Ultra-low Temperature Freezers Market size is poised to cross USD 708 million by 2032, according to a new research report by Global Market Insights Inc.
Growing genomic research activities are considered one of the leading drivers behind market growth. Back in December 2022, the UK government announced an investment of over £175 million (USD 210 million) in cutting-edge genomic research. Presently, European genetics account for 78% of the global genetic data, with emerging economies such as those in the Indian subcontinent holding less than 2% of the share.
An optimized biomedical storage condition, when equipped with ultra-low temperature freezers can store thermosensitive biological samples for genomic research purposes reliably. Such freezers are suitable for labs conducting gene therapy and cell research and allow the upkeep of valuable samples in an alternatively freezing environment. The technological upgrades in bioinformatics and high-throughput chemistry are expected to call for ultra-low temperature freezers market outlook.
Rising demand for energy-saving ULTFs to spur chest freezers type segment progression
The chest freezers segment accounted for more than 5% of the ultra-low temperature freezers industry in 2022. Such freezers require less maintenance, are easier to organize, and are energy efficient. In order to bring down the operating costs and minimize energy usage, growing value for energy-saving ULTFs equipped with cutting-edge cooling and insulation technologies is bolstering the gains for chest freezers.
Furthermore, upgrades in sample storage technologies through the inclusion of barcode scanning and RFID for monitoring and managing samples are also augmenting segment expansion.
Browse key industry insights spread across 158 pages with 244 market data tables & 19 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), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” In detail along with the table of contents:
Advancements in organ banking to fuel organs application segment development
The organs segment [SY1] held more than 22%[AK2] of the ultra-low temperature freezers market revenue share in 2022. Increasing demand for organ transplantation procedures due to chronic ailments and accidents is likely to drive segment landscape. In fact, the number of organ transplant surgeries performed annually has increased tremendously, with the US alone conducting 42,800 transplants in 2022.
Meanwhile, the CDC estimates that nearly 37.3 million people in the US have diabetes, which accounts for 11.3% of the country’s population. Given the surging number of people on the waiting list and a dearth of available organs, the need for cutting-edge methodologies for organ preservation has become more pressing.
Segment growth is also being driven by innovations in organ banking and growing government-sponsored breakthroughs in the cryopreservation of organs.
Surging R&D activities to strengthen Europe ultra-low temperature freezers market
The Europe ultra-low temperature freezers industry is anticipated to record a valuation of over USD 200.5 million by 2032, on account of the growing prominence of organ donations and rising R&D activities in the region. In fact, in earlier March 2022, the UK government announced an investment of more than £260 million (USD 311 million) into healthcare research and manufacturing. Specifically in the UK, the ultra-low temperature freezers industry is driven by the strong availability of large biobanks such as Biobank Graz in the region.
Mergers and acquisitions to define competitive outlook for ultra-low temperature freezers market
The list of leading industry players includes names such as Helmer Scientific, Inc., Stirling Ultracold, Thermo Fischer Scientific, Inc., Haier Biomedical, PHC Holdings Corporation, Global Cooling Inc., and Avantor, Inc., among others.
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