Ultra-low temperature freezer market is projected to grow exponentially during the forecast period, witnessing a compound annual growth rate (CAGR) of 4.1% over the period 2016-2023
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Ultra-low temperature freezers provide essential parameters for the storage of bulk reagents; delicate tissue samples, drugs, enzymes, chemicals, viruses, bacteria, cell preparations, and others. Ultra-low freezers find wide variety of application in biotech as well as biological storage.
The product is also used in research universities, medical centers, hospitals, blood banks and forensic labs for storage of biological component. In the latter instances they may be used for long-term evidence storage.
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Besides this, manufacturing firms and testing units are also using the freezer to determine the ability and durability of the product under severe low temperature. New technological advanced products are featured with front-mounted eye-level control system which displays real time clock, event logging, alarm history, advanced alarms, alarm test and memory functions and others.
Market Size & Forecast
By product type segment, chest ultra-freezer market is expected to observe a robust growth over the forecast period. The reason behind the expansion of market is attributed towards the increasing investment of government for technological advancement in health sector all over the world.
Geographically, North America is anticipated to hold the largest share in the market till 2024 due to highly developed healthcare infrastructures, presence of world’s leading biomedical companies and the huge investment in the research and development for healthcare facilities. Further, on the back of positive growth of global healthcare industry, ultra-low temperature freezers market is anticipated to be the most growing market in the near future.
Demand Analysis Based on Market Segmentation
By Product Type
On the basis of shape of the product, ultra freezers can be segmented in to following categories:-
- Chest Ultra Freezers
- Table-Top Ultra Freezers
- Under-Bench Ultra Freezers
There are several designs for ultra-low temperature freezers with varying sizes depending on space need for storage. On the basis of storage capacity, the ultra-low temperature freezer is segmented into following categories:-
By Temperature Range
Depending upon the application, ultra-low temperature freezers are available with following temperature range:-
- -10oC to -40oC
- -40oC to -86oC
- -86oC to -135oC
- -135oC to -165oC
Growth Drivers and Challenges
Rapid increase in the demand for blood and blood components due to increasing blood disorder diseases, increasing global demand for personalised drug, new government regulation towards better healthcare facilities, growing research and development expenditure of government on clinical trial, huge investment of pharmaceuticals companies on product development are some of the major factors driving the growth of ultra-low temperature freezer market across the globe.
The introduction and adoption of technologically advanced products such as radio frequency identity RFID-enabled equipment, multiple compressor equipment are likely to combat the problems related to breakdown of ultra-low temperature freezer such as compressor breakdown and will further fuel the market over the forecast period. Wide scope of application in biological as well pharmaceutical sector, increasing demand for advanced medical facilities and rising incidence of disease are anticipated to intensify the growth of ultra-low temperature freezer market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global industrial (commercial) ult…re freezer market which includes company profiling of Thermo Fisher Scientific Inc., Haier Biomedical, Eppendorf AG, Helmer Scientific, VWR Corporation, Arctiko A/S, Biomedical Solutions Inc., EVERmed S.R.L., Philipp Kirsch GmbH and Panasonic Healthcare Co., Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global industrial (commercial) ultra-low temperature freezer market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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