Global Cryogenic Freezer Market is valued at USD 191.3 Million in 2022 and is expected to reach USD 290.5 Million by 2029 with a CAGR of 6.15% over the forecast period.
Global Cryogenic Freezer Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2023-2029- The increasing demand for cryogenic freezing technology across various industries, including healthcare, food and beverage, and aerospace is one of the major factors driving the market growth.
Cryogenic freezer equipment is designed to maintain cryogenic temperatures. Cryopreservation is the process whereby cells or whole tissues are well preserved by cooling to sub-zero temperatures. Cryopreservation is the only maintainable method available for the long-term preservation of both plant and animal species. Cryogenic freezing helps to minimize the lack of moisture of the frozen items while retaining item quality, texture, color, and, in the case of food items, flavor. The advantages of a cryogenic freezer are rapid freezing, inhibition of bacterial growth, and a limited but considerable drop in quantitative losses. Cryogenic freezers are used in facilities for food processing and preservation, specific food pieces, universities and research institutions, bio-pharmaceutical products, as well as DNA storage, blood banks, stem cells, extracellular matrix, organs and organelles, and umbilical thread blood. Gases such as helium and nitrogen are most used in their liquefied state to achieve particularly low temperatures for preservation in these freezers.
The Covid-19 outbreak has also impacted growth of global cryogenic freezer market. COVID-19 had an impact on many industries, including foodservice facilities, the beverage industry, biotech laboratories, and restaurants due to flight cancellations, travel bans, and disruptions in the supply chain of the industry, all of which had shown an adverse affect on the cryogenic market as well.
The cryogenic freezers market is segmented on the basis of type, application and region & country level. On the basis of type, the Cryogenic freezers market is segmented into -40~-80, -80~-120, -120 ~-140, and other. On the basis of application, the cryogenic freezers market is segmented into food & beverages, medical & health care, pharmaceuticals, industrial, research institution and others.
The regions covered in this cryogenic freezers market report are Asia-Pacific, North America, Europe, and the Rest of the World. Based on a country level, the market of cryogenic freezers is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some of the key players for cryogenic freezers market are -
The increasing demand for cryogenic freezer in food and beverage industry is driving the growth of the cryogenic freezer market. Food safety is a prime concern for any food processing industry. Since cryogenic freezers are largely used in the food and beverage industry for storing frozen food, they minimise dehydration of the frozen items while retaining item quality, texture, colour, and flavour. The advantages of a cryogenic freezer are rapid freezing and inhibition of bacterial growth. The, the increasing growth of food and beverage industry is driving the market growth. For example; according to the economic research service; on July 22nd, 2022, the foodservice and food retailing industries supplied in 2020 about $1.81 trillion worth of food, and of that total, $922.2 billion was supplied by foodservice facilities. Additionally, according to international data corporation; on October 20th, 2021, about 46% of food manufacturers and food distributors (40.1%), as well as according to food ingredients India; on October 10th, 2020, the Indian nutraceutical market is to grow from US$2.8 billion in 2015 to US$8.5 billion by 2022. Compared to conventional freezing techniques, the cryogenic method has the various advantages like rapid freezing, inhibition of bacterial growth, and others.
In addition, rising growth of pharmaceutical and healthcare industries are also fostering the demand for cryogenic freezers. In the pharmaceutical industry, cryogenic freezers are used for storing medicines, organs, blood, and other medical components. These freezers create optimal conditions that extend the shelf-life of these beneficial medicines. Hence, there is an increasing demand for cryogenic freezers in the pharmaceutical and healthcare industries. For example; according to PHC on December 7th, 2021, PHCbi pioneered the development of cryogenic freezers, with Panasonic introducing the world’s first-152°C ultra-low temperature (ULT) freezer in response to a growing demand for cryopreservation solutions after medical and scientific developments in biotechnology and genetics. Furthermore, according to the India Brand Equity Foundation; Indian pharmaceutical exports totaled $24.44 billion in FY21 and FY22. India is the 12th biggest exporter of medical goods in the world. Manufacturers design medical freezers and refrigerators to defend biological products. While medical-grade cryptogenic refrigerators require a higher upfront cost, they provide a better investment over time compared to domestic units. They utilize higher-quality materials and have a longer time between failures and temperature excursion events.
However, the high installation and operation costs may hinder the market growth. In spite of that, increasing advancements in this field may offer more growth opportunities for the market.
Geographically, North America is expected to account for the leading share of the cryogenic freezer market. Increasing technological progress and development in the field of the medical industry are driving the cryogenic freezer market growth in this region. For example; on June 6th, 2022, the America developed a Messer to showcase new cryogenic freezing solutions. New freezing and chilling solutions were launched at the 2022 international banking industry exposition (IBIE) as it looks to help food producers meet production goals. Additionally, according to PHC Corporation of North America, on May 26th, 2021, the PHCbi brand introduced new technologies developed in the VIP Plus cryogenic freezer. The VIP Plus cryogenic freezer uses a consistent, high-performance, fusion auto-cascade refrigeration system designed to achieve cryogenic temperatures of -150°C. It is used in pharmaceutical and biotech laboratories, bio repositories, medical research and academic institutions, government installations, blood and tissue banks, hospitals, clinics, and industrial research facilities.
Due to increasing awareness regarding the proper food preservation techniques, Europe is the second dominating region in the cryogenic freezer market. The European Commission intends to ensure a high level of food safety and animal and plant health. In addition, growing demand for biobanking is also supplementing the market growth in this region. Biobanking involves the collection, processing, storage, and distribution of biological samples for research and clinical purposes. The increasing demand for biobanking services is expected to drive the growth of the cryogenic freezer market, as these freezers are used to store biological samples. For example: in May 2021, the German biobank network BBMRI-ERIC announced plans to expand its biobanking capacity with the installation of several cryogenic freezers across Europe.
Cryoport Agreement to be Acquired by MVE Biological Solutions from Chart Industries
On August 20th, 2020; Cryoport, Inc. is a global superior in temperature-controlled supply chain solutions for the life sciences industry. It has signed an agreement to be acquired by MVE Biological Solutions, a worldwide leader in industrial vacuum isolation products and cryogenic freezer systems for the life sciences.
|2016 - 2021
|2022 - 2029
|Market Size in 2022:
|USD 191.3 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2029:
|USD 290.5 Million
|Tables, Charts & Figures:
|Thermo, Panasonic, Arctiko, Planer, Taylor Wharton, Chart Industries, American Biotech, Nanolytik, VRV Group, Haier, Zhongke Meiling, Tiandijingyi, Aucma, GFL, Esco Global, VWR, Azbil Telstar, Operon, MetInfo, Coolingway, and many others
|By Type, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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