Wilmington, Delaware, United States, June 02, 2023 (GLOBE NEWSWIRE) -- The global market for ultra-low temperature freezers stood at US$ 477.9 million in 2021 and the global ultra-low temperatures freezers (ULT) market is projected to reach US$ 738.6 million in 2031. Global mass spectrometer market is anticipated to expand at a CAGR of 4.5% between 2022 and 2031.
High demand for pharmaceutical storage equipment from hospitals, research, academic institutes, and blood banks is set to propel the ultra-low temperature freezer market growth in the coming years. Increasing awareness of blood donation camps and organ donation practices in emerging countries would also contribute to growth.
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ULT freezers require regular maintenance to operate smoothly where it needs high-cost spending, thereby hampering growth. Upright, mechanical ULT freezers can fluctuate in average operating expenses where high costs associated with ultra-low temperature (ULT) freezers incurs huge operational costs that are difficult for small and medium enterprises and hamper the growth of the ultra-low temperature freezers market.
Pharmaceutical businesses employ ultra-low freezers on a significant scale for clinical testing, drug discovery activities, and blood bank storage, resulting in market growth. Ultra-low freezers have grown in response to rising research and development in the biomedical industry, owing to the parallel demand for blood preservation, biologics, and personalized drugs for example, approximately 40,829 hematopoietic stem cell transplantations were performed across European countries in 2016, resulting in a demand for perishable biological articles such as blood.
Global Ultra-low Temperature Freezers Market: Key Takeaways
- Global ultra-low temperature freezers market to generate absolute dollar opportunity worth US$ 738.6 million until 2031.
- Global ultra-low temperature freezers market to generate absolute dollar opportunity worth US$ in 477.9 million 2021.
- Global ultra-low temperature freezers market to generate absolute dollar opportunity worth US$ 495.6 million in 2022.
- Global ultra-low temperature freezers market is anticipated to expand at a CAGR of 4.5% during the forecast period
- The global ultra-low temperature freezers market was at a CAGR of 4% from 2018-2021
- North America earned US$ 199.5 million in terms of revenue
- Asia Pacific is said to hold a market share of 34.2% in this region
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Ultra-low Temperature Freezers Market: Growth Drivers
- Urban and rural locations, both need blood for transfusion that can emerge at any time, for example, the International Journal of Drug Regulatory Affairs, has mentioned that India has 60 million surgeries performed every day, 240 million primary operations, 331 million cancer-related procedures such as chemotherapy, and 10 million pregnancy complications, all of which necessitate a severe call for blood transfusion. Millions of people are exposed to tainted blood as a result of improper storage and testing. Laboratory freezers save lives by storing blood and blood components safely and in accordance with strict rules. Refrigerators in blood banks have grown into more than merely reliable cold storage systems.
- Genetic materials and biological samples are among the most common uses of ultra-low temperature freezers as this approach is recommended over traditional refrigeration since it does not use energy and helps to maintain these components without compromising their efficacy thus, leading to the expansion of the market.
Ultra-low Temperature Freezers Market: Regional Landscape
- North America to remain at the forefront owing to the presence of major companies, for example, North America earned US$ 199.5 million in terms of revenue and is likely to remain in the dominant position throughout the forthcoming years. Such growth is attributable to the presence of various prominent ultra-low temperature freezer manufacturers in the region.
- Asia Pacific, on the other hand, is expected to grow significantly fueled by the rising number of biotechnology & pharmaceutical companies in the region. Asia Pacific is said to hold a market share of 34.2% in this region.
Ultra-low Temperature Freezers Market: Key Players
- B Medical Systems received World Health Organization prequalification from the World Health Organization for Ultra-low Freezers for the company’s U201 Ultra-low freezer.
- Advanced Thermal Solutions, Inc. (ATS) Vostok family of ultra-low temperature freezers is now offered by New Yorker Electronics. With a precision of +/- 0.1°C, the ATS Vostok series can continuously store biological products, such as vaccinations, at temperatures as low as -86°C (-123°F).
- Eppendorf AG is planning to acquire Koki Holdings Co., Ltd.’s premium himac brand, as well as its centrifuge business. It will help the former to strengthen its position as one of the world’s leading producers of high-end centrifuges for life science and plasma industries. It will also help the company to broaden its centrifuge business.
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Ultra-low Temperature Freezers Market: Segmentation
- Product
Upright Freezers
- Floorstanding
- Benchtop/Undercounter
Chest Freezers
- Degree of Cooling
-41 degree Celsius to -86 degrees Celsius Freezers
-87 degree Celsius to -150 degrees Celsius Freezers
- Applications
Blood & Blood Products
Biological samples
Flammable materials
Drug Compounds
Others
- End-user
Biobanks
Pharmaceutical & Biotechnology Company
Academic Research Institutes
Others
- Regions Covered
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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