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The ultra-low temperature freezer market size has the potential to grow by USD 184.57 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by end-user (biobanks, hospitals and diagnostic centers, and others) and geography (Asia, Europe, North America, and ROW). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including A/S Vestfrost, Bionics Scientific Technologies (P) Ltd., Eppendorf AG, Esco Micro Pte. Ltd, Glen Dimplex Group, Haier Biomedical, Helmer Scientific Inc., Panasonic Corp., Thermo Fisher Scientific Inc., and VWR International LLC.
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The ultra-low temperature freezer market is fragmented and characterized by the presence of dominant players that compete based on R&D, technological innovations, market expansion, investments, and distribution networks. The increasing demand for ultra-low temperature freezers in the research and pharmaceutical industries creates opportunities for new entrants. The high growth potential of the market favors the entry of new players. A/S Vestfrost, Bionics Scientific Technologies (P) Ltd., and Eppendorf AG are some of the major market participants. Although technological advances will offer immense growth opportunities, the high costs of instruments will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this ultra-low temperature freezer market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this ultra-low temperature freezer market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
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North America was the largest ultra-low temperature freezer market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Recent advances in biotechnology and pharmaceutical research, growing focus on drug and vaccine discovery and development for treating various lifestyle diseases, and the presence of several vendors in the US offering a wide range of products will significantly drive ultra-low temperature freezer market growth in this region over the forecast period.
36% of the market's growth will originate from North America during the forecast period. The US is a key market for ultra-low temperature freezers in North America. However, market growth in this region will be slower than the growth of the market in other regions.
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The need for clinical specimens for translational research, particularly for cancer research, has increased the demand for biobanking. Biobanks require strong cold storage solutions as they are involved in the collection, preparation, processing, handling, recovery, storage, and distribution of tissue and cell samples for therapeutic and research purposes. The increase in collaborations between biobanks and research institutions will drive the demand for ultra-low temperature freezers to maintain and preserve samples that will enhance the development of quality solutions. This report provides an accurate prediction of the contribution of all the segments to the growth of the ultra-low temperature freezer market size.
According to the ultra-low temperature freezer market analysis, Technavio's market research report predicts that the ultra-low temperature freezer market will grow at a CAGR of almost 5% during the forecast period. Technological advances are one of the primary drivers of market growth. The storage efficiency of the ultra-low temperature freezers depends on factors such as the frequency of opening doors, power failure, inventory load, and fluctuations in room temperature. To overcome these factors and lower costs and maximize output, there is a significant increase in the requirement for features such as real-time information, data management, remote access to data using mobile phones and other devices across the globe. Such factors will raise the acceptability among end-users and result in an increase in the demand for ultra-low temperature freezers. Moreover, the introduction of RFID and SMS alerts that assist users to attain effectual and enhanced workflow, lower operational costs, and improved patient care, will also fuel market growth in the coming years.
One of the latest global ultra-low temperature freezer market trends is the growing emphasis on temperature uniformity and energy efficiency. Although there is no regulatory necessity for temperature uniformity in ULT freezers, the trend to maintain temperature consistency has influenced the buying norms of customers. Vendors are continuously working on enhancing the supply of temperature in blood bank refrigerators for the suitable preservation of blood products, regardless of inventory load. Measures such as reducing cold air loss, offering insulated windows, and driving air circulation have been adopted among other features. Moreover, the rising emphasis on energy-efficient ultra-low temperature freezers is likely to raise the product's adoption rate as high energy consumption will pose as one of the key market challenges in the future.
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by End-user
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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