QY Research states that the ultra-low temperature (ULT) freezers market industry was worth US$801.1 mn in 2018 and is expected to be worth US$1,057.8 mn by 2025. The global market is expected to surge at CAGR of 4.05% between 2018 and 2025. The demand for ultra-low temperature freezers is projected to spike in the coming years as the methods of storage have undergone a remarkable change. Thus, increasing number of corporate laboratories, hospitals and blood centers, universities and research institutions are expected to drive up the demand for ultra-low temperature freezers.
Some of key players in the market are Thermo, PHC (Panasonic), Eppendorf, So-Low, Nuaire, IlShin, Binder, Froilabo, Haier, GFL, Operon, VWR, Esco Global, Aucma, Nihon Freezer, Zhongke Meiling, Coolingway, Azbil Telstar, Daihan, and Arctiko amongst others. Companies are expected to focus on mergers and acquisitions to stay ahead of the competition in the coming years. For instance, Arctiko and Koelegruppen joined hands in 2017 to offer low temperature solutions for industries such as life science, biotech, and health and pharmaceutical.
Global Ultra-low Temperature (ULT) Freezers Market: Drivers
Growing investments made by pharmaceutical companies in research and development has upped the demand for ultra-low temperature freezers. These freezers are capable to preserving viruses, drugs, bacteria, chemicals, and enzymes at ultra-low freezing temperatures such as minus 45 degree Celsius to minus 86 degree Celsius. The focus of big pharma companies toward drug discoveries and increasing number of clinical trials are expected to fuel the growth of the global ultra-low temperature freezers market. In addition, the market is also being driven by the growing number of blood banks.
Global Ultra-low Temperature (ULT) Freezers Market: Forecast by Product
On the basis of product, the global ultra-low freezers market is segmented into upright freezer and chest freezer. The report predicts that the upright freezer is likely to dominate the global market in the coming years. This segment will be driven by the launch of technologically advanced and ease to manage ultra-low temperature freezers. These freezers will also be in high demand as they require less floor space.
Global Ultra-low Temperature (ULT) Freezers Market: Forecast by Application
On the basis of application, the global ultra-low temperature freezers market is segmented into corporate laboratories, hospitals and blood centers, and universities and research institutes. Out of these, analysts anticipate that the hospitals and blood centers segment will dominate the global market. Ultra-low temperature freezers play an integral role in preserving plasma products, red blood cells, white blood cells, and other components of blood. Thus, increasing number of accidents and hospital procedures that demand blood transfusion are expected to promote market’s growth.
Global Ultra-low Temperature (ULT) Freezers Market: Forecast by Geography
In terms of region, the global ultra-low temperature freezers market will be segmented into North America, Europe, China, Japan, Rest of Asia, and Rest of the World. As of 2018, North America dominated the global market and analysts anticipate that the region will continue to show remarkable growth in the coming years as several public and private companies are investing the healthcare sector.