The COVID-19 pandemic, which has been responsible for devastating effects on businesses around the world, has, in fact, proved to be beneficial for the ultra-low temperature freezer market. Key reason being, rising demand for storage units across hospitals, blood banks, etc., due to increasing cases of diseases across the globe. This factor has significantly affected the ultra-low temperature freezer market in a positive manner, which makes it one of the very few markets to have benefitted from this pandemic. Also, with steady rise in research & development activities pertaining to sectors such as biotechnology, pharmaceuticals, etc., there has been noticeable increase in demand for ultra-low temperature freezers across the globe.
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Based on Fact.MR’s study, it has been seen that, North America is the dominant region of the market, owing to its advanced healthcare infrastructure and unbiased government support related to research activities, clinical trials, etc., besides the continuously increasing prevalence of chronic diseases.
The global ultra-low temperature freezer market is set to witness a CAGR of over 4% over the next decade, to be valued more than US$ 750 Mn by 2030-end.
Key Takeaways from Ultra-low Temperature Freezer Market Report
- Upright ultra-low temperature freezers account for 60% of the total market, and are predicted to witness steady growth, owing to increased demand.
- North America accounts for the largest and most dominant position in the market, with a value of US$ 120 million in 2019.
- Ultra-low temperature freezers are extensively used for storage of blood & blood components, which have a cumulative share of 40% in the market.
- Asia Pacific is projected to witness lucrative growth, owing to increase in population and higher demand for ULT freezers for storage of blood products.
- Key players in the ULT freezer market include Eppendorf, Panasonic Healthcare, Helmer Scientific, and Thermo Fisher Scientific, holding 30% of the market share.
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“Constant technological advancements is the leading driver of the ULT freezer market,” – says a Fact.MR analyst.
Investments in Research & Development to Boost Market Revenue
Key players such as Eppendorf and Panasonic Healthcare have invested in research & development, facilitating advanced technologies in the ultra-low temperature freezers market – introduction of radio-frequency identification (RFID). This is a technological enhancement that is predicted to significantly impact the growth of the ultra-low temperature freezer market. This is also beneficial for the security of sensitive samples from any unauthorized access.
More Valuable Insights on Ultra-low Temperature Freezer Market
Fact.MR, in its new offering, presents an unbiased analysis of the global ultra-low temperature freezer market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the ultra-low temperature freezer market on the basis of type (upright [floorstanding, benchtop/undercounter], and chest), end user (hospitals, research institutes, bio-banks, and pharmaceutical & biotechnology companies), degree of cooling (-41 to -86 & -87 to -150 Celsius), and application (blood & blood products, flammable materials, biological samples, drug compounds, and others), across major regions of the world (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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Content Source: https://www.factmr.com/media-release/1670/global-ultralow-temperature-freezer-market