Ultra-low Temperature Freezers Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
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.
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A study conducted at GMI 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.
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 ultra-low temperature freezers 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 ultra-low temperature freezers market growth over the forecast period.
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Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 Ultra-low temperature freezer industry 360° synopsis, 2015 – 2026
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Application trends
2.1.4 Technology trends
2.1.5 Regional trends
Chapter 3 Ultra-low Temperature Freezers Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 – 2026 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
184.108.40.206 Advances in drug discovery & development worldwide
220.127.116.11 Increasing genomics research activities
18.104.22.168 Growing investment by public and private organizations in the U.S.
3.3.2 Industry pitfalls & challenges
22.214.171.124 Regulatory issues pertaining to medical grade refrigeration systems
126.96.36.199 High costs associated with ultra-low temperature freezers
3.4 Growth potential analysis
3.4.1 By type
3.4.2 By application
3.4.3 By technology
3.5 COVID-19 impact analysis
3.6 COVID-19 vaccine distribution landscape
3.7 Porter’s analysis
3.8 Competitive landscape, 2019
3.8.1 Company matrix analysis, 2019
3.9 PESTEL analysis