Growing incidences of cancer, infectious diseases, and other chronic diseases have resulted in new medicine discovery, boosting demand for ultra-low temperature freezers in the market globally. Increased funding for drug discovery in the biomedical industry is estimated to fuel the market growth over the forecast period. The global effects of the coronavirus epidemic are already being felt and had a significant impact in the ultra low temperature (ULT) freezers market in 2020. The deployment of ultra low temperature (ULT) freezers storage are becoming increasingly important for regional and local distribution of COVID19 vaccines to the public at large. The continued attempt across developing countries towards efficient distribution of vaccines is estimated to proliferate the growth of ultra low temperature (ULT) freezers market over the future years. In terms of revenue, ultra low temperature (ULT) freezers market was valued at US$ 510.16 Mn in 2020 growing at a CAGR of 4.4% over the forecast period (2021 – 2029).
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Upright ULT Freezers to Encounter Fastest Growth Rate over the Forecast Period
According to Absolute Markets Insights report, upright ULT freezers in the global ultra low temperature (ULT) freezers market occupied a considerable market share, and the trend is expected to continue over the forecast period. The growth of upright ultra-low temperature freezers is driven by technological developments and widespread usage of upright freezers, as well as improved accessibility and operation management. Major manufacturers in the market are also focusing on producing this type of freezers. Thermo Fisher Scientific, for instance, have produced upright models that set the standard for performance and dependable high-capacity sample storage in high-use circumstances, regardless of whether -80 or -40 capabilities are required.
Vaccine Storage Segment is expected to be the Fastest Growing Segment During the Forecast Period
According to AMI, the vaccine storage segment in the global ultra low temperature (ULT) freezers market is estimated to register highest growth rate over the period of next eight years due to the increasing investment by government and companies for vaccine storage. In one of the instances, Pfizer Inc. and BioNTech SE submitted data to the U.S. Food and Drug Administration (FDA) demonstrating the stability of their COVID-19 vaccine when stored at temperatures ranging from -25°C to -15°C (-13°F to 5°F), which are more commonly found in pharmaceutical freezers and refrigerators. The data was submitted to the FDA to support a proposed update to the United States Emergency Use Authorization (EUA) Prescribing Information, which would allow vaccine vials to be stored at these temperatures for a total of two weeks as an alternative to storage in an ultra-low temperature freezer.
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Research Institutes to witness Highest CAGR during the Forecast Period
According to AMI, the research institutes are expected to witness highest growth rate during the forecast period in the global ultra low temperature (ULT) freezers market. Ultra-low freezers are devices used to safely store blood and its components, human cells, tissues, and laboratory samples at extremely low temperatures. Ultra-Low Freezers were created to ensure the safe storage of blood components and specimens. It offers a high-performance cooling system that ensures temperature consistency, dependability, and energy efficiency.
Major corporations have also contributed to the growth of the ultra low temperature (ULT) freezers market. For instance, Boekel Scientific created B Medical Ultra-Low Freezers, which are medical devices designed to store blood components and plasma, human cells, tissues, and other laboratory samples at ultra-low temperatures as low as -86°C. These devices are used to keep frozen blood plasma or blood components safe at temperatures below -27°C.
Ultra Low Temperature Freezer penetration to drive the most Rapid Growth in the Asia Pacific Region
AMI reports that Asia Pacific region is expected to exhibit significant growth in the global ultra low temperature (ULT) freezers market owing to the growing number of biobanks & hospitals in the region. Furthermore, increased scientific research and development activities, as well as an increase in the number of biotechnology and pharmaceutical businesses, are predicted to boost region’s growth in the global market.
Some of the players operating in the ultra low temperature (ULT) freezers market are Arctiko, BINDER GmbH, Eppendorf AG, Esco Micro Pte. Ltd., Haier Inc., Helmer Scientific Inc., Nuaire, PHC Corporation, REMI GROUP, Stirling Ultracold, and Thermo Fisher Scientific amongst other market participants.
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Global Ultra Low Temperature (ULT) Freezers Market:
- By Type
- Upright Ultra Low Temperature (ULT) Freezers
- Chest Ultra Low Temperature (ULT) Freezers
- By Capacity
- Less than 400 L
- 401 L to 600 L
- 601 L to 800 L
- More than 800 L
- By Application
- Laboratory and Clinical Samples
- Vaccine Storage
- Others
- By End Users
- Blood Banks
- Hospitals
- Research Institutes
- Biotechnology and Pharmaceutical Companies
- Others
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
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