Transparency Market Research delivers key insights on the cryogenic vials marketin its published report, which includes global industry analysis, size, share, growth, trends, and forecast for 2020-2027. In terms of revenue, the global cryogenic vials market is projected to expand at a CAGR of 3.9% during the forecast period, owing to numerous factors, about which TMR offers thorough insights and forecast in this report.
Cryogenic Vials Market: An Overview
The global cryogenic vials market is a million dollar market and is projected to have a steady growth through 2027. This steady growth can be attributed to the application of cryogenic vials for healthcare industry. The global demand for cryogenic vials is a large-scale phenomenon because it is considered the most suitable tool for conveying or processing extremely low temperature material. Customers as well as the inclinations of large-scale production firms have tied packaging manufacturers to increase the absorption of cryogenic vials and provide more safety benefits. Furthermore, cryogenic vials are considered as the best and most leak-resistant and moreover, are available for the long-term storage of samples expected to boost the sales of cryogenic vials across the globe. Besides this, the global cryogenic vials market is driven by surge in demand for disease-oriented biobanks and growth in biotechnological industry.
North America expected to be at the Forefront in the Cryogenic Vials Market Growth
As per TMR analysis, North America cryogenic vials market is projected to clock a CAGR of 4.2% through 2027. North America cryogenic vials market is projected to grow at significant rates owing to the factors such as well-established pharmaceutical and biotech sector and increase in the R&D activities related to the biotechnology that requires the cryogenic storage products.
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Furthermore, growing demand for cell banks expected to boost the North America cryogenic vials market. In addition, cryogenic vials are expected to increase their appeal in the region over the next decade, as they are smaller than other packaging types, require less energy to ship, and do less environmental damage. The region expected to have notable market growth rate owing to the presence of the major market players involved in drug manufacturing, research and development activities. These factors are expected to create a sustained demand for cryogenic vials in the region.
Developed Consumer base of Europe to Represent a Continued Demand for Cryogenic vials
Geographically, the Europe region is estimated to account for ~30 % of the cryogenic vials market by the end of 2020. The demand for cryogenic vials in Europe is primarily driven by the increasing demand for sample purity and traceability. Light-weight, easy to open and environment-friendliness are the key attributes possessed by cryogenic vials, which have been found to influence the purchase decisions of consumers in European markets. Front position countries like Germany, Italy, France, Spain, and UK are cumulatively expected to represent nearly 70% of the European cryogenic vials market share over the forecast period. Easy to reclaim, simple volume reference, automatic decapping, hassle-free handling are some of the other features expected to boost the demand for cryogenic vials in the region.
Cryogenic vials Market: Competition Landscape
In the global market report for cryogenic vials, the competition landscape is discussed in detail. Key players profiled in the cryogenic vials market are Thermo Fisher Scientific Inc., Corning Incorporated, DWK Life Sciences GmbH, Sigma-Aldrich Corporation, VWR International LLC, BioCision, LLC, Sumitomo Bakelite Co., Ltd., Starlab International GmbH, Capp ApS, Incell Technologies, Ziath Ltd, Argos Technologies, Inc., Azer Scientific, Inc., E&K Scientific Products, Inc., Evergreen Scientific, CELLTREAT Scientific Products, BIOLOGIX GROUP LTD, Abdos Labtech Private Limited, Simport Plastics Limited, and EZ Bio Research LLC.
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According to TMR analysis, Thermo Fisher Scientific Inc., Corning Incorporated, DWK Life Sciences GmbH, Sigma-Aldrich Corporation, VWR International LLC and BioCision, LLC are the leading players operating in the global cryogenic vials market. However, several existing and new comer players in Asia Pacific are evolving as prominent regional players in the cryogenic vials market.