Selbyville, Delaware, Jan. 17, 2021 (GLOBE NEWSWIRE) --
According to latest report “Ultra-low Temperature (ULT) Freezers Market by Type (Chest Freezers, Upright Freezers), Application (Blood & Blood Products, Organs, Pharmaceuticals, Forensic and Genomic Research), Technology (Automated, Semi-automated), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of ultra-low temperature freezers will cross $600 million by 2026. Rising number of blood and organ donations and storage of various biological samples will spur the market growth.
Rising demand of organ donation and temperature sensitive biological products will escalate the demand for ultra-low temperature freezers. According to Organ India, every year 0.5 million people need an organ transplant, thus increasing the demand for organ donation in the country and subsequently ultra-low temperature freezers for the storage purpose. Furthermore, growing prevalence of various chronic and infectious diseases such as COVID-19 pandemic has led to rise in research and development activities for vaccine development, thereby driving the market expansion.
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Technological innovations leading to introduction of novel, convenient and affordable ultra-low temperature freezers will pave the way for market demand. Existing and new industry participants are focusing on developing advanced and more precise devices for better functioning and positive outcomes. The new product launch helped company to broaden its product portfolio and customer base. Such innovations will increase customer preference, thereby impacting the industry growth.
Upright freezers segment in the ultra-low temperature freezers market will showcase growth rate of around 3.8% till 2026 owing to enhanced reliability and organization capability. Advent in new technology has made these freezers easy to use and cost-effective. Presently upright freezers available in the market offer ultra-low temperature range that is required for storage of various samples and protectability, thereby providing growth potential for the segment expansion.
Forensic & genomic research application segment held over 22% of the ultra-low temperature freezers market share in 2019. Ultra-low temperature (ULT) freezers are commonly used in biology, life sciences and biochemistry laboratories. These freezers have significant operating costs due to plug-load and air conditioning energy consumption and account for 5% or more of laboratory’s electricity use. Samples such as RNA, DNA, antigens, bacteria, viruses, cell liners and others are stored in these freezers. Factors such as operating temperature, racking, door openings and among others improve efficiency in research purpose. Forensic and genomics lab process high amount of biological samples that are temperature sensitive; thus, with growing genomics business, the demand for ULTFs will boost over the forecast period.
Automated ULTFs segment is projected to reach USD 520 million by 2026 on account of various advantages such as minimized time to retrieve, storing high quality samples and quick defrosting. Additionally, enhanced touchscreen interface with capacitive touch allow easy access to set points, data and security information drives customer preference.
Asia Pacific ultra-low temperature freezers market accounted for more than USD 65 million in 2019. Growing prevalence of COVID-19 and entry of prominent industry leaders in the region will positively impact the market size. Increasing demand for blood transfusion, cellular therapies and custom-made vaccines and medicine will influence the segment revenue. The regional growth is also attributed to several government initiatives to increase blood and organ donations in the region.
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Major players operating in the global ultra-low temperature freezers market include Thermo Fisher Scientific, PHC Holdings Corporation, Stirling Ultracold, Eppendorf and VWR International. Established companies are broadening their market presence by adopting several strategies such as mergers and acquisition and augmentation of their product portfolio for business expansion.
Table of Contents (ToC) of the report:
Chapter 3 Ultra-low Temperature Freezers Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 – 2026 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By type
3.4.2 By application
3.4.3 By technology
3.5 COVID-19 impact analysis
3.6 COVID-19 vaccine distribution landscape
3.7 Porter’s analysis
3.8 Competitive landscape, 2019
3.8.1 Company matrix analysis, 2019
3.9 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.