The ultra-low temperature freezers market is estimated to witness a CAGR of 4.51% to reach US$555.313 million in 2024 from US$426.300 million in 2018. Ultra-Low Temperature Freezers are freezers which are used for long term storage and protection of drugs, enzymes, chemicals, DNA samples, etc. Increase in investment in biomedical and life science industries to accelerate drug development activities along with the rising prevalence of chronic diseases works as the driving factor for the growth of the market. Moreover, the rise in demand for preservation of rare biological samples for research and development and an increase in demand for blood bank storage also fuels up the growth of the ultra-low temperature freezers market. However high cost associated with these freezers is considered as the restraining factor for the growth of the market. The Ultra-Low Temperature Freezer market has been segmented on the basis of type, end user and geography. In the type segment, Upright Ultra-low temperature freezer is expected to hold a significant market share on account of the better storage capacity coupled with continuous advancements. Further, in the end user segment, the biobanks along with pharmaceutical and biotechnology companies are anticipated to grow at a substantial rate owing to the rising demand for preservation of samples and blood coupled with the rising number pharmaceutical industry. Geographically, North America is projected to be a significant region owing to the early adoption of ultra-low temperature freezers and the rising number of blood banks and pharmaceutical companies. Asia-Pacific is also anticipated to grow at a substantial rate owing to the increasing purchasing power, growing investments and rising number of scientific researches in medical sciences.
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RESTRAINTS
INDUSTRY UPDATE
The major players profiled in the Ultra-Low Temperature Freezer market include Panasonic Healthcare Corporation, Azbil Telstar S.L, Eppendorf AG, Helmer Scientific, Haier Biomedical, Thermo Fisher Scientific, Arctiko A/S, Bionics scientific, Glen Dimplex, Labcold, Remi group.
Segmentation
The Ultra-Low Temperature Freezer markethas been analyzed through the following segments:
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