Ultra-Low Temperature Freezers Market: Top 3 trends boosting the industry demand through 2026
The ultra-low temperature freezers market is expected to witness prominent growth on the back of increasing demand for organ donations across the globe. In recent years, there has been a significant increase in the demand for organ donations in developing nations. In fact, as per Organ India estimates, around 0.5 million people in the nation need an organ transplant. This has led to increasing ultra-low temperature freezers for preservation purposes, predominantly accelerating the market growth over the forecast period.
Besides, the burgeoning prevalence of numerous chronic, as well as infectious diseases like the COVID-19, has accelerated R&D activities for the development of vaccine, which in turn will accelerate the ultra-low temperature freezer market growth over the forecast period.
A study conducted at Global Market Insights Inc. suggests that the ultra-low temperature freezers market size is anticipated to record a 3.7% CAGR through 2026.
3 key trends booting ultra-low temperature freezers market growth:
The advent of advanced freezers
It is pivotal to mention that companies operating in this segment are introducing advanced ultra-low temperature freezers in a bid to tap major market share. They are introducing novel, affordable, and convenient products for improved functioning. Taking November 18 as an instance, BINDER launched a BINDER ultra-freezer (UFV), a product with optimum energy efficiency value, developed to benefit the environment and reduce energy cost. With this new product launch, the firm broadened its customer base and product portfolio.
The ultra-low temperature freezers industry is like to witness lucrative growth on the back of such ongoing trends. Notably, companies such as VWR International, Eppendorf, Stirling Ultracold, PHC Holdings Corporation, and Thermo Fisher Scientific are currently at the forefront of ultra-low temperature freezers market share.
To access sample pages of this report titled, “Ultra-low Temperature Freezers Market Size By Type (Chest Freezers, Upright Freezers), By Application (Blood & Blood Products, Organs, Pharmaceuticals, Forensic and Genomic Research), By Technology (Automated, Semi-automated), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents, please click on the link below:
Increasing demand for upright freezers
Ultra-low temperature freezers are gaining significant traction from the upright freezers segment on account of their numerous features such as improved reliability and organization capability. Studies suggest that the upright freezers segment is expected to record 3.8% CAGR over the forecast period.
Industry participants are leveraging cutting-edge technologies to manufacture cost-effective and easy-to-use products. Upright freezers have gained significant prominence in recent years due their capability to store various samples and protectability. On this note, it is expected upright freezers segment will record lucrative growth over the forecast period, thereby accelerating that the market growth.
Accentuating demand across APAC
On the regional front, APAC is expected to offer lucrative growth opportunities to the ultra-low temperature freezers market. In fact, the region was accounted for over USD 65 million in revenue in 2019. This growth can be attributed to the strong presence of industry participants and the growing prevalence of COVID-19. Burgeoning demand for cellular therapies and custom-made medicines & vaccines has further boosted regional market share.
In addition, favorable government initiatives to increase organ and blood donations may further accelerate industry share. As the Indian government’s MoHFW (Ministry of Health and Family Welfare) estimates, presently the nation has around 2,760 blood banks. Therefore, increasing usage of the product in blood banks is likely to further accelerate the APAC market growth over the forecast period.
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.