Asia Pacific Ultra-Low Temperature Freezer Market to 2027 – Regional Analysis and Forecasts by Type (Upright ULT freezers, Chest ULT freezers); End User (Bio-Banks, Hospital, Pharmaceutical and Biotechnology Companies, Academic and Research Institute); and, Country
Asia Pacific ultra-low temperature freezer market is anticipated to reach US$ 159.04 million by 2027 from US$ 109.02 million in 2019. The market is projected to grow with a CAGR of 5.0% from 2019 to 2027.
The ultra-low temperature freezer market is growing primarily due to the rising government support for research activities and clinical trials. Growing R&D activities to introduce new drug compounds, is likely to damage the growth of the market in the coming years. On the other hand, development in the healthcare market is expected to have a positive impact on the growth of the Asia Pacific ultra-low temperature freezer market in the coming years.
Ultra-low temperature freezers are designed for storage of biological materials such as virus, bacteria, eukaryotic cells, blood, and semen. These freezers are used in blood banks, hospitals, epidemic prevention services, research institutes, and biomedical engineering facilities, among others.
Pharmaceutical companies focus on R&D to introduce new molecules for various therapeutic applications with enhanced medical and commercial potential. The companies invest majorly on R&D activities with an aim to delivering high quality and innovative products in the market.
R&D spending by biopharmaceutical companies has been increasing over the years. According to the report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of the biopharmaceutical companies has increased from US$ 49.6 billion in 2012 to US$ 58.8 billion in 2015. Among the world’s top 50 companies by total R&D investment in the fiscal year 2014/2015 were 16 pharmaceutical companies. Novartis, Roche, Johnson & Johnson, and Pfizer are among the top 10 leading R&D investing companies worldwide. Temperature accuracy and monitoring are the major aspects in medical science to preserve and store temperature-sensitive biomedical components that are frequently used for new drug development. Thus, the growing R&D expenditure to introduce new drug compounds will require reliable storage; this, in turn, is expected to drive the growth of the ultra-low temperature freezers market during the forecast period.
As per the S&P Global ratings, the COVID-19 outbreak is expected to wipe approximately US$ 200 billion of Asia Pacific economies this year, sending growth rate to its lowest level. The outbreak has spread to at least 85 countries in the region and is expected to hamper the market growth as investors fret over its economic impact. The total reported COVID-19 cases in the major countries of APAC are: china (82,295), Japan (8,100), and India (11,555). The pharmaceutical companies in the region are working on drug discovery and clinical testing processes on a large scale. However, China and Japan have been frontiers in the research activities including the development of stem cell therapies, cell therapies, and regenerative medicine. Therefore, the ultra-low temperature freezer market in APAC is anticipated to be less affected by the pandemic situation.
In terms of type, the upright ULT freezers segment accounted for the largest share of the Asia Pacific ultra-low temperature freezer market in 2019 and is estimated to mark the highest CAGR in the market during the forecast period, owing to the factors such as easier to organize because of having shelves. Also, the convenience of use of upright freezers has led to its dominance during 2019 and is expected to witness similar trend over the coming years.
Centers for Disease Control and Prevention (CDC), Biomedical Research Centers (BRCs), Society of Infectious and Tropical Diseases (SIMIT), and International Society for Stem Cell Application (ISSCA) are among the significant primary and secondary sources for ultra-low temperature freezer included in the report.
Reason to buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the ultra-low temperature freezer market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the ultra-low temperature freezer market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook