Transparency Market Research (TMR) has published a new report titled, ‘Ultra-low Temperature Freezers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ According to the report, the global ultra-low temperature freezers market was valued at US$ 500.0 Mn in 2017 and is projected to reach US$ 800.0 Mn by 2026 at a CAGR of 5.5% from 2018 to 2026. Collection and preservation of rare and valuable biological samples, drug compounds, and other specimens is increasing owing to high demand for conducting scientific research. Limitations in research reproducibility is a key concern among life science scientists and researchers. This is leading to adoption of advanced and safe storage devices such as ULT freezers.
There are high unmet needs in rare and chronic disease therapeutics and intense competition among pharmaceutical and biotechnology companies to introduce new and advanced therapeutics to remain competitive in the market.
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These factors have led to significant investment in R&D activities which in turn is increasing the number of drug compounds and biological samples to be preserved for long term. Shortage of blood and blood components is another major concern in the health care industry which is driving demand for their safe and long term storage. Key industry players are introducing more energy efficient and safe ULT freezers. This is projected to propel adoption of ULT freezers among research laboratories across the globe. ULT freezers have long life span which constrains their replacement rate. In order to make laboratories sustainable and utilize resources properly, several academic research institutes are adopting the practice of facility sharing and leasing. This is expected to hamper the growth of the global market.
The report offers detailed segmentation of the global ultra-low temperature freezers market based on product, degree of cooling, application, and end-user. The market has also been segmented based on region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). New ULT freezers with reduced energy consumption, increased storage capacity, lower footprint, and sample safety even after system failure are likely to drive the global market.
Key players are tapping opportunities to introduce more advanced ULT freezers with features such as RFID enabled sample tracking solutions, device networking with other laboratory equipment, remote monitoring, and fully automated ULT freezers. Demand for ULT freezers, which balance energy efficiency and total sample safety, is likely to increase during the forecast period.
Upright ULT Freezers to Account for Major Share
Upright ULT freezers are the most widely used freezers owing to lower footprint and ease of sample access. Floorstanding upright ULT freezers accounted for high share of the global market in 2017 and the trend is projected to continue during the forecast period. These freezers offer large storage capacity and are witnessing technical advancements in terms of lower noise, reduced footprint, and lower energy consumption. These features address the demand for increasing number of samples to be preserved and their easy access. Preservation of biological samples such as DNA, human & animal cells, microbial cells, and tissue & organs is likely to drive demand for scientific research. The global ultra-low temperature freezers market is projected to witness exponential growth due to increase in the number of private and public biobanks and sample volumes to be stored. Rise in R&D activities is anticipated to introduce new drug compounds. This is likely to drive adoption of ULT freezers among pharmaceutical & biotechnology companies during the forecast period.