The Global Ultra-Low Temperature Freezer Market is Estimated to be valued at USD 897.28 million by 2024 and is expected to register a CAGR of 3.20% during the forecast period.
Ultra-low temperature freezer is designed to store biological samples such as drugs, enzymes, cell preparations, chemicals, viruses, bacteria, tissue samples, and others at constant temperatures from -86°C down to -150°C. These laboratory freezers are available in different sizes and used according to the requirement.
The Americas accounted for the largest market share of 46.18% in 2017, with a market value of USD 343.04 Million; the market is expected to register a CAGR of 3.30% during the forecast period. Europe was the second-largest market in 2017, valued at USD 208.06 Million; the market is projected to exhibit a CAGR of 3.21%. However, the market in Asia-Pacific is expected to register the highest CAGR of 3.41%.
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Market Research Future (MRFR) recognizes Thermo Fisher Scientific Inc., Helmer scientific, Stirling Ultracold, Global Cooling Inc, Eppendorf AG., VWR International, PHC Corporation, Esco Micro Pte Ltd., BINDER GmbH, Labcold and Arctiko as the key players in the global ultra-low temperature freezer market.
The Global The ultra-low temperature (ULT) freezer market has been segmented on the basis of type and end user.
is a growing market, and it is expected that the market will touch high growth figures. There are two major designs for ultra-low temperature freezers with both having different sizes relying upon the storage and accessible impression space.
On the basis of type, the market is segmented into upright ultra-low temperature (ULT) freezer and chest ultra-low temperature (ULT) freezer.
An end user is a biomedical personnel or industry that ultimately consumes the product. Usually, the end user does not have a technical understanding of the product or how it has been developed. The global ultra-low temperature freezer market, on the basis of end-user, is segmented into biobanks, hospitals and clinics, academic and research laboratories, and others. There is a high demand for ultra-low temperature freezers from end users as there is a constant increase in research activities in the biomedical industry, and these freezers are used to preserve the samples at very low temperature. The bio-banks segment accounted for the largest market share of 46.03% in 2018, with a market value of USD 341.89 Million; it is expected to register the highest CAGR of 3.40% during the forecast period. The hospitals & clinics segment was the second-largest market in 2018, valued at USD 222.54 Million; it is projected to exhibit a CAGR of 3.29%.
Geographically, the global ultra-low temperature freezer market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Americas was the largest market for ultra-low temperature freezer in 2018 and is expected to remain dominant during the review period. The use of ultra-low temperature freezers is growing steadily. The reason is that research institutes are coming up with increasing researches done by the researchers by using new developing technologies, and this is making the academic students familiar with ultra-low temperature freezers. These freezers are designed to store biological materials such as virus, bacteria, eukaryotic cells, blood, and semen, which are used in research institute facilities for the experimentation purpose. Europe accounted for a significant market share and is projected to be the second-largest market during the forecast period. The rise in the demand for tissue regeneration technology is a major driving factor for the growth of the ultra-low temperature freezer market in Europe.
Key Findings of the Study:
The Global Ultra-Low Temperature Freezer Market is projected to reach over USD 897.28 Million by 2024 at a CAGR of 3.20% CAGR during the review period of 2019 to 2024.
The Americas accounted for the largest market share with North America being the major contributor to the growth of the market.
The upright ultra-low temperature freezer by type segment is projected to register the highest CAGR of 3.30% during the forecast period
Key manufacturers are adopting geographic expansions, corporate acquisitions, and product launches as growth strategies. Moreover, they are focusing on e-commerce for distribution.
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