Top players operating in the global cryogenic vials market include
Thermo Fisher Scientific Inc., Corning Incorporated, Abdos Labtech
Private Limited, EZ Bio Research LLC, BIOLOGIX GROUP LTD, CELLTREAT
Scientific Products, Evergreen Scientific, E&K Scientific Products,
Azer Scientific, Inc., Argos Technologies, Inc., Capp ApS, and Ziath
Ltd., finds Transparency Market Research (TMR). Some other prominent
players vying for a substantial share in the market are Starlab
International GmbH, Sumitomo Bakelite Co., Ltd., BioCision, LLC, VWR
International LLC, and DWK Life Sciences GmbH.
Several prominent manufacturers and
suppliers of cryogenic vials are harping on design innovations and
combining unique materials to this end. They are also launching products
with advanced functionalities that are also stable across a wide range
of temperatures, in order to gain a competitive edge over other players.
The global cryogenic vials market stood
at US$131.8 mn in 2016 and is projected to rise at a CAGR of 3.9% from
2017 to 2027. Rising at this pace, the market is estimated to touch a
valuation of US$199.3 mn by the end of the forecast timeline.
Broadly, the two types of products used
in cryogenic vials are self-standing and round-bottom vials. Of these,
self-standing cryogenic vials held the major share in the market in
2016. This can be attributed to their extensive uptake since they don’t
need extra storage space.
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The various regional markets for
cryogenic vials are Latin America, the Middle East and Africa, North
America, Asia Pacific, and Europe. Of these regions, North America
accounted for the leading shares of the global market and is anticipated
to hold its sway throughout the forecast timeline. By the end of 2027,
it is projected to hold a market share of 37.3%. The regional market,
led by the U.S., will be primarily driven by substantial allocations on
research and development of new drug pipelines, notably antibiotics.
Substantial R&D Funding on New Drugs to Bolster Demand
The growing demand for long-term
preservation of various biological materials, including human and animal
cells and serum, is a key factor stoking the demand for cryogenic vials
for ultralow temperature storage. The rising quantum of investment on
research activities for developing new drugs by governments in various
developing and developed economies is a key factor driving the market.
The intensifying need for long-term storage of diverse biological
materials helps the commercial production of bio-chemicals.
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