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Ultra-low Temperature Freezers Market - By Type (Chest Freezers, Upright Freezers), By Application (Blood & Blood Products, Organs, Pharmaceuticals, Forensic and Genomic Research), Technology & Global Forecast, 2023-2032

  • Report ID: GMI2403
  • Published Date: Mar 2023
  • Report Format: PDF

Industry Statistics

Ultra-low Temperature Freezers Market size was valued at over USD 426 million in 2022. Fueled by innovations in drug discovery and development globally, the industry is anticipated to grow at more than 5% CAGR from 2023-2032.

Ultra-low Temperature Freezers Market

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Rising incidences of cancer, infectious diseases, and other chronic ailments have accelerated global drug development initiatives, which is stimulating the demand for ultra-low temperature (ULT) freezers for storing medications and sensitive drug-making compounds. Today, approximately 6 out of 10 individuals live with at least one chronic ailment including cancer, diabetes, stroke, and heart disease in the US alone. With many modern medications requiring stable low temperatures to extend their shelf-life and retain efficacy, drug developers and retailers frequently acquire ULT freezers for storage purposes.

High costs associated with ULT freezers may constrain industry outlook

Demand for cutting-edge low-temperature storage solutions has gone up due to increasing R&D initiatives in areas such as nanotechnology, gene therapy, and trans-genetic organisms. However, these technological innovations to the product add to the overall price of ULT freezers, restraining ultra-low temperature freezers market growth. The cost of a typical ultra-low temperature freezer ranges between USD 12,000 and USD 40,000, with the price tag going higher with the freezer’s storage capacity. These systems also need routine servicing and maintenance to function effectively, further raising the investments requires.

Rising demand from vaccines-shipping efforts to impel upright freezers type segment progress

Global Ultra-low Temperature Freezers Market Share By Type

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On the basis of type, ultra-low temperature freezers market share from upright freezers segment recorded a valuation of over USD 350 million in 2022. A majority of the segment revenues are coming from the growing demand for freezers in vaccine shipping initiatives. Such freezers are suitable for shipping vaccines made of either messenger ribonucleotides (mRNA) or proteins, as they protect heat-sensitive biomolecules and keep the vaccine content stable. These freezers take up less floor space and are easier to clean, making them the most popular choices. They also come equipped with an auto-defrost feature and are ideal for keeping products more organized.

Surging usage of automated ULT freezers in biobanks to spur technology segment expansion

With respect to technology, the automated segment accounted for more than 85% of the ultra-low temperature freezers market in 2022. Notable growth is expected to come from the rising usage of automated freezers in biobanks for making storage and sample retrieval easier. Such freezers can improve the workflow of biobanks, including operations such as sample traceability, sample preservation, and secure storage. In labs and research units, they result in error reduction, efficiency, and productivity enhancement. Automating the biospecimen storage and retrieval reduces the exposure of samples to temperatures and facilitates translational research.

High healthcare spending to strengthen North America industry landscape

Global Ultra-low Temperature Freezers Market Size By region

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North America ultra-low temperature freezers market held over 44.5% of the total revenue share in 2022. Spurred by increasing spending in the region’s healthcare sector, the market is likely to foresee sizable gains through 2032. Back in October 2022, the U.S. government made an investment of over USD 110 million to improve healthcare for rural America, creating novel avenues for the segment growth. Meanwhile, the favorable regulatory environment is also anticipated to proliferate adoption of ULT freezers.

Additionally, the increasing burden of chronic ailments in the region has also elevated the demand for ULT freezers for the upkeep of medical devices and samples. As per the U.S. CDC and the U.S. Department of Health and Human Services, more than 20 million Americans are suffering from coronary artery disease.

Product innovations to outline competitive landscape

Some of the prominent ULT freezers market players include EVERMED s.r.l., Helmer Scientific, Inc., Global Cooling Inc., Haier Biomedical, and Stirling Ultracold, among others. Many of them are prioritizing product innovations in the face of growing demand to sustain their industry standing. Citing an instance, in October 2022, Thermo Fisher Scientific, an American scientific instrument supplier, launched the TDE Series -80°C chest freezers. Thing latest addition to its ultra-low temperature (ULT) green catalogue is intended for applications that require both frequent and long-term storage. This launch helped the company broaden its product portfolio while enhancing its market position.

COVID-19 impact on ultra-low temperature freezers market trends

The COVID-19 pandemic impacted ultra-low temperature freezers industry positively as it resulted in an elevated demand for various cold chain logistics such as freezers and refrigerators. Primarily for storage purposes, to keep biological samples such as vaccines, blood, and its derivatives stable.

In fact, in 2020, Eppendorf Group, a German biotech company, achieved record revenue and reported a successful fiscal year. The company’s financial performance was considered the best in its history due to its continuous focus on customer requirements and superior quality lab devices. The firm helped many diagnostic centers and vaccine developers in combatting COVID-19.

The ultra-low temperature freezers market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

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By Type

  • Chest freezers
  • Upright freezers
  • Others

By Application

  • Blood & blood products
  • Organs
  • Pharmaceuticals
  • Forensic & genomic research
  • Others

By Technology

  • Automated
  • Semi-automated

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • Italy
    • France
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Qatar
    • UAE
Authors: Rupali Swain, Subodh Kharad

Frequently Asked Questions (FAQ) :

Global market for ultra-low temperature freezers recorded a valuation of more than USD 426 million in 2022, with projections expecting it to grow at more than 5% CAGR from 2023 to 2032, driven by innovations in the field of drug discovery and development across the globe.

Upright freezers segment captured 90% of market share in 2019 and is set to record substantial growth owing its ease of use and cost-effectiveness.

North America ultra-low temperature freezers industry accounted for more than 44.5% of the revenue share in 2022, with projections expecting it to foresee strong growth due to increasing spending in the region’s healthcare sector.

Some of the major ULT freezer market players include names such as EVERMED s.r.l., Helmer Scientific, Inc, Haier Biomedical, PHC Holdings Corporation, Global Cooling Inc., and, Stirling Ultracold, among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 12
  • Tables & Figures: 263
  • Countries covered: 17
  • Pages: 158
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