Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Ultra-low temperature freezers are designed for storage of biological materials such virus, bacteria, eukaryotic cells, blood and semen. These freezers are used in blood banks, hospitals, epidemic prevention services, research institutes, and biomedical engineering facilities, among others.
Ultra-Low Temperature Freezer Market in terms of revenue was estimated to be worth $551.1 million in 2019 and is poised to reach $764.6 million 2027, growing at a CAGR of 4.4% from 2020 to 2027 according to a new report published by The Insight Partners.
The growth for the ultra-low temperature freezer market is influenced by increasing demand for blood & blood components, rise in R&D activities to introduce new drug compounds, rising government support for research activities and clinical trials, increasing investments in R&D by pharmaceutical and biotechnology companies.
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Global Ultra- Low Temperature Freezer Market: Competitive Landscape and Key Developments
Some of the prominent players operating in the global ultra-low temperature freezer market include Helmer Scientific Inc., Eppendorf Ag, Thermos fisher scientific Inc., Arctiko, Bionics scientific technologies P ltd., Haier Biomedical, Labcold, Remi Group, PHC Holdings corporation, Esco group of companies, among others. These players are focusing on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities in the ultra-low temperature freezer market. Organic and inorganic developments made by the companies that are operating in the Ultra-Low Temperature Freezer market are as below:
In April 2020, Thermo Fisher Scientific partnered with DKSH to distribute its Revco RDE Series Ultra Low Temperature (ULT) freezers. This agreement is mainly focused on clinical sector.
In March 2021, Stirling Ultracold, a privately-held innovative developer and manufacturer of ultra-low temperature (ULT) freezers, signed a definitive agreement to merge into BioLife Solutions to combine expertise and expand individual product offerings for biopharma research and life science customers.
Rising Government Support for Research Activities and Clinical Trials Creating Opportunities for Global Ultra-low Temperature Freezer Market Growth During 2020 to 2027.
The clinical trials industry has seen a phenomenal increase in the last 10 years. The US Food and Drug Administration in August 2019 announced that it had awarded 12 new clinical trial research grants totaling more than US$ 15 million over the next four years (2020 to 2024) to enhance the development of medical products for patients with rare diseases. The grants were awarded to principal investigators from academia and industry across the country. The FDA awarded grants through the Orphan Products Clinical Trials Grants Program, funded by Congress to encourage clinical development of drugs, biologics, medical devices, and medical foods for the treatment of rare diseases. The grants are intended to substantially contribute to the marketing approval of products to treat rare diseases or provide essential data needed for the development of such products. For more than 35 years, the FDA has been providing much-needed financial support for clinical trials of potentially life-changing treatments for patients with rare diseases. To date, the Orphan Products Clinical Trials Grants Program’s grants have supported research that led to the marketing approval of more than 60 treatments for rare diseases.
Vaccine development to fight COVID-19 is picking up pace as more companies are starting clinical trials and forming collaborations to ensure rapid growth and sufficient production capacity. The UK government has committed to providing £84 million in funding and manufacturing support to researchers working on the COVID -19 vaccine program. Also, the US government has agreed to fund US$ 483 million for Moderna Inc. to develop and test its COVID -19 vaccine, which is now in an initial clinical trial.
Additionally, The European Commission has been funding projects to develop vaccines, treatments, and diagnostics via grants from Horizon 2020 and the Innovative Medicines Initiative (IMI), which announced up to USD 50 million in public grants.
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Global Ultra-Low Temperature Freezer Market: Segmental Overview
The “Global ultra-low temperature freezer market” is segmented by type, end-user and geography. Based on type, the ultra-low temperature market is bifurcated into upright ultra-low temperature freezer and chest ultra-low temperature freezer. Based on end-user, the ultra-low temperature freezer market is differentiated into bio-banks, hospitals, pharmaceutical & biotechnological companies, and academic & research institutes.
Go through further research published by The Insight Partners:
Laboratory Freezers Market - Global Analysis and Forecast to 2030
Biomedical Refrigerators and Freezers Market - Global Analysis and Forecast to 2030
Medical Refrigerators Market - Global Analysis and Forecast to 2030
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