20.15.2. By Application
20.15.3. By End Use
21. Market Structure Analysis
21.1. Market Analysis, by Tier of Companies (Cryogenic Boxes )
21.2. Market Share Analysis of Top Players
21.3. Market Presence Analysis
22. Competition Analysis
22.1. Competition Dashboard
22.2. Competition Benchmarking
22.3. Competition Deep Dive
22.3.1. Tarsons
22.3.1.1. Overview
22.3.1.2. Product Portfolio
22.3.1.3. Profitability by Market Segments (Product/Channel/Region)
22.3.1.4. Sales Footprint
22.3.1.5. Strategy Overview
22.3.2. Thermo Fisher Scientific Inc.
22.3.2.1. Overview
22.3.2.2. Product Portfolio
22.3.2.3. Profitability by Market Segments (Product/Channel/Region)
22.3.2.4. Sales Footprint
22.3.2.5. Strategy Overview
22.3.3. Cole-Parmer Instrument Company, LLC
22.3.3.1. Overview
22.3.3.2. Product Portfolio
22.3.3.3. Profitability by Market Segments (Product/Channel/Region)
22.3.3.4. Sales Footprint
22.3.3.5. Strategy Overview
22.3.4. Merck KGaA
22.3.4.1. Overview
22.3.4.2. Product Portfolio
22.3.4.3. Profitability by Market Segments (Product/Channel/Region)
22.3.4.4. Sales Footprint
22.3.4.5. Strategy Overview
22.3.5. Ratiolab
22.3.5.1. Overview
22.3.5.2. Product Portfolio
22.3.5.3. Profitability by Market Segments (Product/Channel/Region)
22.3.5.4. Sales Footprint
22.3.5.5. Strategy Overview
22.3.6. BIOLOGIX GROUP LTD
22.3.6.1. Overview
22.3.6.2. Product Portfolio
22.3.6.3. Profitability by Market Segments (Product/Channel/Region)
22.3.6.4. Sales Footprint
22.3.6.5. Strategy Overview
22.3.7. Heathrow Scientific
22.3.7.1. Overview
22.3.7.2. Product Portfolio
22.3.7.3. Profitability by Market Segments (Product/Channel/Region)
22.3.7.4. Sales Footprint
22.3.7.5. Strategy Overview
22.3.8. Bioline Technologies
22.3.8.1. Overview
22.3.8.2. Product Portfolio
22.3.8.3. Profitability by Market Segments (Product/Channel/Region)
22.3.8.4. Sales Footprint
22.3.8.5. Strategy Overview
22.3.9. TENAK A/S
22.3.9.1. Overview
22.3.9.2. Product Portfolio
22.3.9.3. Profitability by Market Segments (Product/Channel/Region)
22.3.9.4. Sales Footprint
22.3.9.5. Strategy Overview
22.3.10. Deluxe Scientific Surgico Private Limited
22.3.10.1. Overview
22.3.10.2. Product Portfolio
22.3.10.3. Profitability by Market Segments (Product/Channel/Region)
22.3.10.4. Sales Footprint
22.3.10.5. Strategy Overview
22.3.11. CAPP
22.3.11.1. Overview
22.3.11.2. Product Portfolio
22.3.11.3. Profitability by Market Segments (Product/Channel/Region)
22.3.11.4. Sales Footprint
22.3.11.5. Strategy Overview
22.3.12. Eppendorf SE
22.3.12.1. Overview
22.3.12.2. Product Portfolio
22.3.12.3. Profitability by Market Segments (Product/Channel/Region)
22.3.12.4. Sales Footprint
22.3.12.5. Strategy Overview
22.3.13. GENAXXON bioscience
22.3.13.1. Overview
22.3.13.2. Product Portfolio
22.3.13.3. Profitability by Market Segments (Product/Channel/Region)
22.3.13.4. Sales Footprint
22.3.13.5. Strategy Overview
22.3.14. Glassco
22.3.14.1. Overview
22.3.14.2. Product Portfolio
22.3.14.3. Profitability by Market Segments (Product/Channel/Region)
22.3.14.4. Sales Footprint
22.3.14.5. Strategy Overview
22.3.15. AHN Biotechnologie GmbH
22.3.15.1. Overview
22.3.15.2. Product Portfolio
22.3.15.3. Profitability by Market Segments (Product/Channel/Region)
22.3.15.4. Sales Footprint
22.3.15.5. Strategy Overview
23. Assumptions and Acronyms Used
24. Research Methodology
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Cryogenic Boxes Market
