New York, USA, June 13, 2023 (GLOBE NEWSWIRE) -- Cryogenic Freezers Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Cryogenic freezers market Information By Product Type, Application, End User, Region Forecast Till 2032,” the market size is projected to grow from USD 1.2 Billion in 2023 to USD 1.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023 - 2032).
Market Scope
The rising frequency of medical illnesses among the general population and the considerable growth in the healthcare sector, are the key market drivers enhancing the market growth. Cryogenic freezers are in high demand due to the increased need for appropriate cryopreservation. The need for cryogenic freezers for cryopreservation applications is expected to grow as technology and the medical sector develop and expand.
Cryogenic processing can be a critical line of defence against viruses and food preservation for any company that prepares food. As a result, the expansion of the food processing industry is expected to fuel the development of cryogenic freezers. Tunnel freezers are becoming more popular in the food processing industry because to its small size, quick freezing ability, and improved chilling and freezing quality.
The market for cryogenic freezers is expected to grow, but it may be limited by expensive installation and running costs. One of the most noticeable trends in the cryogenic freezers market is the use of super-fast freezing techniques. Another noticeable market trend is the emphasis on energy economy and temperature constancy.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 1.8 Billion |
| CAGR | 5.90% |
| Base Year | 2021 |
| Forecast Period | 2023-2032 |
| Historical Data | 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Surging prevalence of medical disorders among the masses and significant growth in the healthcare sector |
| Technological advancements in Healthcare Industry |
Key Companies in the Cryogenic Freezers market include
- Thermo Fisher Scientific Inc.
- Panasonic Corporation
- Chart Industries, Inc.
- Haier Group
- DAIHAN Scientific
- Froilabo
- Arctiko
- Taylor-Wharton
- VRV Group
- Aucma Co., Ltd.
- Zhongke Meiling Cryogenics Company Limited
Leading players are working to develop cryogenic freezers in order to increase efficiency and reduce costs.
Furthermore, manufacturers' attention is concentrated on lowering the size of cryogenic freezers. In response to the growing use of cryogenic freezers in food and beverage applications, manufacturers are incorporating hygienic design elements such as sloped surfaces for drainage, complete access to conveyor belts and other internal components, and seamless construction, for maintenance. Hygienic cryogenic freezers are becoming increasingly necessary as food safety and plant hygiene become increasingly important.
Cryogenic freezers at extremely low temperatures are used to preserve organs, cells, tissues, organelles, blood banks, and extracellular matrix.
This is one of the primary factors driving global market growth, coupled with increased prevalence of medical illnesses among the population and significant expansion of the healthcare industry. In the pharmaceutical industry, cryogenic freezers are used to keep temperature-sensitive drugs and responsive cells. This is assisting the market's growth, as is the increasing demand for vaccines and biopharmaceuticals. Cryogenic freezers, which use liquid nitrogen to effectively boost production efficiency while freezing food goods, are also used in the food and beverage (F&B) business. As a result, the Cryogenic Freezers market revenue is increasing.
Cryogenic Freezers Market Segmentation
Cryogenic Freezers market is segmented on the basis of Product Type, application, end use industry, and region.
Based on Product Type, the Cryogenic Freezers Market is divided into tunnel freezers, IQF freezers, immersion freezers, spiral freezers, and others. The tunnel freezer segment dominated the global market in 2022. This is attributed to an increase in the demand for tunnel freezers in the healthcare business.
Corporate laboratories, hospitals and blood centres, universities and research organisations, and others are among the application segments of the Cryogenic Freezers Market. In 2022, hospitals and blood centres owned the majority of the cryogenic freezer market share. Hospitals and blood banks are the primary end users of cryogenic freezers, and they have a significant impact on market growth. Cryogenic freezers are needed in hospitals to keep biological material.
The End Use Industry segmentation of the Cryogenic Freezers Market covers food and drinks, medical and healthcare, pharmaceuticals, chemicals, and others. By 2022, the medical and healthcare industry would have dominated the whole global market. Cryogenic freezers are required for drugs and immunisations, skin cells, culturing, and biological sample freezers. In blood banks, blood samples are stored in cryogenic refrigerators.
Browse In-depth Market Research Report (128 Pages) on Cryogenic Freezers: https://www.marketresearchfuture.com/reports/cryogenic-freezers-market-11764
Cryogenic Freezers Market Regional Outlook
North America, Europe, Asia-Pacific, and the Rest of the World. North America Cryogenic Freezers Market (45.80%) dominated this market in 2022. During the projection period, the cryogenic freezers market will be aided by the quick rise in demand for effective food preservation technologies as well as rising food demand.
Furthermore, it is expected that growth in the medical and healthcare industries in North America will boost demand for cryogenic freezers over the forecast period. Furthermore, the Cryogenic Freezers market in the United States had the greatest market share, while the Cryogenic Freezers market in Canada was the fastest expanding market in the North America area.
In 2022, Europe held a sizable market share for cryogenic freezers. Cryogenic freezers are in high demand in the area for the cryopreservation of nucleic acids, proteins, and stem cells. The potential frontline applications of pluripotent stem cells in the development of precision and regenerative medicines, in particular, have raised demand for pluripotent stem cell cryopreservation.
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Furthermore, the German Cryogenic Freezers market had the biggest market share, while the Cryogenic Freezers market in the United Kingdom was the fastest expanding in the European region.
From 2023 to 2032, the Asia Pacific Cryogenic Freezers market is predicted to develop significantly. Because of their rapid population growth and increased investment in healthcare facilities, China, India, and other Southeast Asian countries are projected to lead the cryogenic freezers market in the near future. Furthermore, China's Cryogenic Freezers market had the highest market share, while India's Cryogenic Freezers market was the fastest expanding in the Asia-Pacific region.
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