Ultra-low Temperature Freezers Market Size Analysis, Share Value and Trends (Upright Ultra-Low Temperature Freezer and Chest Ultra-Low Temperature Freezer), End-User (Bio-Banks, Hospitals & Clinics and Academic & Research Institutes) and Region (Americas, Europe, Asia-Pacific, and Middle East & Africa), Global Forecast to 2024
The Global Ultra-Low temperature freezer market size is anticipated to reach USD 897.28 million at a 3.20% CAGR from 2019 to 2024 (forecast period). Increased demand in blood banking storage and leaps in research and development are primary factors driving market growth. Expansion plans of pharmaceutical and biopharmaceutical companies in expanding its research can induce the demand for ULT freezers and refrigerators for storage of biological samples. America Ultra-Low temperature freezer market share grow at a 3.30% CAGR and Europe Ultra-Low temperature freezer market worth USD 208.06 million in 2017.
Ultra-low temperature (ULT) freezers are medical devices used for the storage of biological samples of blood, sperm, cells, etc. These freezers are extensively used in blood banks, biomedical engineering facilities, hospitals, research institutes, and epidemic prevention services. They have operating temperatures between the range of -45 and -86 degree Celsius. The global ultra-low temperature freezer market report by Market Research Future (MRFR) contains its importance in biobanking and its prospects for the period between 2019 to 2024.
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The scope in drug discovery and a slew of clinical trials for furthering research in disease prevention can work in favor of the global ultra-low temperature freezer market. Surgeries requiring rare blood and tissues for implants can spur the market demand. According to the report by National Center for Biotechnology of 2016, close to 40,829 hematopoietic stem cells transplant operations were performed across several European countries indicating the growth trajectory of the market during the forecast period.
Ultra-low Temperature (ULT) Freezers Market Segmentation:
The global ultra-low temperature freezers industry is segmented as type, end user, and region.
Based on type, the global ultra-low temperature freezers market is divided into upright ULT freezers and chest ULT freezers. The former can register a CAGR of 3.30% during the forecast period
Based on end user, the global ultra-low temperature freezers market is segmented into biobanks, hospitals and clinics, and academic & research institutes. The biobanks segment accounted for a market value of USD 341.89 million in 2018. It can register a CAGR of 3.40% during the assessment period due to donations by volunteers and accumulation of biological samples due to prevalence of chronic diseases. Hospitals & clinics were the second largest segment and touted to exhibit a CAGR of 3.29% during the forecast period.
Ultra-low Temperature Freezers Market Regional Analysis
The global ultra-low temperature freezers market, based on region, is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas are expected to dominate the global market till 2024 due to large number of healthcare providers and demand for large storage solutions. Strides in biobanking and efforts by hospitals to lower energy consumption can bode well for the regional demand. The growth is facilitated by players such as Panasonic Healthcare which have launched freezers with high operational functions and low power consumption. The region can accrue revenues at 3.30% CAGR during the forecast period.
Europe follows the Americas in ranking driven by measures taken by pharmaceutical companies for preservation of biological samples. Inclination towards bio banking and cord blood banking are expected to drive the regional demand exponentially. Europe had a valuation of USD 208.06 million in 2017. It can exhibit a CAGR of 3.14% during the forecast period.
APAC, on the other hand, is expected to experience a robust growth rate due to investments in healthcare infrastructure and subsidies provided to pharmaceutical and biopharmaceutical companies for drug development. Lastly, the MEA has limited growth owing to low awareness levels.
Ultra-low Temperature Freezers Market Competition Outlook
Arctiko, VWR International, Global Cooling Inc, BINDER GmbH, Labcold, Helmer scientific, Stirling Ultracold, Eppendorf AG., Esco Micro Pte Ltd., PHC Corporation, Thermo Fisher Scientific Inc., and others are prime players of the market.
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