Ultra-low Temperature Freezer Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Ultra-low Temperature Freezer Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Ultra-low temperature freezer Market

The ultra-low temperature freezer market size was valued at USD 547.0 million in 2019, and the market is now projected to grow to USD 994.7 million by 2032, exhibiting a CAGR of 4.4% during the forecast period of 2020-2027.

The effect of the COVID-19 pandemic on the market has not been that significant. In the short run, the power is largely rooted in the disruption of the supply chain and challenging production due to low demand and mobility of raw materials. Also importantly, COVID-19 is projected to have a relatively positive influence on the companies with the increasing time interval credited to the growing biobanks and plasma treatments. In the long run, this manufacturing industry should come back to its right path, hence, keeping the ultra-low temperature freezer market growth steady.

Increase in the investment for research & development in life science such as child drugs, vaccines and others which is likely to fuel the growth of the market. In addition, the growing use of modified medicines is also predicted to enhance the spending on life science, which would also lead to higher demand of these freezers. In the same manner, the Growing demand for pharmaceuticals storage equipment from blood banks, academic & research institutes as well as hospitals would further lead to more research in the field of life science and drive the ultra-low temperature freezer market share.

ULT freezers rely a lot on governmental funds availed to researches conducted in the life science sector and other sectors. These researches entail the storage of a lot of products such as, plasma, blood samples, enzymes, organs, drugs, vaccines, chemicals, cell preparations, viruses, tissues, bacteria among others. The growing interest of the government in the emerging economy to carry out intricate research in this area is expected to create a high demand in ULT freezers. Further, bio war has become a rising concern; hence, almost every large economy is about to ramp up. It would lead to increase a demand in these freezers due to the fact that they are laboratory freezers.

Comprehensive Analysis of Ultra-low temperature freezer Market

The ultra-low temperature freezer market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided into 3 Segments, By Type Analysis, By Capacity Analysis and By Application Analysis. Of all the freezers under the type analysis – between upright & chest types, the upright ultra-low temperature freezers are the most used. This is because they possess less or relatively insignificant carbon footprints and ease of sampling. Based on capacity, the ultra-low temperature freezer market has been divided by less than 300 litres, 301-500 litres, 501-700 litres, 701-900 litres, and above 900 litres. The segment with less than 300 litres is expected to have the highest CAGR because these freezers are the only practical options for most of the biobanks, pharmaceutical companies, and other stakeholders. Based on application, the market is categorized into Biobanks & hospitals, academic & research laboratories & others which includes Pharmaceuticals. The biobanks & hospitals segment held a market share of almost over 50 percent in the year 2019.

North America is expected to represent the largest market share and moderate growth in the forecast period due to various major players in the region. In addition, future improvement in the advanced technology of ultra-low temperature freezers by new and local manufacturers is anticipated strong market demand for the acquisition of freezers to address the increasing need for preservation of products.

Thermo Fisher Scientific Inc. (U.S.), PHC Holdings Corporation (U.S.), Eppendorf AG (Germany), Esco Micro Pte Ltd. (Singapore), Helmer Scientific (U.S.), Arctiko A/S (Denmark), BIONICS SCIENTIFIC TECHNOLOGIES (P) LTD. (India), Glen Dimplex (Ireland), Haier Biomedical (U.K.), LABCOLD (U.K.) and BINDER GmbH (Germany) are significant players in the Refrigeration Equipment market. They are the key player that ensures the industry's success while still having to keep pace with their innovation in product and services. They offer a competitive zone that incites the growth of technologies and quality assurance. They operate on a global scale and have a wide range of product lines ensuring that the market players compete on a fair playing field bringing in innovations that result in the market's evolution.

In July 2021, PHC Corporation launched the new models of their sliding door pharmaceutical refrigerators i.e. product models: MPR-S500H/S500RH) & pharmaceutical refrigerators with freezer i.e. product models: MPR-N250FH/N250FSH. These models are inverter compressor models, CFC-free natural refrigerant & are of specific models for research facilities & medical uses.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD million)

Segmentation Type, Capacity, Application, Geography

By Type

Chest

Upright

By Capacity

Less than 300 Liters

301-500 Liters

501-700 Liters

701-900 Liters

More than 900 Liters

By Application

Bio Banks & Hospitals

Academic & Research Laboratories

Others (Pharmaceuticals, etc.)

By Geography

North America (By Type; By Capacity; By Application, and By Country)

The US (By Application)

Canada (By Application)

Mexico (By Application)

South America (By Type; By Capacity; By Application, and By Country)

Brazil (By Application)

Argentina (By Application)

Rest of South America

Europe (By Type; By Capacity; By Application, and By Country)

United Kingdom (By Application)

Germany (By Application)

France (By Application)

Italy (By Application)

Spain (By Application)

Russia (By Application)

Benelux (By Application)

Nordics (By Application)

Rest of Europe

The Middle East & Africa (By Type; By Capacity; By Application, and By Country)

South Africa (By Application)

North Africa (By Application)

GCC (By Application)

Israel (By Application)

Turkey (By Application)

Rest of the Middle East & Africa

Asia Pacific (By Type; By Capacity; By Application, and By Country)

China (By Application)

Japan (By Application)

India (By Application)

South Korea (By Application)

ASEAN (By Application)

Oceania (By Application)

Rest of Asia Pacific