Ultra-Low Temperature Freezers Market size worth over $600mn by 2026
Published Date: January 8, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Ultra-Low Temperature Freezers Market size is set to surpass USD 600 million by 2026, according to a new research report by Global Market Insights, Inc.
Growing research and development activities and rising incidence of infectious diseases has increased the adoption ultra-low temperature freezers (ULTF) to store various biological products in order to ensure their shelf life and quality. Ultra-low temperature freezers are used for the storage of enzymes, drugs, chemicals, bacteria, viruses and tissue samples due to their labile nature. Thus, with growing focus on research activities in the field of immunology and virology, the demand for ULTFs is projected to grow in the coming years.
Rising demand for COVID-19 vaccine will boost the ultra-low temperature freezers market growth
Outbreak of COVID-19 has enlarged the pool of infected population around the globe. More than 1 million people have died because of this infectious disease. Several measures have been undertaken for the development of vaccine as effective measure for controlling infection. Storage and distribution of vaccines to different parts of the world have been the main intent of the government and authorities. Thus, several vaccine developers are partnering with ULTF manufacturers to effectively transport and store vaccines. For instance, Pfizer is planning to distribute more than 200 million doses of vaccines annually in almost 165 countries. The recommended storage temperature for these vaccines is -70°C±10°C for up to 10 days unopened. Thus, growing demand for the vaccines and technological development in the industry will further drive the growth over the coming years.
Cost-effectiveness and advancements will enhance the acceptance of chest freezers
Chest freezers accounted for 5% of the market share in 2019. Cost-effectiveness and automatic defrost capacity are few of the factors driving the preference for chest freezers. Furthermore, considering their advantage in storage of less used items for long duration, chest freezers are being adopted widely.
Browse key industry insights spread across 158 pages with 239 market data tables & 15 figures & charts from the report, “Ultra-low Temperature Freezers Market Size By Type (Chest Freezers, Upright Freezers), By Application (Blood & Blood Products, Organs, Pharmaceuticals, Forensic and Genomic Research), By Technology (Automated, Semi-automated), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing blood donations and rising awareness among the population will foster the segment growth
Blood & blood products application segment valued at USD 150 million in 2019. Significant rise in blood donations and development of blood banks will spur the demand for ultra-low temperature freezers for their storage and better shelf life. Moreover, various campaigns are being undertaken by the government for spreading awareness about donation of blood and various blood components awareness. Thus, with rise in blood donations and importance of blood products, usage for ULTFs will increase for better storage of plasma products, white blood cells and other blood components.
Advantages such as easy sampling and large storage capacity will augment the adoption of semi-automated ultra-low temperature freezers
Semi-automated technology held over 13% of the market share in 2019. Advantages such as easy sampling and removal of washable components will propel the industry growth over the forecast timeframe. Access ports enable use of independent probes or instrumentation and features such as microprocessor controller, ergonomic door handle and double-door upright option to frequently access samples for long-term storage will further drive the market demand.
Presence of several established players in the U.S. will impel the regional growth
U.S ultra-low temperature freezers market size was more than USD 210 million in 2019. There are several established companies in the U.S. With presence of prominent companies in the U.S., ULTFs are undergoing advancements, thereby aiding in the market expansion. The U.S. government is funding generously for research and development activities in the country. In addition, relatively high impact of COVID-19 in the country has influenced development of vaccines and will thereby impact production of vaccines; hence, creating demand for market in the near future.
New product innovation and strategic partnerships to expand geographical expansion will support the market growth
Some of the notable leaders operating in the market include Stirling Ultracold, PHC Holdings Corporation, Thermo Fisher Scientific, Eppendorf and VWR International among other market players. Launch of new products and strategic alliances are the key strategies adopted by these firms to enhance their market footprint and achieve significant industry share.
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