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 used for long term storage and protection of drugs, enzymes, chemicals, DNA samples, etc. Increase in investments in biomedical and life science industries to accelerate drug development activities along with the rising prevalence of chronic diseases are driving the ultra-low temperature freezers market. The rise in demand for preservation of rare biological samples for research and development and an increase in demand for blood bank storage further fuels up the demand for ultra-low temperature freezers. However high cost associated with these freezers is restraining the growth of the market to some extent.
The ultra-low temperature freezers 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. By end user, 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.
Budding medical and life sciences sector.
Growing demand for blood bank storage.
High costs of ultra-low temperature freezers.
In January 2018, Panasonic Health Corporation launched a new slim profile 12.7 cu.ft. -86°C upright freezer to its TwinGuard Series ultra-low temperature freezers.
The major players profiled in the Ultra-Low Temperature Freezers 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, and Remi group.
The ultra-low temperature freezers market has been analyzed through the following segments:
Upright Ultra-Low Temperature Freezer
Chest Ultra-Low Temperature Freezer
By End User
Pharmaceutical and Biotechnology Companies
Middle East and Africa