Fact.MR – A Market Research and Competitive Intelligence Provider: As per the latest Fact.MR analysis, the ultra-low temperature freezers market is expected to reach US$ 509.09 Mn in 2021.
Upright Freezers to Remain Top Selling Category, Commanding Over 60% Sales in Ultra-Low Temperature Freezers Market through 2031
The latest study by Fact.MR offers comprehensive analysis of growth drivers, challenges, and trends affecting growth in the ultra-low temperature freezers market. The report also highlights various opportunities prevailing across leading segments in terms of type, degree of cooling, application and end user.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per the latest Fact.MR analysis, the ultra-low temperature (ULT) freezers market is expected to reach US$ 509.09 Mn in 2021. With increasing demand for ultra-low temperature freezers for diverse applications, the overall market is slated to expand at 4.4% CAGR, surpassing a valuation of US$ 782.98 by 2031-end.
Ultra-low temperature freezers have become an integral component of life science, pharmaceutical and clinical laboratories, where long term sample preservation at precise temperature is essential.
They are predominantly used for the storage of drugs, blood, enzymes, chemicals, cell preparations and tissue samples, among others. ULT freezers safeguard sensitive samples and protect them from exposure to unacceptable temperatures
Increasing prevalence of chronic diseases has accelerated new drug development procedures. Numerous medical researches are being conducted across the globe for the development of advanced drugs and vaccines. As a result, demand for ultra-low temperature freezers is expected to witness higher curve.
Development of various blood donation organizations, rise in blood storage centers, and increase in voluntary blood donations will continue to boost the sales of ultra-low temperature freezers.
According to the World Health Organization (WHO), around 118.4 million blood donations are collected worldwide. The ULT freezers play an important role in ensuring the safe storage of blood and blood components.
Manufacturers are continuously introducing new ecofriendly products with cost efficient features. Compact ULT freezers are gaining worldwide popularity due to their various advantages.
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Upright ultra-low temperature freezers are most widely used freezers across the medical industry. As per Fact.MR, upright ULT freezers category is projected to account for more than half market share owing to their lesser carbon footprint and ease of access for sample collection.
Driven by increasing demand for blood and blood components, high incidence of infectious diseases, and rising governmental support, Asia market is projected to witness the fastest growth during the forecast period.
“With implementation of stringent government regulations, manufacturers are shifting their focus towards introducing eco-friendly products. Environment-friendly ultra-low temperature freezers offer optimal temperature management along with decreased energy usage. These new launches will improve sales in the market over the forecast period,” says the Fact.MR analyst.
Key Takeaways from Ultra-Low Temperature Freezers Market Survey
- Due to increasing blood donation rate and high governmental support, Asia is likely to emerge as the fastest growing market, registering a CAGR of 6% through 2031.
- Europe is slated to register a CAGR of 5.2% between 2021 and 2031 due the increasing medical research and high prevalence of fatal diseases such as cancer.
- Based on product type, upright ultra-low temperature freezers are projected to account for over 60% market share during the forecast period.
- In terms of end user, hospitals are expected to hold around 40% of the ULT freezers industry globally.
Key Drivers
- Rising government support for clinical trials and research activities is boosting the sales of ULT freezers and the trend is likely to continue in the future.
- Increasing blood donation drives conducted across the globe coupled with rising demand for blood and blood components (blood transfusion procedures) will provide impetus to ULT freezers demand
- Booming genomic research along with technological advancements in freezing technology will stimulate the adoption of ULT freezers during the forecast period.
- Unprecedented outbreak of COVID-19 positively impacted the ULT freezers market as adoption of ULT freezers surged for the storage and transportation of COVID vaccines.
Key Restraints
- High cost associated with ultra-low temperature freezers might hamper the growth in the market.
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Competitive Landscape
Key companies operating in the ultra-low temperature freezers market are focusing on introducing new products with enhanced features. They have adopted various strategies such as collaborations, partnerships and acquisitions to expand their global footprint.
- In March 2021, Helmer Scientific, a leading manufacturer of cold storage products and processing equipment launched GX solutions freezers for vaccine, medication, blood therapy and sample storage. Powered by OptiCool technology, GX solutions are the first professional medical-grade freezers that are optimized for critical healthcare applications through temperature performance, noise reduction and decreased energy use.
- In February 2021, Godrej Appliances launched new ultra-low temperature freezers for vaccine storage. These advanced medical freezers can preserve life-saving medical supplies including critical vaccines below -80°C and are aimed at boosting both Indian and global medical cold chains.
Some of the prominent players operating in the ultra-low temperature freezers market profiled by Fact.MR are:
- Eppendorf AG
- Helmer Scientific
- Panasonic Healthcare Corporation
- Thermo Fisher Scientific
- Arctiko A/S
- Bionics Scientific Technologies (P) Ltd
- Glen Dimplex
- Haier Biomedical
- LABCOLD
- Remi Group
More Insights on the Global Ultra-Low Temperature Freezers Sales Outlook
In its latest report, Fact.MR provides an exhaustive analysis of ultra-low temperature freezers market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. In order to gain a better perspective of the market potential, its growth and scope, the market is segmented on the basis of:
Type
- Upright Ultra-low Temperature Freezers
- Floorstanding
- Benchtop/Undercounter
- Chest Ultra-low Temperature Freezers
Degree of Cooling
- -41 to -86 Celsius
- -87 to -150 Celsius
Application
- Blood & Blood Products
- Flammable Materials
- Biological Samples
- Drug Compounds
- Others
End User
- Biobanks
- Hospitals
- Pharmaceutical and Biotechnology Companies
- Academic and Research Institutes
Key Questions Covered in the Ultra-Low Temperature Freezers Market Outlook Report
- The report offers insight into ultra-low temperature freezers demand outlook for 2021-2031
- The market study also highlights projected sales growth for ultra-low temperature freezers market between 2021 and 2031
- Ultra-low temperature freezers market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Ultra-low temperature freezers market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR’s Coverage on the Healthcare Domain –
Biomedical Refrigerators and Freezers Market- Vaccines and other biomedical goods will continue to be in high demand due to the prevalence of numerous diseases. Furthermore, due to increased investment in research and development by educational and scientific organizations, the use of biomedical refrigerators and freezers will continue to rise. Healthcare businesses prefer to store diverse biomedical products in biomedical refrigerators and freezers as the necessity for precise and accurate storage conditions arises. Growing demand for tailored vaccines as a result of increased demand for cellular therapy will continue to have an impact on worldwide market growth.
Undercounter Refrigerators Market- Undercounter refrigerators are in high demand because to rising need for blood transfusions, organ transplants, cellular therapies, and the production of custom-made vaccinations. Furthermore, rising research in the fields of stem cells and medical science is projected to boost undercounter refrigerator acceptance. As a result, rising research investments in the pharmaceutical, healthcare, and life science industries are likely to boost demand for undercounter refrigerators. Participants in the market are working on a variety of technologies to provide effective cooling for medicine, research samples, and blood and its components.
Blood Thawing System Market- Blood thawing systems of various capacities, such as 2 bags, 4 bags, and others, have seen a major increase in demand in recent years. Furthermore, the expansion of industry participants was fueled by an increase in research and development activities across a variety of end-use sectors, including diagnostic laboratories, blood transfusion facilities, and others. Sales of blood thawing systems are projected to increase. The industry value for blood thawing systems is anticipated to rise due to increased demand from major end-use sectors and a flurry of inventions by prominent manufacturers.
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