The ultra-low temperature freezers market is anticipated to register sizable revenue growth on the basis of surging R&D activities across pharmaceutical and biotechnological sector. These freezers play a crucial role in storing biological samples like eukaryotic cells, bacteria, semen, blood, drugs and plasmas. Increasing number of federal initiatives to promote medical research projects could expand product demand over the forthcoming years.
Growing prevalence of chronic diseases around the world coupled with rising cases of trauma and road accidents could boost the requirement for blood storage freezers. Rise in number of geriatric population as well as changing consumer lifestyles could impel the demand for novel drugs and treatments, positively impacting ULTF businesses.
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Based on type, the ultra-low temperature freezers market is majorly divided into upright freezers and chest freezers. Among these, the chest freezer segment has managed to record considerable growth over the years and is predicted to attain nearly 2% CAGR within the predicted timespan.
In terms of applications, ULTFs are widely used in pharmaceuticals, organ storage, blood & blood products, genomic research, and forensic. The blood and blood products segment is estimated to control a major portion of the market share. Earlier in 2018, it had dominated the overall market by controlling almost 30% of the entire revenue share. Growing prevalence of infectious diseases like thrombocytopenia, autoimmune diseases, and hemophilia in developing as well as developed nations could play a crucial role in strengthening product adoption.
Companies operating in the ultra-low temperature freezers industry are constantly focusing on implementing lucrative business strategies like new product launches, acquisitions, and strategic alliances to expand their consumer base and geographical presence.
The ultra-low temperature freezers industry is like to witness lucrative growth on the back of such ongoing trends. Notably, companies such as VWR International, Eppendorf, Stirling Ultracold, PHC Holdings Corporation, and Thermo Fisher Scientific are currently at the forefront of ultra-low temperature freezers market share.
Besides, the burgeoning prevalence of numerous chronic, as well as infectious diseases like the COVID-19, has accelerated R&D activities for the development of vaccine, which in turn will accelerate the ultra-low temperature freezer market growth over the forecast period.
On the regional front, APAC is expected to offer lucrative growth opportunities to the ultra-low temperature freezers market. In fact, the region was accounted for over USD 65 million in revenue in 2019. This growth can be attributed to the strong presence of industry participants and the growing prevalence of COVID-19. Burgeoning demand for cellular therapies and custom-made medicines & vaccines has further boosted regional market share.
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Partial Chapter of the Table of Content
Chapter 4 Ultra-low Temperature Freezers Market, By Type
4.1 Key segment trends, by devices
4.2 Chest freezers
4.2.1 Market size, by region, 2015 – 2026 (USD Million)
4.2.2 Market size, by region, 2015 – 2026 (Units)
4.3 Upright freezers
4.3.1 Market size, by region, 2015 – 2026 (USD Million)
4.3.2 Market size, by region, 2015 – 2026 (Units)
4.4.1 Market size, by region, 2015 – 2026 (USD Million)
4.4.2 Market size, by region, 2015 – 2026 (Units)
Chapter 5 Ultra-low Temperature Freezers Market, By Application
5.1 Key segment trends, by application
5.2 Blood and blood products
5.2.1 Market size, by region, 2015 - 2026 (USD Million)
5.3.1 Market size, by region, 2015 - 2026 (USD Million)
5.4.1 Market size, by region, 2015 - 2026 (USD Million)
5.5 Forensic & genomic research
5.5.1 Market size, by region, 2015 - 2026 (USD Million)
5.6.1 Market size, by region, 2015 - 2026 (USD Million)
Chapter 6 Ultra-low temperature Freezers Market, By Technology
6.1 Key segment trends, by end-use
6.2.1 Market size, by region, 2015 - 2026 (USD Million)
6.3.1 Market size, by region, 2015 - 2026 (USD Million)
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