Ultra-low Temperature Freezers Market Dynamics
Global Ultra-Low Temperature Freezers Market is expected to register a CAGR of 5.67% from 2020 to 2027 and reach USD 989.44 Million for 2027, suggests Market Research Future (MRFR).
Ultra-low Temperature Freezers Market Boosters and Top Barriers
Collection, as well as preservation of valuable and rare drug compounds, biological samples, and other specimens, has risen due to rising need to conduct scientific research. Restrained research reproducibility has become a major concern among life science scientists and researchers. This has resulted in the high adoption of advanced and safe storage devices like ULT freezers.
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There are several unmet needs in chronic disease therapeutics as well as fierce competition among pharmaceutical and biotechnology companies with respect to the introduction of new and advanced therapeutics in order to increase their market reach. These factors have made way for substantial investment in research and development (R&D) activities, which has boosted the number of drug compounds and biological samples to be preserved for a long time. The healthcare industry also faces hurdles in the form of a lack of blood and blood components, which also accelerates the demand for safe and long-term storage.
A large number of industry participants are developing more energy-efficient as well as safe ULT freezers. This could lead to higher adoption of ULT freezers among research laboratories in the coming years. ULT freezers boast of a long-life span which reduces their replacement rate. With the aim of making laboratories more sustainable and using resources properly, a number of academic research institutes are now practicing facility sharing and leasing. This could restrain the market growth rate during the review period. On the bright side, mounting awareness and improving technology along with soaring demand for environment-friendly refrigerators will work in favor of the worldwide market in the conjectured timeframe.
Ultra-low Temperature Freezers Market Segmentation
The ultra-low temperature freezer market has been segmented on the basis of type and end user.
With context to the type, the market includes upright ULT freezers and chest ULT freezers.
The end-users mentioned in the report are hospitals and clinics, bio-banks, academic and research institutes, and others.
Ultra-low Temperature Freezers Market Regional Aspect
The worldwide ultra-low temperature (ULT) freezer market is spread across the primary regions of Europe, Asia Pacific, Middle East, and Africa, and North America.
The highest concentration of the ultra-low temperature freezer market is in North America. The region’s substantial share is in response to the high number of healthcare services coupled with the elevated demand for products used for massive repository and storage. Vendors like Panasonic Healthcare are constantly developing and upgrading their ULT freezers, which can bring down the amount of energy usually consumed by freezers by more than 50%.
Europe stands as the second-leading market for ultra-low temperature freezer. Europe market consists of Eastern Europe and Western Europe. Western Europe comprises countries like France, Germany, Italy, the United Kingdom (UK), and Spain. The ULT freezer market in the region gets a boost from the rising number of initiatives by government to enhance pharmaceutical preservation products’ safety. With the aim of improving the quality of ULT freezers, numerous vendors are striving to obtain certification for their prominent products as well as quality systems, so they are able to satisfy all the present and upcoming regulatory requirements.
Asia Pacific ultra-low temperature freezer market is growing at the fastest rate. Asia market comprises China, Japan, South Korea, and India. These countries hold a broad range of opportunities, considering the surge in investment for technological advancements in healthcare infrastructure. Overall, the steadily growing economy of the region could benefit the ULT freezer market in the long run. The burgeoning population, along with the rising need for healthcare as well as the advent of latest medical devices, could lead the market to greater heights in the subsequent years.
Middle East and Africa market for ULT freezer is expected to develop at a steady pace, keeping in mind the booming biomedical industry in Africa. The countries in Middle East like Qatar and Saudi Arabia, are developing rapidly. These countries note considerable market growth with the rapidly expanding information and examination business sector.
Ultra-low Temperature Freezers Market Prominent Vendors
Prominent vendors competing in the worldwide ULT market are Stirling Ultracold, Global Cooling Inc, Esco Micro Pte Ltd., Arctiko, VWR International, PHC Corporation, Thermo Fisher Scientific Inc., BINDER GmbH, Labcold, Eppendorf AG and Helmer scientific, to name a few.
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