Pune, India, June 06, 2019 (GLOBE NEWSWIRE) -- As per the latest report published by Market Research Future (MRFR), the global ultra-low temperature freezer market will post 3.20% CAGR from 2019 to 2024 and reach a valuation of USD 897.28 Mn. Ultra-low temperature or ULT freezers are an extremely advanced bio-cooler system with temperature capacity ranging from - 45°C to - 86°C.
Growth of biomedical research vertical coupled with the rising commercial interest in life sciences and biomedical products is reflecting favourably on the ultra-low temperature freezer market. Ultra-low temperature freezers are extensively used in blood banks. Moreover, their demand from pharmaceutical companies has also increased significantly. This is owing to their application is clinical testing and drug discovery processes. Ultra-low temperature freezers facilitate effective preservation of drugs, viruses, chemicals, enzymes, bacteria, tissue samples and cell preparations.
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Over the years, low temperature freezing technologies have evolved dramatically. The emphasis is being placed on developing high-performance and energy efficient freezer systems. This, in turn, is expected to create greater ultra-low temperature freezer market opportunities in the forthcoming years. Other factors that are supporting the market growth include growing need for ULT freezers, focus of developing eco-friendly refrigerator systems, continuous technological advancements, and rising biomedical R&D investment. Cost reduction also remains a key area of focus for manufactures in order to improve penetration in prise sensitive markets. Most ULT freezers require heavy maintenance, which remains a major hindrance for the market.
Competition Tracking
Thermo Fisher Scientific Inc., Stirling Ultracold, VWR International, Esco Micro Pte Ltd., Helmer scientific, Eppendorf AG., BINDER GmbH, PHC Corporation, Labcold, Global Cooling Inc, and Arctiko are among the leading market players discussed in MRFR’s report.
Ultra-Low Temperature Freezer Market: Segmental Overview
The segmental analysis of the ultra-low temperature freezer market is based on end user, type and region.
By end user, the market has been segmented into academic and research institutes, hospitals and clinics, bio-banks and others. By type, the market has been segmented into chest ULT freezers and upright ULT freezers.
North America will Remain the Largest Ultra-Low Temperature Freezer Market Over 2024
On the basis of region, the ultra-low temperature freezer market has been segmented into Europe, the Middle East & Africa (MEA) and Asia Pacific (APAC) and North America. North America is expected to dominate the global ultra-low temperature freezer market during the forecast period. Factors such as strong government backing, presence of established biomedical research organization, and development of large-scale repositories and storage systems. Pharmaceutical companies in the U.S. are investing of developing efficient storage units, which is partly influencing the market growth in the region.
Europe is the second largest Ultra-Low Temperature Freezer Market in terms of value. The ULT freezer market in the region is bifurcated into Western Europe and Eastern Europe. The prior accounts for a relative high share of the market. In Europe, adoption of ULT freezer is partly driven by the presence of strict regulations for medical storage. EU’s frameworks ensure the safety of preserved pharmaceutical products. Preference for ULT freezer is growing for preservation of medical entities such as vaccines, human tissues, blood components, drugs, cells, tissues among others. It is mandatory to get approval certifications and meet quality standards before companies can market their products in most EU countries.
Browse the market data and information spread across 88 pages with 65 data tables and 16 figures of the report “Ultra-Low Temperature Freezer Market - Forecast 2019-2024” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/ultra-low-temperature-freezer-market-1813
Asia Pacific is also expected to present attractive opportunities to ultra-low temperature freezer market players in the near future. The region’s market is touted to witness the fast growth during the forecast period. The healthcare sector has witnessed a rapid growth in APAC. This has opened avenues for various types of medical products including ULT freezers. The pharmaceutical industry in APAC, especially in countries such as India, China, Japan, and South Korea is booming. This is a positive signal for the APAC ULT temperature freezer market. Presence of vast untapped market in APAC has been an attractive prospective for market players. In addition, growing healthcare spending, increase investment in developing healthcare infrastructure are other factors that are having a positive impact on the market in APAC.
The MEA ULT freezer market is also expected to witness a healthy growth but from a lower base. Market growth in the region will be primary driven by growth of the biomedical sector in GCC countries and growing the need for effective storage systems.
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