Ultra-low Temperature Freezers Market Revenue Forecast 2021-2027 By Regional Manufacturers

Ultra-low Temperature Freezers Market Revenue Forecast 2021-2027 By Regional Manufacturers

With a significant surge in the demand for organ donation and storage solutions for temperature sensitive biological products, global ultra-low temperature freezers market is set to gain major impetus over the forthcoming years. According to a recent report by Global Market Insights, Inc., in 2019, ultra-low temperature freezers market share was valued to USD 470 million and is likely to witness a CAGR of 3.7% through 2026.

Rising incidences of various chronic and infectious diseases such as coronavirus outbreak has led to a significant rise in research activities for vaccine development, thereby increasing the demand for ultra-low temperature refrigeration. Quoting an instance, in 2020, the UK's leading supplier of chemicals, laboratory equipment, Scientific Laboratory Supplies and renowned international life sciences firm Eppendorf were reportedly chosen to deliver ultra-low temperature freezers for the country’s supply of COVID-19 vaccines.

Request for a sample copy of this report @ https://www.decresearch.com/request-sample/detail/2403  

Elaborating on the rising demand of organ donation, Organ donation statistics by Health Resources and Services Administration (HRSA), has indicated that more than 109,000 residents across the U.S. are on the national waiting list for organ transplant as of September 2020 and around 39,718 transplants were performed in the year 2019. Such increased need for organ donations is likely to evoke the application of ultra-low temperature refrigerators over time.

Upright freezers are observing increased demand due to improved reliability and organizational capacity owing to which the overall segment is estimated to record a notable CAGR of 3.8% through 2026. Besides, new technological advancements have made these freezers more cost-effective and easier to use that will complement their adoption further. Currently, upright freezers that are available in the market provide ultra-low temperature range which is essential for the storage of several samples and protectability.

Ultra-low temperature freezers find extensive application in biology, life sciences and biochemistry laboratories for storing the samples such as DNA, RNA, antigens, viruses, bacteria, cell liners, etc. This is majorly due to the factors such as operating temperature, door openings, racking, etc. which improves the efficiency of research activities. As forensic and genomics lab process higher amounts of biological samples that are temperature sensitive, expansion of these labs is likely to provide positive growth prospects to the market over time. Based on the report, forensic & genomic research segment had secured a sizeable revenue share of 22% in 2019 and is expected to register substantial gains over the upcoming years.

Considering numerous advantages associated with automated ULTFs such as lesser time to retrieve, quick defrosting and storing high quality samples, they are experiencing increased adoption. In addition, improved touchscreen user interface with capacitive touch which provides easy access to data, set points and security information is positively influencing their demand, thereby enhancing the segment growth. According to the report, automated ULTFs segment across the overall ultra-low temperature freezers industry is anticipated to record a valuation of over USD 520 million by 2026.

Request for customization @ https://www.decresearch.com/roc/2403

Increasing product adoption driven by heightened demand for cellular therapies, blood transfusion and custom-made vaccines and medicine in Asia Pacific enabled the regional ultra-low temperature freezers market to witness a robust growth over the past few years. For the records, the regional ultra-low temperature freezers market had secured a significant valuation of over USD 65 million in 2019. Further, this growth can also be attributed to introduction to various government initiatives for promoting blood and organ donations in the region. According to the Ministry of Health and Family Welfare Government of India, at present India has 2,760 blood banks. Such increase in the number of blood banks will fuel the adoption of ultra-low freezers in the region over the foreseeable future.

Major players in the industry such as PHC Holdings Corporation, Thermo Fisher Scientific, Stirling Ultracold, VWR International, etc. are expanding their market footprint by adopting several strategies such as mergers, acquisition and new product development, etc. For instance, in 2018, Haier Biomedical launched innovative offerings such as laboratory refrigerators, smart frequency conversion and Twin cool ULT freezers and spark free freezers with an aim to expand its product portfolio. Apparently, this strategy has helped the company strengthen its market position.

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

3.3.1.1    Advances in drug discovery & development worldwide

3.3.1.2    Increasing genomics research activities

3.3.1.3    Growing investment by public and private organizations in the U.S.

3.3.2    Industry pitfalls & challenges

3.3.2.1    Regulatory issues pertaining to medical grade refrigeration systems

3.3.2.2    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

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/ultra-low-temperature-freezers-market