Ultra-Low Temperature Freezers Market: Current Analysis and Forecast (2022-2028)

Ultra-Low Temperature Freezers Market: Current Analysis and Forecast (2022-2028)

The ultra-low temperature freezers market is expected to witness a CAGR of around 5% during the forecast period. 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. 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.

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. The market is being driven by the high level of investment in these new technologies made by industrial players in the Asia-Pacific region.

• Based on the product, the market is segmented into upright freezers and chest freezers. The upright freezers category is to witness a higher CAGR during the forecast period. This is mainly due to these freezers having more space for storage than chest ULT freezers. At temperatures ranging from -40°C to -86°C, upright freezers store biological drugs, enzymes, chemicals, viruses, bacteria, cell preparations, and tissue samples.
• 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. 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. Therefore, the increasing number of accidents, cancer cases (anemia, leukemia, myeloma), awareness for blood donation, chronic bleeding disorders, and surgeries are the major factors for the growth of the market during the forecast period.
• 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 because these can keep various biological materials safe and cold for long periods of time.
• For a better understanding of the market adoption of the ultra-low temperature freezers market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of 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 which drive the market growth in the region. For instance, according to the Federally Funded Research and Development Centers (FFRDC), 2021, in the U.S., R&D expenditures totaled USD 22.7 billion, with the federal government funding USD 24.9 billion.
• 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.