According to the MRFR reports, the ultra-low temperature freezers market is projected to acquire a market size of approximately USD 989.44 million and record a robust CAGR of 5.67% until 2027.
Ultra-low temperature freezers are the ones used for medicinal purposes. The global ultra-low temperature freezers market is primarily driven by the greater need for units that could effectively store drugs, bacteria, viruses, pieces of tissue, cellular solutions, enzymes, and other chemicals at extremely low temperatures. Furthermore, the factors such as heavy investments by major market players in research and development and continuous technological advancements are also anticipated to catalyze the market’s growth over the forecasted era. However, the market growth is anticipated to be restricted by the stringent FDA regulations and the high cost of buying and maintenance.
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Segment Analysis
The global ultra-low temperature freezers market is bifurcated into numerous segments based on type, temperature, application, end-user, and region.
Based on type, the global ULT freezers market is divided into chest and upright.
The global market is split into Negative 87-150 degrees Celsius and Negative 41-86 degrees Celsius by temperature.
Based on application, the global ULT freezers market is bifurcated into drug products, biological samples, blood and blood products, and others.
The global market is split into academic and research settings, hospitals and clinics, bio-banks, and others based on end-user.
Regional analysis
The global ultra-low temperature freezers market is studied across four major regions, including the Americas, the European Union, Asia-Pacific, Middle East and North Africa.
The American market for ultra-low temperature freezers has accounted for the maximum market share in 2019. The market was valued at USD 366.78 million in the same year and is anticipated to exhibit a healthy CAGR of over 5.35% during the review timeframe. The region is further divided into South and North America. The North American regional market is likely to lead globally due to overall spending and better infrastructure.
The European Union can be further segmented into Eastern Europe and Western Europe. The growth of the European regional market for ultra-low temperature freezers is being driven by a growing number of government initiatives to regulate the use of ULT freezers.
The Asia-Pacific regional market has recorded the fastest growth over recent times. The surge in the ULT market is caused by the governments’ heavy investments in overall healthcare systems.
The ULT freezers market for the Middle East and North African region has been witnessing a record-worthy growth over the years owing to the growth of the information and examination business.
Competitive Analysis
The global market for ultra-low temperature freezers has an intensely competitive landscape. The market is easy to enter and offers several lucrative opportunities to the players worldwide. The players in the market are investing heavily in the innovation of the latest and advanced products. The list of prominent leaders in the global ultra-low temperature freezers market includes Esco Micro Pte Ltd (US), BINDER GmbH (Germany), Arctiko (UK), Stirling Ultracold (Greece), Thermo Fisher Scientific (US), Labcold (UK), Helmer Scientific (US), PHC Corporation (US), Eppendorf AG (Germany), VWR International, LLC (US), and several others.
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Recent Developments
- June 2021- the Ultra-Low Temperature (ULT) Freezers series by Thermo Scientific TSX have been upgraded completely with the addition of new features to offer industrial, biorepository, clinical, pharmaceutical manufacturing, and research laboratories with safeguards to provide environmentally sustainable protection of materials, such as reagents, biologics, cell culture media, and vaccines. Thermo Fisher Scientific’s latest advanced TSX Series ULT Freezers are the only ones to provide an exterior illumination option, which eases the use by allowing rapid visual inspection of freezer health status.
- February 2021- the business unit of Godrej & Boyce, Godrej Appliances, has now added ultra-low temperature freezers to the company portfolio, which serve to vaccine cold chain storage facilities. These technologically superior medical freezers can store life-saving medical supplies, including critical vaccines under -80°C, and focus on increasing global and Indian medical cold chains.
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