Rising spends on research and development of new drugs by governments in major economies is providing a major fillip to demand for cryogenic vials. Apart from that, cryopreservation feature of cryogenic vials, mainly needed to preserve proteins, animal tissues, and cells at far below subzero temperature, is also boosting their demand. The cryogenic vials can safely store samples up to -196 degree centigrade.
A couple of drawbacks of cryogenic vials, on the flipside, are dealing a blow to their demand. For instance, their seal integrity may sometimes get damaged upon immersion in liquid nitrogen, resulting in cross contamination of liquid nitrogen with the biological sample. Also, prolonged storage of cryogenic vials in the liquid nitrogen may cause explosion.
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A Transparency Market Research study expects the global cryogenic vials market to become worth US$199.3 mn by 2027-end from US$131.8 mn in 2016 by rising at a CAGR of 3.9% from 2017 to 2027.
Self-standing Cryogenic Vials See Greater Demand Since They Do Not Need Extra Storage Space
The different types of products in the global cryogenic vials market are self-standing and round-bottom.
Of them, the segment of self-standing cryogenic vials hold over half the share in the market. They are sought after since they do away with the need for extra storage space in the form cryogenic racks, which are mandatory for round bottom cryogenic vials.
Depending upon end use, the key segments of the global cryogenic vials market are research organizations, drug manufacturers, healthcare institutions, etc. Of them, the segment of research organizations accounts for a leading share in the market. Currently it holds about 56.2% share in the market. In the years ahead too, the segment is predicted to retain its dominant share by rising at a CAGR of 4.1% from 2017 to 2027.
Thrust on New Drug Development Makes North America Dominant Region
From a geographical standpoint, at present North America dominates the market with maximum share both in terms of value and volume because of the substantial allocations for research and development of new drugs. The region is projected to consume 1,420.6 million units of cryogenic vials by 2027-end. The region is also expected to account for a share of 37.3% by the end of forecast period on the back of economic manufacturing processes and conducive trade environment.
The market in Europe is predicted to clock a CAGR of 3.8%, over the forecast period, rising from an estimated US$42.1 mn in 2017 to US$61.1 mn by the end of the forecast period. Europe currently accounts for about 30.9% of the global cryogenic vials market, in terms of value.
Asia Pacific is considered a promising region in the global cryogenic vials market, which is expected to grow at a CAGR of 3.7%, in terms of value. The market was valued at US$30.6 mn in 2016 and is expected to reach US$45.6 mn by the end of 2027.
Some of the key players in the global cryogenic market are Thermo Fisher Scientific Inc., Corning Incorporated, Sigma-Aldrich Corporation, VWR International LLC, BioCision, LLC, Sumitomo Bakelite Co., Ltd., Starlab International GmbH, Incell Technologies, Ziath Ltd, Argos Technologies, Inc., Azer Scientific, Inc., E&K Scientific Products, Inc., Evergreen Scientific, BIOLOGIX GROUP LTD, Abdos Labtech Private Limited, Simport Plastics Limited, and EZ Bio Research LLC.