Ultra-Low Temperature Freezers Market Highlights
The ultra-low temperature freezers market insights report has estimated the industry size at USD 0.5 billion in 2022 and is anticipated to increase from USD 0.521 billion in 2023 to USD 0.72 billion by 2032, registering a compound annual growth rate (CAGR) of 4.20% over the course of the forecast period (2023-2032).
Ultra-low temperature freezers (ULT freezers) are types of bio-freezers used to preserve bacteria, viruses, enzymes, drugs, chemicals, cell preparations, and tissue samples. They generally have a temperature range of -40°C, -86°C, down to -150°C. The global market for ultra-low temperature freezers is being driven by factors such as the increasing demand for ultra-low temperature freezers, raising awareness and improving technology, alternative refrigeration cycles, demand for environment-friendly refrigerators, and increased biomedical R&D spending in Asian countries.
Ultra frozen freezeris widely used in research activities to transfer biomaterial in aseptic conditions and store perishable materials. In pharmaceutical research & development activities, ultra-low temperature freezers are used to store consumables, enzymes, and chemicals. The increasing investments in the pharmaceutical industry for the development of innovative drugs and ongoing research and development activities related to the biotechnology sector are providing favorable conditions for the growth of the market during the forecast period.
Segment Analysis
The global ultra-low temperature freezers market has been divided on the basis of type, degree of cooling, application, and end user.
Based on type, the market has been segregated into upright ultra-low temperature freezers and chest ultra-low temperature freezers.
The ultra-low temperature freezers market, on the basis of degree of cooling, has been divided into41°C To -86°C freezers and -87°C To -150° C freezers.
Based on application, the ultra-low temperature freezers market has been divided into blood & blood products, biological samples, drug compounds, and others.
On the basis of end user, the market is bifurcated into bio-banks, hospitals & clinics, academic & research laboratories, and others.
Regional Analysis
The global ultra-low temperature freezers market, on the basis of region, is divided into the Americas, Europe, Asia-Pacific, and the Middle East &Africa. The Americas accounted for the largest market share in the global ultra-low temperature freezer market. This large share is mainly due to the presence of major healthcare manufacturers, R&D facilities, and rising healthcare spending. The Americas have been further sub-segmented into North America and Latin America. The global ultra-low temperature freezers market in North America is expected to account for the largest share and dominate the market. The major factor that influences the growth of the North American ULT freezers market is the existence of a large number of healthcare services and the rising demand for products for huge repository and storage.
The Europe ultra-low temperature freezers market size is driven by the government taking steps for the safety of pharmaceutical preservation products. Vaccines, drugs, human tissues, cells, blood components, and others require ultra-low temperatures for the preservation of these medical entities. Furthermore, the rising fund for R&D activities in this region supports the market growth. A wide range of opportunities is available for the ULT freezer in Asia-Pacific due to the rising investment towards technological advancements in healthcare infrastructure, research organizations, low manufacturing and labor costs, and increasing investments by major players.
MRFR recognizes the following companies as the key players in its ultra-low temperature freezers market outlook report —VWR International, LLC (US), Thermo Fisher Scientific (US), Eppendorf AG (Germany), Stirling Ultracold (Greece), PHC Corporation (US), Arctiko (UK), Helmer Scientific (US), BINDER GmbH (Germany), Labcold (UK), and Esco Micro Pte Ltd (US).
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