ultra-low temperature freezers market was valued at more than USD 500 million in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the ultra-low temperature freezers market was valued at more than USD 500 million in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Product (Upright Freezers and Chest Freezers); Application (Blood & Blood Products, Biological Samples, Flammable Materials, Drug Compounds, and Others); End-User (Biobanks, Pharmaceutical & Biotechnology Companies, Academic Research Institutes, and Others); and Region/Country.
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The ultra-low temperature freezers market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the ultra-low temperature freezers market. The ultra-low temperature freezers market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the ultra-low temperature freezers market at the global and regional levels.
Market Overview
The ultra-low temperature freezers (ULT) can freeze a variety of biological materials to store them. Drugs, enzymes, bacteria, viruses, tissue debris, and cell preparations are among these materials. The demand for units that can effectively store enzymes, cell solutions, tissue debris, viruses, bacteria, drugs, and other chemicals at cryogenic temperatures is one factor that is accelerating the ultra-low temperature freezer market.
The rapid expansion of the market for ULT freezers has helped the biomedical sector thrive during a pandemic. As a result, numerous businesses in this sector are making significant investments in R&D. The ultra-low temperature freezer, which stores biological materials that are much more sensitive to even the smallest temperature changes, has been developed and made available to the public as a result. For instance, in 2021, Thermo Fisher Scientific launched the TSX Series Ultra-Low Temperature to deliver environmentally sustainable protection of materials such as vaccines, cell culture media, biologics, and reagents. These factors are the major reason for the growth of this segment during the forecast period.
Some of the major players operating in the market include Thermo Fisher Scientific Inc., Eppendorf SE, PHC Holdings Corporation, Azbil Telstar S.L.U., Arctiko, LABCOLD, BIONICS SCIENTIFIC TECHNOLOGIES (P) LTD., Haier Biomedical, GLOBAL COOLING INC., Helmer Scientific Inc.
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COVID-19 Impact
The market has been relatively unaffected by the COVID-19 pandemic. Due to decreased demand and movement of raw materials, the disruption of the supply chain and difficulties in production will have the greatest impact in the short term. Due to the growing number of biobanks and plasma treatments, COVID-19 is also anticipated to have a relatively positive effect on businesses over time.
The global ultra-low temperature freezers market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
• On the basis of application, the market is categorized into blood & blood products, biological samples, flammable materials, drug compounds, and others. Among these, blood & blood products are expected to hold the highest growth in the market in 2020. This is mainly due to the growing demand for blood & blood products, rising cases of blood donation, chronic bleeding disorders, surgeries and the increasing number of accidents are the major factor for the growth of this segment. For instance, according to the WHO’s 2022 report, every year, 1.35 million people die due to road accidents, and 20-50 million suffer from non-fatal injuries.
· Based on end-user, the ultra-low temperature freezers market has been classified into biobanks, pharmaceutical & biotechnology companies, academic research institutes, and others. The biobanks category is to witness significant adoption of ultra-low temperature freezers during the forecast period. This is mainly due to these can keep various biological materials safe and cold for long periods of time.
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Ultra-Low Temperature Freezers Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the rising R&D projects in the pharmaceutical industry or universities, blood donation, drug & vaccine development, and rising government funding are the factors which will drive the market growth in the region. For instance, in 2021, according to the Federally Funded Research and Development Centers (FFRDC), in the U.S., R&D expenditures totaled USD 22.7 billion, with the federal government funding USD 24.9 billion.
The major players targeting the market include
· Thermo Fisher Scientific Inc.
· Eppendorf SE
· PHC Holdings Corporation
· Azbil Telstar S.L.U.
· Arctiko
· LABCOLD
· BIONICS SCIENTIFIC TECHNOLOGIES (P) LTD.
· Haier Biomedical
· GLOBAL COOLING INC.
· Helmer Scientific Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the ultra-low temperature freezers market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the ultra-low temperature freezers market?
• Which factors are influencing the ultra-low temperature freezers market over the forecast period?
• What are the global challenges, threats, and risks in the ultra-low temperature freezers market?
• Which factors are propelling and restraining the ultra-low temperature freezers market?
• What are the demanding global regions of the ultra-low temperature freezers market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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