Ultra-Low Temperature Freezers Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Product (Upright Freezers and Chest Freezers); Application (Blood & Blood Products, Biological Samples, Flammable Materials, Drug Compounds, and Others); End-User (Biobanks, Pharmaceutical & Biotechnology Companies, Academic Research Institutes, and Others); and Region/Country
Pages: | 157 |
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Table: | 67 |
Figure: | 101 |
Report ID: | UMHE211534 |
Geography: |
Report Description
The global ultra-low temperature freezers market is expected to grow at a significant rate of around 5% during the forecast period. Products are primarily stored in an ultra-low temperature (ULT) freezer for preservation at extremely low temperatures. This makes it easier to collect and store valuable and unique biological samples, specimens, and drug compounds. As a result, ULT freezers are common in the research & development and medical industries for effectively storing drugs, blood samples, organs, and other items. As a result, more secure and sophisticated storage methods are being used.
The market is expected to expand because of rising investments in life sciences which will upsurge in tandem with the growing use of modified medicines, increasing the demand for these freezers. For instance, BioLife Solutions, Inc. and UNICEF signed a partnership agreement in December 2021 to increase the temperature stability of temperature-sensitive COVID-19 vaccines in developing communities in Africa, the Middle East, and South America.
Thermo Fisher Scientific Inc., Eppendorf SE, PHC Holdings Corporation, Azbil Telstar S.L.U., Arctiko, LABCOLD, BIONICS SCIENTIFIC TECHNOLOGIES (P) LTD., Haier Biomedical, GLOBAL COOLING INC., Helmer Scientific Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, upright freezers category to witness robust CAGR during the forecast period”
Based on product, the market is segmented into upright freezers and chest freezers. The upright freezers category is set to witness the highest CAGR during the forecast period. This is mainly due to these freezers having improved technical features that reduce noise, energy consumption, and carbon footprint while also offering large storage capacities.
Also, it is anticipated that the chest ULT freezers segment will experience steady growth. They have a programmed thawing-out capability. However, these freezers have less capacity for storage and a lower cooling temperature than upright freezers.
“Amongst application, the blood & blood products to hold a significant share in the market in 2020”
On the basis of application, the market is categorized into blood & blood products, biological samples, flammable materials, drug compounds, and others. Among these, blood & blood products to hold a significant share of the market in 2020. The segment’s expansion will be aided by the growing use of ultra-low temperature freezers for storing plasma products, white blood cells, red blood cells, and other blood components.
Also, more accidents and emergency situations will mean more people will need these products, which will help the industry grow. In addition, it is anticipated that the academic and research laboratories and other segments will experience steady growth during the forecast period.
“North America is anticipated to grow at a substantial CAGR during the forecast period”
For a better understanding of the market adoption of the ultra-low temperature freezers market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. Owing to increasing health awareness, high income, reimbursement policies, and well-established healthcare infrastructure are some of the key factors for the growth of this market during the forecast period. Moreover, the demand for organ donation has increased because of an increase in the number of chronic disease patients experiencing organ failure. For instance, in 2019, the U.S. Department of Health and Human Services estimated that approximately 122,913 patients needed organ transplants.
In addition, reimbursement policies, and well-established healthcare infrastructure, rising R&D activities, and the presence of the main medical diagnostics companies in North America have energized the regional market.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Research Methodology
Research Methodology for the Ultra-low Temperature Freezers Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global ultra-low temperature freezers market were the three major steps undertaken to create and analyze the adoption of the ultra-low temperature freezers market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global ultra-low temperature freezers market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the ultra-low temperature freezers market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the ultra-low temperature freezers market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the ultra-low temperature freezers market. Further, we conducted factor analysis using dependent and independent variables such as various product, application, and end-users of all-terrain vehicles. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the ultra-low temperature freezers market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global ultra-low temperature freezers market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the ultra-low temperature freezers market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global ultra-low temperature freezers market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global ultra-low temperature freezers market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, application, and end-user in the global Ultra-low Temperature Freezers Market.
The main objective of the Global Ultra-Low Temperature Freezers Market Study
The current & future market trends of the global ultra-low temperature freezers market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the ultra-low temperature freezers market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product, application, and end-user.
- Define and analysis of the regulatory framework for the ultra-low temperature freezers industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the ultra-low temperature freezers market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Ultra-low Temperature Freezers Market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry