The global cryogenic capsules market is anticipated to accumulate a market value of US$ 7.1 billion in 2023 and is expected to garner a valuation of US$ 12.4 billion by exhibiting a CAGR of 5.7 % in the forecast period 2023 to 2033. The cryogenic capsules market reflected a growth of 4.2 % CAGR in the historical period 2018 to 2022.
Data Points
Key Statistics
Expected Market Value in 2023
US$ 7.1 billion
Projected Market Value in 2033
US$ 12.4 billion
Growth Rate (2023 to 2033)
5.7 % CAGR
Cryogenic capsules are the best and most leak-proof choice for storing samples for long periods. These capsules are suitable for preserving a range of specimens and biological materials at extremely low temperatures. The quick threading of the vial makes tightening and removal easier.
Animal tissues, proteins, and cell samples that are sensitive to extreme temperatures are kept in freezers because they lose their chemical properties at room temperature. This aspect is expected to drive market growth for cryogenic vials. The global pharmaceutical industry's ongoing development and expansion are expected to fuel the product demand.
The growing prevalence of chronic illnesses such as diabetes, cancer, and communicable diseases is supporting the market’s growth. With the apparent growth in the world's elderly population and rapid industrialization, the demand for cryo capsules will also increase in the forecast period.
For cryopreservation, the biological samples are stored at very low temperatures. This strategy is widely adopted in food sciences, cryo surgery, cell and organ preservation, molecular biology, and biochemistry, as well as medical applications.
The increasing use of hepatocytes, cardiomyocytes, and neuronal cells in neuroscience and cardiology research is providing the required stimulus for the product demand. Cryogenic vials are crucial for cryopreservation procedures because they are considered best for maintaining perfect storage conditions and allowing the sufficient retrieval of biological components.
As a result, the demand for cryo capsules is rising in sync with the rise in cryopreservation techniques. This will drive market growth during the forthcoming period.
Demand for supplies that are simple to track and record with minimum manpower involvement is being driven by the growing use of Laboratory information management systems (LIMS) and automation technology. The service of LIMS and other inventory management programs allows ending users to easily track and preserve records and other crucial data.
Apart from this, vendors operating in the global market are focusing on improving their product offerings with cutting-edge tracking technologies like 1D and 2D barcoded cryogenic vials considering such aspects. This is anticipated to drive the market growth even further.
Geographically, North America is expected to lead the market of cryo capsules by withholding 42.8% market share by end of the forecast period. Large portions of revenue growth in this region are driven by developed economies like the United States.
The need for cryopreservation of biomaterials including antibodies, nucleic acids, proteins, cells, and tissue samples in biopharmaceutical research would increase during the forecast, thereby driving growth. The market for cryogenic vials has expanded as a result of technological and scientific advancements.
On the other hand, Asia Pacific is expected to reflect the fastest CAGR of 5.6% during the forecast period. The rapid expansion of the pharmaceutical and biotechnology industries, as well as the globalization of international and local organizations, are all expected to create potential prospects for the Asia Pacific cryo capsules market. The regional market will also benefit from a rise in biotechnology research activities due to low costs, biobanks, and an increasing need for cells.
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How Competitive is the Market?
Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing cryogenic capsules are expected to create lucrative opportunities for market growth during the forecast period.
In January 2022, Saulsbury was granted the EPC contract for the design and installation of two cryogenic processing facilities in the Midland Basin. The facilities, designed with a base-rated capacity of around 200 million standard cubic feet per day each, mark Saulsbury's 61st and 62nd cryogenic processing facility projects since 2006, representing nearly 11 billion cubic feet per day of processing capacity, and its 23rd and 24th cryogenic processing center in the West Texas region.
In October 2021, Chemie-Tech was granted an Engineering, Procurement, Construction & Commissioning contract from HPCL Rajasthan Refinery Ltd (HRRL) for Cryogenic Double Wall Storage Tanks (DWST) and related facilities - Package 7 (Part-A) at HPCL Rajasthan Refinery Limited in Rajasthan, India. The scope of the contract comprises project management, residual process design, detailed design and engineering, procurement, construction, pre-commissioning, and commissioning with one-point responsibility of above ground, flat bottom, vertical, full containment type double-wall storage tank (outer tank with RCC post-tension wall and inner tank 9% Ni Steel) with Packages such as Ethylene Vaporisor, BOG Compressor, Propylene Heating, Glycol Makeup, Cold-Blowdown system, In-tank pumps, etc.
Cryogenic Capsules Market Overview (2023 to 2033)
A cryogenic capsule is also known as a vial that stores liquid medicines in a small cylindrical glass container. These capsules are used for the sole purpose of carefully transporting drugs, biological materials, samples of humans or animals such as blood, cell, or serum, and even drugs that need to be stored at a particular temperature.
Most medicines or drugs are supposed to be stored at extreme temperatures and kept sterilized. The cryogenic capsule market demand is rapidly increasing with the increasing growth of the pharmaceutical industry all over the globe.
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What Drives the Growth of the Cryogenic Capsules Market?
With the increasing industrialization and the rapid growth in the population, there is a likelihood of an increase in chronic or new diseases which also drives the growth of the cryogenic capsule market. The property of the capsule itself is a promoting factor for the growth of the market such as the materials used to manufacture Polypropylene or Polyethylene which safeguards the item stored inside.
What Restraints the Growth of the Cryogenic Capsules Market?
The cryogenic capsule is growing in the market because of its benefits of storing various specimens and various biological materials under the said temperature, there is also a restraint in the growth of this market which is the price. The cryogenic capsule is highly expensive specifically because the capsules cannot be used twice for different materials. In a way, this makes the capsule a one-time-use packaging.
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What are the Key opportunities for Cryogenic Capsules Market in the Pharmaceutical Industry?
Cryogenic capsules are utilized as long-term storage for biological materials, blood samples, cells, new drugs, or any vaccines which need to be stored safely away from exterior factors such as water, air, or even temperature changes. The capsule is secured at the lowest temperature for the safeguarding of the material stored.
The rise of experimentation and the growing prominence of chronic diseases has acquired significant attention in the pharmaceutical industry. Many developing countries such as India, China, Russia, and many others are also investing in an increase in the production of cryogenic capsules.
Competitive Landscape
Key players in the Cryogenic capsules market are
VRV Asia Pacific Pvt Ltd
Lab Depot Inc.
Globe Scientific Inc.
Heathrow Scientific
BioCision
Sumitomo Bakelite Co., Ltd.
Starlab International GmbH
E&K Scientific Products, Inc.
Caesa-Labs Inc.
Catalent
Cryolor
Wheaton
Globe Scientific Inc.
Thermo Fisher Scientific Inc
Argos Technologies
Sigma-Aldrich Corporation
Capp ApS
Corning Inc., etc.
How does North America Stand as a Big Market Player for Cryogenic Capsules Market?
North American region accounts to remain the leading market player in the manufacturing of Cryogenic capsules market and is expected to grow steadily in the forecasted period. The major reason for the steady growth is increasing industrialization. The presence of major market players such as Heathrow Scientific, E&K Scientific Products, Thermo Fisher Scientific Inc., and many more.
How has Covid-19 Impacted The Growth of The Cryogenic Capsules Market?
Since the beginning of the Covid-19 pandemic, the pharmaceutical industry and the medical research industry have seen an advent rise in growth. Although it was seen that at starting phase of the pandemic, there was a steep decline in the thriving market of Cryogenic capsule market because of the shutdown of production and manufacturing units, less or non-availability of raw materials, and also the absence of labor and other staff.
But as the situation worsened there surged a demand to resume work in the medical research organizations to invent new vaccines for the newly spread disease. This has presented attractive opportunities for the sales of the cryogenic capsule market all over the globe.
Key Segments of Cryogenic Capsules Market Covered in the Report
