Ultra-Low Temperature Freezers Market: Current Analysis and Forecast (2022-2028)

The global ultra-low temperature freezers market is expected to grow at a significant rate of around 5% during the forecast period. Products are primarily stored in an ultra-low temperature (ULT) freezer for preservation at extremely low temperatures. This makes it easier to collect and store valuable and unique biological samples, specimens, and drug compounds. As a result, ULT freezers are common in the research & development and medical industries for effectively storing drugs, blood samples, organs, and other items. As a result, more secure and sophisticated storage methods are being used.

The market is expected to expand because of rising investments in life sciences which will upsurge in tandem with the growing use of modified medicines, increasing the demand for these freezers. For instance, BioLife Solutions, Inc. and UNICEF signed a partnership agreement in December 2021 to increase the temperature stability of temperature-sensitive COVID-19 vaccines in developing communities in Africa, the Middle East, and South America.

Thermo Fisher Scientific Inc., Eppendorf SE, PHC Holdings Corporation, Azbil Telstar S.L.U., Arctiko, LABCOLD, BIONICS SCIENTIFIC TECHNOLOGIES (P) LTD., Haier Biomedical, GLOBAL COOLING INC., Helmer Scientific Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst product, upright freezers category to witness robust CAGR during the forecast period"

Based on product, the market is segmented into upright freezers and chest freezers. The upright freezers category is set to witness the highest CAGR during the forecast period. This is mainly due to these freezers having improved technical features that reduce noise, energy consumption, and carbon footprint while also offering large storage capacities.

Also, it is anticipated that the chest ULT freezers segment will experience steady growth. They have a programmed thawing-out capability. However, these freezers have less capacity for storage and a lower cooling temperature than upright freezers.

"Amongst application, the blood & blood products to hold a significant share in the market in 2020"

On the basis of application, the market is categorized into blood & blood products, biological samples, flammable materials, drug compounds, and others. Among these, blood & blood products to hold a significant share of the market in 2020. The segment's expansion will be aided by the growing use of ultra-low temperature freezers for storing plasma products, white blood cells, red blood cells, and other blood components.

Also, more accidents and emergency situations will mean more people will need these products, which will help the industry grow. In addition, it is anticipated that the academic and research laboratories and other segments will experience steady growth during the forecast period.

"North America is anticipated to grow at a substantial CAGR during the forecast period"

For a better understanding of the market adoption of the ultra-low temperature freezers market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. Owing to increasing health awareness, high income, reimbursement policies, and well-established healthcare infrastructure are some of the key factors for the growth of this market during the forecast period. Moreover, the demand for organ donation has increased because of an increase in the number of chronic disease patients experiencing organ failure. For instance, in 2019, the U.S. Department of Health and Human Services estimated that approximately 122,913 patients needed organ transplants.

In addition, reimbursement policies, and well-established healthcare infrastructure, rising R&D activities, and the presence of the main medical diagnostics companies in North America have energized the regional market.

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Deep dive regional level analysis of the industry.

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