An ultra-low temperature freezer is a type of freezer which has the capability to maintain a temperature between -50°C to -86°C. It is used for storage of temperature sensitive samples like proteins, DNA, RNA, blood, vaccines and other biological reagents in the pharmaceutical and research industries. The global vaccine production and research activities have increased significantly in recent years which has augmented the demand for ultra-low temperature freezers for safe storage of vaccines.
Key Takeaways
Key players operating in the ultra-low temperature freezer market are Thermo Fisher Scientific Inc., Haier Biomedical , PHC Corporation, Eppendorf SE, Jubilant HollisterStier, Helmer Scientific, Global Cooling Inc., Arctiko A/S, Bionics Scientific Technologies (P) Ltd., Esco Micro Pte. Ltd., Labcold Ltd., Azbil Telstar, S.L., BINDER GmbH, B Medical Systems, Glen Dimplex Group (Labcold), NuAire, Inc.
The Ultra Low Temperature Freezer Market Size offers significant growth opportunities owing to rising R&D expenditure in the pharmaceutical and biotechnology industries. With growing research activities in cell and gene therapy, biobanking and precision medicine, the demand for these freezers will increase substantially in coming years.
Major companies operating in this market are focusing on geographic expansion strategies to tap the opportunities in emerging markets of Asia Pacific, Middle East, Africa and Latin America. For example, Thermo Fisher Scientific recently expanded its manufacturing facility in India to cater to the burgeoning biopharma industry in the region.
Market Drivers
Increasing investments in vaccine production and storage facilities by governments and pharmaceutical companies is a major factor driving the demand for ultra-low temperature freezers. Growing prevalence of chronic diseases and increasing focus on developing novel biologics are also propelling the market growth. Rising research expenditures and emerging life science infrastructure in developing countries augur well for the market.
Market Restrains
High costs associated with the installation and maintenance of ultra-low temperature freezers limit their adoption, especially in price-sensitive markets. Stringent regulations pertaining to the manufacturing and distribution of these freezers also acts as a hindrance for new players. Power outages and temperature fluctuations pose risks of sample degradation, thereby restricting the market growth to some extent.
Segment Analysis
The ultra-low temperature freezer market can be segmented into upright freezers and chest freezers. Upright freezers dominate the market and hold over 60% market share. These freezers provide better visibility and accessibility compared to chest freezers. Samples are stored vertically, making it easier to locate and access samples. Upright freezers also save floor space.
Global Analysis
Regionally, North America accounts for the largest share of the ultra-low temperature freezer market. The advanced research infrastructure and large biobanks drive the North America market. High healthcare spending and strong government support for biomedical research also contribute to its dominance. Europe is the second largest market. High adoption of biobanking and growing medical research activities support the European market. Asia Pacific is expected to grow at the highest CAGR during the forecast period. Rising research activities in countries like China and India, increasing healthcare expenditures and attractive tax benefits for R&D investments will boost the APAC market for ultra-low temperature freezers in coming years.
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