- According to Transparency Market Research’s latest market report on the cryogenic vials market for the historical period 2016-2019 and forecast period 2020-2027, the growing demand for sustainable yet appropriate and sturdy packaging solution is projected to drive the cryogenic vials market growth.
- Globally, the revenue generated by the cryogenic vials market has been estimated to be ~US$ 146 Mn in 2019 and is projected to expand at a CAGR of 3.9% in terms of value during the forecast period.
- The cryogenic vials market growth is expected to restrict due to covid-19 outbreak, and various governments are requesting for social distancing and self-isolation legislature over the society and industry staff too. This is has weaken the demand for packing industry globally as people got eventually blocked in their homes and very few supply chain facilities are active now.
- Several industries are witnessing a sharp decline in demand in the sales of non-essential commodities. This shrinking demand is likely to somewhat negatively impact the demand for cryogenic vials from drug manufacturers, and healthcare institutes.
- All that has been attained by coronavirus epidemic is that it places healthcare industry both in a position to grasp the opportunities, but it still brings them under a lot of stress.
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Global Cryogenic Vials Market- Key Findings
- Based on capacity, 1ml-2ml segment dominates the cryogenic vials market, with a market value share of little over 55% by the end of forecast period. However, the 2ml-5ml segment is anticipated to witness high growth rate with a CAGR value of 3.5%, by value.
- The self-standing cryogenic vials account for more than 50% of the global cryogenic vials market. Self-standing cryogenic vials are preferred because they eliminate the need of an extra storage space for putting them into cryogenic racks which is mandatorily required for round bottom cryogenic vials.
- The prominent applications for the cryogenic vials are for research organizations, drug manufacturers, healthcare institutions and others. Research organization segment is the most attractive segment witness high CAGR of 4.2%, by value as global research and development activities are increasing rapidly.
- North America and Europe cumulatively are expected to account for more than 65% of the global cryogenic vials market by 2027, as rising number of diagnostic centres, healthcare institutions and research organisations in the regions. These regions are expected to represent an incremental opportunity of nearly US$ 47 Mn by 2027.
Cryogenic vials Market is expected to thrive as R&D Activities Gaining Tractions
- In the beginning of 2020, owing to the extraordinary global health crisis triggered by the COVID-19 outbreak, global scientists are putting special focus on pharmaceutical research and development (R&D) and other developments required to tackle health issues in both developed and emerging countries.
- There are actually a variety of antidotes in medical trials and more than 20 vaccines in development for coronavirus treatment, according to the International Federation of Pharmaceutical Manufacturers & Associations.
- This has given global cryogenic vials manufacturers an enormous opportunity to give their best to the society and to gain high-end sales with continuing their operations in the outbreak.
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The cryogenic vials market report provides an exhaustive evaluation on the structure of the cryogenic vials market, in tandem with a dashboard view of all the leading companies profiled in the report. A company share analysis on the cryogenic vials market players has also been presented in the report, apart from the footprint matrix on the profiled market players. The report depicts the presence of manufacturers by leveraging an intensity map.
Key companies profiled in the cryogenic vials market report include 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.