Ultra-Low Temperature Freezer Market Forecast
ultra-low temperature freezers market is all set to capture a growth rate of 5.67% between 2020 and 2027 (review period), confirms MRFR (Market Research Future). The ultra-low temperature freezer market report also adds that the size can expand to USD 2,104.66 Million by 2027. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
It has been a challenging period following the COVID-19 outbreak, with a number of medical devices vendors dealing with disruptions to their supply chains. The novel coronavirus has forced them to modify their business models to address the growth in pandemic-related issues. Escalating cases of SARS-CoV-2 have had a huge impact on the supply of active ingredients and materials, along with the export and import of pharmaceuticals. The lockdown has negatively affected the low temperature freezer production, which has significantly slowed down the overall market growth.
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Ultra-Low Temperature Freezer Market Key Boosters and Challenges
Despite the COVID-19 impact, it is expected that the ultra-low temperature freezers market can perform well in the upcoming years. These freezers offer numerous advantages, including stabilization of delicate and heat-sensitive products without compromising their physical structure as well as chemical properties. Biological and pharmaceutical products including bacteria, viruses, blood, semen and eukaryotic cells are generally stored in ultra-low temperature freezers to maintain their quality. The consistent expansion of the biopharmaceutical and pharmaceutical industries has bolstered the need for industrial equipment, such as ultra-low temperature freezers in manufacturing applications. These factors are also responsible for the increasing spending on R&D activities to accelerate the number of biological samples and drug compounds that require preservation for a long period.
Dearth of blood and blood components happens to be a great concern for the healthcare industry, which boosts the need for their long term and safer storage. Most of the industry contenders are also focusing on developing safe and extremely energy efficient ULT freezers, which could help foster the product demand in research laboratories. Ultra-low temperature freezers’ rising use in research activities to transfer biomaterials in aseptic conditions is also anticipated to favor the global industry in the following years.
Some of the major focus areas that have sparked the interest of ultra-low temperature freezer manufacturers are better storage space, total sample security and energy efficiency. Players are differentiating ULT freezers by adding extra features like device networking solutions; remote temperature monitoring and RFID enabled sample tracking. Companies are also emphasizing on new product launches remain relevant in the competitive market. To cite an instance, in November 2020, UPS Healthcare launched Stirling Ultracold,a portable ultra-low temperature freezer that is expected to distributed in compact point of care facilities that need permanent solutions for longer period of freezer storage. The launch is primarily response to the rampant demand for storage of COVID-19 vaccine and their distribution.
Ultra-Low Temperature Freezer Market Segmental Analysis
Ultra-Low temperature freezers industry has been categorized on the basis of type, degree of cooling, application, and end user.
The key types considered in the report are upright as well as chest. The upright type is the top segment in the market, because of the provision of bigger capacity, and easy to use, and more adjustable interior properties. These are also more user-friendly compared to chest ultra-low temperature freezers.
Depending on degree of cooling, the market can cater to -41°C to -86° C freezers and -87°C to -150° C. Out of these, -41°C to -86° C degree of cooling remains in the lead, given the rising technological innovations in these freezer types. The -41°C to -86°C temperature freezers provide long-term storage and are safe for pharmaceutical samples and products.
Applications of ultra-low temperature freezers are drug compounds, biological samples, blood & blood products, and others. The blood & blood products category is at the top, as a result of the increasing product demand in biobanks for blood products’ storage for research purposes.
The top end-users in the ultra-low temperature freezers industry are hospitals & clinics, academic & research laboratories, bio-banks, and more. Bio-banks lead the market, due to the surge in the number of researches that require storage of bulk biological products.
Ultra-Low Temperature Freezer Market Regional Outlook
Ultra low temperature freezer market share has been studied with respect to certain regions, namely the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
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The America market has been the most lucrative since 2019, thanks to the existence of high quality healthcare services along with the heightened demand for samples that require cold storage. The US market is currently in the lead, mostly due to the presence of a large number of established vendors, thriving healthcare infrastructure and the significant number of R&D activities. The fast adoption of modern technologies and technically innovative laboratory devices also enhances the market share in the region.
Ultra low temperature freezer market growth rate is the highest in APAC, on account of the increasing spending on technological innovations in healthcare and the availability of cheap labor and manufacturing costs. The burgeoning pool of research organizations, subsequent increase in R&D activities as well as scientific researches and the mounting number of pharmaceutical & biotechnology vendors and biobanks also work in favor of the APAC market. Biodiversity paired with growth in unmet needs with respect to disease therapeutics can most likely boost the expansion of the pharmaceutical and biobanks industries, which can mean favorable outcomes for the ultra-low temperature freezers market in the ensuing years.
Ultra-Low Temperature Freezer Market Key Players
Highly eminent players active in the global market are Eppendorf AG (Germany), Global Cooling Inc. (US), LABCOLD (UK), PHC Corporation (US), Esco Micro Pte Ltd. (US), Thermo Fisher Scientific (US), Helmer Scientific (US), Arctiko (UK), BINDER GmbH (Germany), Stirling Ultracold, VWR International, LLC (US), to mention a few.
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