Demand For Ultra-Low Temperature Freezers Is Expected To Surge 1.5x From 2022-2031
A recently published report by Fact.MR reveals that the global ultra-low temperature freezers market is projected to grow at a modest CAGR of 4.4% during the forecast period (2021-2031), expected to reach US$ 782.98 Mn. As of 2021, the market is expected to be valued at 509.09 Mn.
From 2016 to 2020, sales of ultra-low temperature freezers inclined at approximately 4% CAGR. Prospects received further boost during the COVID-19 pandemic, as well as in its aftermath. With countries speeding up vaccination drives, pharmaceutical companies and aid agencies are ensuring that ultra-low temperature freezers are in abundant supply so as to transport and secure doses until they are ready to be administered for inoculation.
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Ultra-Low Temperature Freezers Market Segmentation
- North America
- East Asia
- South Asia
- Latin America
- Middle East & Africa
By Component Type
- Blood & Blood Products
- Flammable Materials
- Biological Samples
- Drug Compounds
Key Takeaways from the Market Study
- Upright ultra-low temperature freezers account for 60% of the total market share
- Hospitals to remain primary beneficiaries of ULT freezers, accounting for 2 out of 5 sales
- North America to experience 4.7x growth with respect to ultra-low temperature freezers demand
- Asia to emerge as the fastest growing market, projecting a CAGR of 6% until 2031
- Europe to emerge as the 2nd most lucrative market, expanding at 5.2% CAGR
“As the global burden of chronic ailments and infectious diseases continues to rise, blood transfusion diagnostics are acquiring major traction. Hence, key healthcare stakeholders are relying on ultra-low temperature freezers to store blood samples,” says a Fact.MR analyst.
Prominent ultra-low temperature freezer manufacturers include Eppendorf AG, Helmer Scientific, Panasonic Healthcare Corporation, Thermo Fisher Scientific, Arctiko A/S, Bionics Scientific Technologies (P) Ltd, Glen Dimplex, Godrej, Haier Biomedical, LABCOLD, and Remi Group, among others.
- In June 2021, Thermo Fisher Scientific announced the launch of its advanced TSX Series ULT Freezers which are the only systems to offer an exterior illumination option that simplifies use by enabling quick visual inspection of freezer health status. The systems also include a frost management capability, which features an adjustable cabinet heater that minimizes frost and ice build-up, and enhanced cloud-connected, wireless monitoring functionality to maintain optimal storage conditions.
- In February 2021, Godrej Appliances announced the specially refrigerated mobile vans and ultra-low temperature freezers to help in the transportation of coronavirus vaccines in India. The ultra-low temperature freezers can store m-RNA technology vaccines like the ones developed by US-based Moderna and Pfizer requiring deep freezing of up to -20 and -80 degrees Celsius.