Demand for ultra-low temperature freezers has amplified in recent years on the back of the growing demand for storing temperature-sensitive biological products.
Demand for ultra-low temperature freezers has amplified in recent years on the back of the growing demand for storing temperature-sensitive biological products. Some of the factors such as the existence of prominent healthcare producers, research & development facilities, in addition to growing healthcare expenditure in the sector have opened new prospects for the ultra-low temperature freezers market players. Among all these aspect, the COVID-19 outbreak has in addition significantly impacted the market in an optimistic manner. Owing to the outbreak, there has been an excessive rise demand for blood and blood component across the globe, thus encouraging the market for ultra-low temperature freezer.
ULT freezers, or ultra-low temperature freezers, are utilized to store biological items for instance drug compounds, blood & blood components, enzymes, chemicals, etc. Also, increasing demand for storage units across hospitals, blood banks, etc., owing to growing instance of ailments all over the globe. This aspects has notably impacted the ultra-low temperature freezer market in an optimistic method that makes it one of the few markets to have aided from the outbreak.
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Leading market players in the global market for ultra-low temperature freezer are Eppendorf AG, Helmer Scientific, Panasonic Healthcare Corporation, LABCOLD, Arctiko A/S, Bionics Scientific Technologies (P) Ltd, Glen Dimplex, Haier Biomedical, Remi Group, and Thermo Fisher Scientific,.
The global ultra-low temperature freezer market is slated to record steady CAGR of 4.4% over the years of projection, from 2020 to 2030. The global ultra-low temperature freezer market is likely to touch a valuation of US$ 750 Mn over the tenure of projection.
How Surging Genomic Research & Technological Innovation Stimulate Implementation of ULTF’s
Surge in incidences of several infectious ailments, cancer, along with other chronic ailments together with increasing adoption of personalized medicine has fast-tracked novel drug development techniques. Increasing interest for genomic field has augmented several research & development excercies incorporating next gen sequencing.
Furthermore, growing investment by private and public organizations for drug development is anticipated to boost the ultra-low temperature freezers market demand as ultra-low temperature freezers acts a vital role in storing of samples at a particular temperature assortment. Focus on technological progressions in this landscape is likely to benefit companies in business extension.
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Presence of Technically Advanced Healthcare System
The global ULTF market is segmented into the five key regions of Europe, Latin America, North America, Middle East and Africa, and Asia Pacific.
North America is a prominent region in the global market, owing to growing need for advanced healthcare industry, ultra-low temperature freezers, surge in number of hospital admissions, as well as increasing number of blood banks. In addition to this, regions such as Asia and Europe are projected to attain and boost their ULTF market share, as a result of increment in population, rising prevalence of chronic ailments, growing medical tourism, surge in research exercises, expanding storage demand.
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