Ultra-Low Temperature Freezers Market 2023 Size, Share, Technological Innovations & Growth Forecast To 2027

Ultra-Low Temperature Freezers Market Overview :

The global ultra-low temperature freezers market is expected to register a CAGR of5.67% during the forecast period and is expected to hit USD 989.44 million by 2027. Ultra-low temperature freezers (ULT freezers) are types of bio-freezers used to preserve bacteria, viruses, enzymes, drugs, chemicals, cell preparations, and tissue samples. They generally have a temperature range of -40°C, -86°C,down to -150°C.

The global market for ultra-low temperature freezers is being driven by factors such as the increasingdemand for ultra-low temperature freezers, raising awareness and improving technology, alternative refrigeration cycles, demand for environment-friendly refrigerators, and increased biomedical R&D spending in Asian countries. Ultra-low temperature freezers are widely used in research activities to transfer biomaterial in aseptic conditions and store perishable materials. In pharmaceutical research & development activities, ultra-low temperature freezers are used to store consumables, enzymes, and chemicals.

The increasing investments in the pharmaceutical industry for the development of innovative drugs and ongoing research and development activities related to the biotechnology sector are providing favorable conditions for the growth of the market during the forecast period. According to the International Trade Administration (ITA), in 2016, the biopharmaceutical industry in the US spent more than USD 50 billion on research and development activities, which is half of the global biopharma R&D spending.

Additionally, according to areport published by the International Federation of Pharmaceutical Manufacturers & Associations in 2017, the research-based pharmaceutical industry spends USD 149.8 billion on research and development activities per year.

Ultra-Low Temperature Freezers Market Segment Analysis :

The global ultra-low temperature freezers market has been divided on the basis of type, degree of cooling, application, and end user.

Based on type, the market has been segregated into upright ultra-low temperature freezers and chest ultra-low temperature freezers.

The ultra-low temperature freezersmarket, on the basis of degree of cooling, has been divided into41°C To -86°C freezers and -87°C To -150° C freezers.

Based on application, the ultra-low temperature freezers market has been divided into blood & blood products, biological samples, drug compounds, and others.

On the basis of end user, the market is bifurcated into bio-banks,hospitals & clinics, academic & research laboratories, and others.

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Ultra-Low Temperature Freezers Market Regional Analysis :

The global ultra-low temperature freezers market, on the basis of region, is divided into the Americas, Europe, Asia-Pacific, and the Middle East &Africa. In 2019, the Americas accounted for the largest market share of 46.2% in the global ultra-low temperature freezer market. This large share is mainlydue to the presence of major healthcare manufacturers, R&D facilities, and rising healthcare spending.The Americas havebeen further sub-segmented into North America and Latin America.

The global ultra-low temperature freezers market in North America is expected to account for the largest share and dominate the market. The major factor that influences the growth of the North American ULT freezers market is the existence of a large number of healthcare services and the rising demand for products for huge repository and storage.

The Europe ultra-low temperaturefreezers market is driven by the government taking steps for the safety of pharmaceutical preservation products. Vaccines, drugs, human tissues, cells, blood components, and others require ultra-low temperatures for the preservation of these medical entities. Furthermore, the rising fund for R&D activities in this region supports the market growth.

A wide range of opportunities is available for the ULT freezer in Asia-Pacific due to the rising investment towards technological advancements in healthcare infrastructure, research organizations, low manufacturing and labor costs, and increasing investments by major players.

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