(PharmaNewsWire.Com, April 22, 2022 ) The Freeze and Thaw Systems Market is slated to grow on a decent note, i.e. witness a CAGR of 6.8% from 2022-2032. Workflows are getting streamlined due to increased connectivity and quicker internet. This is an era of medical IoT, which goes on to implement wearable devices and several other integrated applications for catering to healthcare needs. This would continue shortly as well.
The global freeze and thaw systems market was valued at US$ 318.9 Mn in 2021. Significant rise in incidence of chronic illnesses and increasing research & development activities with collaborative efforts by manufacturers for the introduction of novel therapeutics are driving market expansion. The market is expected to exhibit a CAGR of 6.8% over the forecast period (2022-2032).
Demand for novel and alternate therapeutics and growing product development associated with global metrics on disease burden have propelled demand for freeze and thaw systems, globally. Developed economies of North America and Europe are experiencing a shift toward single-use equipment and tools, and have thus enhanced their production and transport capabilities within their regions and also worldwide.
Adoption of freeze and thaw systems in the biotechnology and pharmaceutical sphere has promoted greater industrial efficiency in terms of throughput and output. Large-scale manufacturing processes require vigilant monitoring around the manufacturing cycle, and ensuring product viability is a critical element. Freeze and thaw systems provide quicker application of use and promote easy application for further processes.
Major players in the market space are adopting collaborative and expansion strategies. The freeze and thaw systems market is set to experience a great impact as novel avenues of management will open up in the near future.
By product, single-use bags are expected to hold over 39% market value share by the end of 2032.
Based on application, the commercial segment is leading with nearly 2/3 market share by value.
Pharmaceutical & biotechnology companies dominated the end user segment with a revenue share of around 41.4% in 2021.
North America was the leading regional market with a value share of 32.2% in 2021.
“Rising global chronic disease burden and increasing research activities are set to propel demand growth of freeze and thaw systems,” says an analyst of PMR.
Market Competition
Manufacturing giants such as Thermo Fisher and GE Healthcare, amongst many others, have been enhancing and expanding their product portfolios by introducing new technologies in their product lines.
For instance, the Jab 2021 introduction of new CryoMed Controlled-Rate Freezers by Thermo Scientific, which deliver repeatable and consistent temperature performance with enhanced data traceability.
Additionally, GE Healthcare acquired Asymptote has an integrated set of software, consumables, and hardware for cryopreservation, which helps maintain the potency of cellular therapies.
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