Fort Collins, Colorado, Jan. 08, 2024 (GLOBE NEWSWIRE) --
The Cryogenic Freezer Market size was valued at USD 768.2 Million in 2022 and is anticipated to reach USD 1,382.2 Million by 2032 at a CAGR of 6.1%.
The medical field is driving the growth of the freezer market. These freezers store vaccines, enzymes, medicines, and medical reagents, preventing deterioration. They also preserve living organisms, such as cells, bacteria, virus specimens, and bodies, for research purposes by slowing the cell division at lower temperatures.
With the increase in population and transportation of food across cities and countries, the need to preserve food is also increasing. Freezers help maintain the freshness and quality of food, increasing its shelf life for later consumption. This trend is growing in developed countries, and the demand for freezers is expected to rise.
As the biotechnology sector grows and research in this field expands, there has been an increasing demand for freezers to preserve living beings for various studies and experiments. This trend is expected to continue due to the significance of safeguarding biological samples for future research.
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Segmentation Overview:
The global cryogenic freezer market has been segmented into product type, application, end-use, and region. The cryogenic freezer market is segmented into tunnel, IQF, immersion, spiral, and others. Tunnel freezers are in high demand due to their ability to store large quantities of products while preserving their texture and flavor. The market is segmented into food and beverages, medical institutes, pharmaceuticals, and chemical units. Medical institutes hold a significant share due to the growing demand for medical and pharmaceutical research and storage.
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Cryogenic Freezer Market Report Highlights:
- The global cryogenic freezer market growth is anticipated at a CAGR of 6.1% by 2032.
- The bio-banking sector is experiencing a surge in demand for preserving biological samples, driven by the need for long-term storage. Additionally, the growing requirements for genomic research products and the increasing urgency for ultra-low temperature storage have contributed to the market's growth.
- North America has the largest demand for frozen foods due to their longer shelf life and cheaper prices. The United States holds the dominant share, followed by Canada, due to growth in the medical industry and rising investments in the healthcare and biomedical sectors.
- Some prominent players in the cryogenic freezer market report include Thermo Fisher Scientific, Panasonic Corporation, Haier, Chart Industries, Daihan Scientific, EAD Scientific, Froilabo, Taylor- Wharton, Arctiko, Daigger Scientific, and others.
Industry Trends and Insights:
- Thermo Fisher Scientific has launched the Thermo Scientific KingFisher Apex Dx and Applied Biosystems MagMAX Dx Viral/Pathogen NA Isolation Kit. These products offer an IVD-R-approved automated solution for isolating and purifying pathogens from respiratory specimens, ensuring accurate downstream results.
- Panasonic is committed to making significant contributions to China's high-quality development. In a recent interview with Xinhua, Homma, the Group Regional Head for China and Northeast Asia, reaffirmed the company's commitment to supporting China's high-quality development in the future.
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Cryogenic Freezer Market Segmentation:
By Product Type: Tunnel, IQF, Immersion, and Spiral Freezer, Others
By Application: Corporate Laboratories, Hospitals, and Blood Centres, Universities and Research Institutes, and Others
By End-use: Food and beverages, Medical Institutes, pharmaceuticals, chemical units
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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