Ultra-low Temperature Freezers Market size was valued around USD 150 million in 2016 and is anticipated to witness growth of over 4.5% CAGR from 2017 to 2024.
Selbyville, DE -- (SBWIRE) -- 12/26/2018 -- Ultra-low Temperature Freezers Market size is set to exceed USD 210 million by 2024; according to a new research report by Global Market Insights.
Increasing investment made by public as well as private players to accelerate drug discovery and development activities along with rising prevalence of infectious diseases and cancer stimulating demand for advanced treatment will drive ultra-low temperature (ULT) freezers market over the forecast timeframe.
Presence of organizations such as Bill and Melinda Gates Foundation, funding for developing effective treatment solutions for widespread diseases such as Malaria and tuberculosis will positively impact market growth as ULT freezers are used for storage of biological samples and high value pharmaceuticals, and medicines. Increasing number of people willing to donate organs and blood coupled with rising awareness about organ donation will propel industry growth.
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Technological advancements in ULT freezers including development of portable freezers, reduced energy consumption, natural refrigerant and provision of temperature uniformity will drive business growth. Growing demand for personalized medicines and rising investment towards development of orphan drugs will positively impact growth. Numerous initiatives undertaken by private players as well as government organization including U.S. Department of Energy (DOE) to increase adoption of ULT freezers in biobanks, hospitals, pharmacies and laboratories will fuel market growth.
Stringent regulations imposed by U.S. FDA and European Commission on medical devices coupled with high cost associated with ultra-low temperature freezers will hinder growth of ultra-low temperature freezers market over the forecast timeframe.
Upright freezers dominated the market in 2016 due to its enhanced reliability and technological advancement. Presence of features such as microprocessor control panel enabling efficient operation management, along with air filters allowing easy accessibility will stimulate business growth.
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Increasing number of organ donations, presence of public and private organizations working towards creating awareness about organ donation will stimulate adoption of ULT freezers for organ storage. Increasing number of elderly people suffering from diseases such as chronic kidney disease requiring transplantation will further propel market growth.
Automated ULT freezers held largest market share in 2016 due to increased adoption in biobanks and laboratories, along with multifactorial benefits such as reduction in time required for storing and retrieving samples delivered by automatic ULT freezers. Automatic ultra-low temperature freezers are used for storing compounds and biological samples, such as plasma, DNA/RNA, tissues, cells, oligonucleotides, proteins, serum, and bacterial clones will favor market growth.
UK ultra-low temperature freezers market will witness lucrative growth over the forecast timeframe. Presence of biobanks providing funding and data for medical research projects, increasing number of organ donations and growing adoption of ULT freezers will drive UK ultra-low temperature freezers market. Implementation of programs such as "taking organ transplantation to 2020" by government will favor industry growth.
Increasing number of repetitive voluntary blood donors coupled with rising awareness about blood donation through campaigns and other programs will drive South African ultra-low temperature freezers market. Numerous efforts undertaken by Western Province Blood Transfusion Service (WPBTS) and South African National Blood Service (SANBS) will positively impact market growth.
Few notable industry players operating in global ultra-low temperature freezers market are Panasonic Healthcare, Thermo Fisher Scientific, Binder, Helmer Scientific, Haier, Eppendorf, Azbil Corporation, VWR International, Stirling Ultracold, EVERmed, Arctiko and ESCO MICRO.
Industry players attempt to develop cost-effective, energy efficient and reliable ULT freezer with temperature uniformity. Growing demand for eco-friendly products has led to development of natural refrigerant used in ULT freezers. Leading players such as Panasonic are entering into partnership with U.S. Environmental Protection Agency (EPA) ENERGY STAR program to promote its commitment towards providing energy efficient systems.
Ultra-low temperature freezers market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Ultra-low Temperature Freezers Market by Type
o Chest freezers
o Upright freezers
Ultra-low Temperature Freezers Market by Application
o Blood and blood products
o Forensic and genomic research
Ultra-low Temperature Freezers Market by Technology
o Automated freezers
o Semi-automated freezers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
o South Africa
o Saudi Arabia