Fact.MR – A Market Research and Competitive Intelligence Provider: The ultra-low temperature freezer market to register steady growth for the forecast period.
North America to Witness 4.7xGrowth in Ultra-Low Temperature Freezers Demand
The Fact.MR market analysis offers a comprehensive study on the ultra-low temperature freezer market. It offers refined demand outlook for the forecast year 2021 to 2031, identifying hidden growth opportunities across key segments in terms of type, degree of cooling, application, and end user.
Fact.MR – A Market Research and Competitive Intelligence Provider: The ultra-low temperature freezer market to register steady growth for the forecast period. As per the study, the global ultra-low temperature (ULT) freezer market is likely to surpass a valuation of US$ 782.98 million by the end of 2031.
Between 2021 and 2031, the market will grow at a CAGR of 4.4% due to increased expenditure in research and development (R&D) activities to support new drug development.
The industry is expanding due to rising demand for blood and blood components. According to a survey undertaken by the American Red Cross, someone in the United States requires blood every 02 seconds.
Every day, over 36,000 units of red blood cells are required in the United States alone. Blood and blood components must be stored in ultra-low temperature freezers. As a result, their demand is expected to grow at a constant rate over the projection period.
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The end user category is expected to be dominated by hospitals. In hospitals and healthcare facilities, demand for ultra-low temperature freezers will increase in response to rising need for blood and blood products, chemicals, enzymes, and tissue samples storage as a result of COVID-19.
Fact.MR has projected hospitals to account for 40% of the market share in 2021 among end users. The exponential rise in demand for blood and blood component due the pandemic outbreak has made ultra-low temperature freezers highly sought-after among healthcare organizations.
“As the global burden of chronic ailments and infectious diseases continues to rise, blood transfusion diagnostics are acquiring major traction. Hence, key healthcare stakeholders are relying on ultra-low temperature freezers to store blood samples,” says a Fact.MR analyst.
Key Takeaways:
- Upright ultra-low temperature freezers account for 60% of the entire market share
- North America will see a 4.7x increase in demand for ultra-low temperature freezers.
- Asia is expected to be the fastest-growing market, with a CAGR of 6% through 2031.
- Europe will be the second most profitable market, growing at a rate of 5.2% each year.
- India, being one of the largest drug manufacturing countries, is anticipated to register rapid growth on the back of increasing R&D activities for developing novel drugs.
Key Drivers:
- Rising demand for blood and blood components is creating prospects for ultra-low temperature freezers sales.
- Surging R&D activities for developing novel coronavirus vaccines is spurring the sales of ultra-low temperature freezer.
- Increasing number of hospitals, pharmaceutical companies, and medical institutes across the globe is estimated to drive the market.
- Rising government support for clinical trials and research activities is boosting the sales of ULT freezers and the trend is likely to continue in the future.
Key Restraints:
- High cost of installation is anticipated to hamper the growth of the ultra-low temperature freezers market.
- High maintenance cost associated with the ultra-low temperature freezers is expected to restrain the market growth.
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Competitive Landscape
Manufacturer in the ultra-low temperature freezer market are developing new products and services to expand their product portfolio. Besides this, some of the key players are engaging into collaboration with other players to strengthen their market footprint. For instance,
- In April 2018, Haier Biomedical announced a launch of its new products, Twin cool ULT freezers, laboratory refrigerators, and spark free freezers, aiming to expand its product portfolio.
- In October 2020, Stirling Ultracold, an American company, announced collaborating with several communities for COVID-19 vaccination administration. This collaboration will assist the company to strengthen its market position and generate more revenue share.
Top manufacturers of Ultra-low Temperature Freezers profiled by Fact.MR are:
- Eppendorf AG
- Helmer Scientific
- Panasonic Healthcare Corporation
- Thermo Fisher Scientific
- Arctiko A/S
- Bionics Scientific Technologies (P) Ltd
- Glen Dimplex
- Haier Biomedical
- Stirling Ultracold
- LABCOLD
- Remi Group
More Valuable Insights on Ultra-Low Temperature Freezer Market
Fact.MR, in its new report, offers an unbiased analysis of the global ultra-low temperature freezer market, analyzing forecast statistics through 2021 and beyond. The study reveals growth projections on in the ultra-low temperature freezer market with detailed segmentation
Type
- Upright Ultra-low Temperature Freezers
- Floorstanding
- Benchtop/Undercounter
- Chest Ultra-low Temperature Freezers
Degree of Cooling
- -41 to -86 Celsius
- -87 to -150 Celsius
Application
- Blood & Blood Products
- Flammable Materials
- Biological Samples
- Drug Compounds
- Others
End User
- Biobanks
- Hospitals
- Pharmaceutical and Biotechnology Companies
- Academic and Research Institutes
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Questions Covered in the Ultra-Low Temperature Freezer Market Report
- The report offers insight into ultra-low temperature freezer demand outlook for 2021-2031
- The market survey also highlights projected sales growth for the ultra-low temperature freezer market between 2021 and 2031
- Ultra-low temperature freezer market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Ultra-low temperature freezer market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
Explore Fact.MR’s Coverage on the Healthcare Domain –
Biomedical Refrigerators and Freezers Market Forecast - Due to increased investment in research and development by educational and scientific organizations, the use of biomedical refrigerators and freezers will continue to rise. Growing demand for tailored vaccines as a result of increased demand for cellular therapy will continue to have an impact on the market growth.
Freezing Bags Market Analysis - The increasing usage of freezing bags for storage in the food and pharmaceutical industries is a primary driver for the global market for freezing bags. The worldwide freezing bags market will continue to grow as technology as well as innovations to bring in new types of freezing bags.
Blood Thawing System Market Insights - The expansion of industry players is projected to be aided by an increase in demand for both manual and automated blood thawing systems from hospitals, blood banks, and transfusion centers. Furthermore, a strong preference for dry plasma thawers is projected to boost demand in the coming years.
Blood Testing Devices Market Trends – Rapid growth of diseases especially diabetes has made blood testing an indispensable procedure which was hitherto unknown to many homes. This has resulted in rise in demand for blood testing devices market.
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Source: Fact.MR