Ultra-Low Temperature Freezer is designed to deal with the contamination, an everyday challenge various cell culture lab confronts. Contamination, undetected or ignored endangers the reliability and reproducibility of experimental data. Hence, each lab relies on ULT freezers as the best measures to prevent microbial contamination.
Increasing number of research activities taking place in the research Institutes or laboratories in the pharmaceutical manufacturing and bioscience defines the augmented demand for ULT freezers and its increasing market size. Besides, the efficacy these ULT freezers deliver in biobanks and hospitals escalates the market of ULT freezers to the ascended heights on the global platform.
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Technological advancements that took place in the smart and connected devices and the proliferation of some ubiquitous technologies such as the Artificial Intelligence (AI) and Internet of Things (IoT) in these freezers foster the market growth.
Additional factors such as substantial investments put in the R&D activities to suffice the augmenting demand for break-through drug discovery and treatments to respond to the growing prevalence of chronic disease and transplants are fueling the market growth to an extent.
The Global Ultra-Low Temperature Freezer Market is Estimated to be valued at USD 897.28 million by 2024 and is expected to register a CAGR of 3.20% during the forecast period.
Global Ultra-Low Temperature Freezer Market – Key Players
Some of the key players in this market are:
- Panasonic Healthcare Corporation of North America
- VWR International
- Helmer Scientific
- Eppendrof AG
- Thermofisher Scientific Inc.
Global Ultra-Low Temperature Freezer Market – Segments
MRFR has segmented its analysis into three key dynamics for the convenience of understanding;
By Types: Upright ULT Freezers and Chest ULT Freezers among others.
By End-users: Biobanks, Hospital, Academic, and Research Institute among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
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Global Ultra-Low Temperature Freezer Market – Regional Analysis
Geographically, the Global Ultra-Low Temperature Freezer Market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Americas was the largest market for ultra-low temperature freezer in 2018 and is expected to remain dominant during the review period. The use of ultra-low temperature freezers is growing steadily. The reason is that research institutes are coming up with increasing researches done by the researchers by using new developing technologies, and this is making the academic students familiar with ultra-low temperature freezers. These freezers are designed to store biological materials such as virus, bacteria, eukaryotic cells, blood, and semen, which are used in research institute facilities for the experimentation purpose. Europe accounted for a significant market share and is projected to be the second-largest market during the forecast period. The rise in the demand for tissue regeneration technology is a major driving factor for the growth of the ultra-low temperature freezer market in Europe.
Global Ultra-Low Temperature Freezer Market – Key Finding
- The Global Ultra-Low Temperature Freezer Market and is expected to reach USD 701.4 million by 2022.
- Regionally, North America holds the largest market share for global Ultra-low temperature freezer market and is expected to reach USD 393.9 million by 2022.
- Asia-Pacific market is expected to be the fastest growing market and expected to reach at USD 152.5 million by 2022.
- On the basis of type, upright ULT freezers segment holds largest market share.
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