Ultra-Low Temperature Freezer Market to Reach USD 701.4 Million by 2022 - Analysis By Major Players Like VWR International, Helmer Scientific, Haier, Eppendrof AG, Thermofisher Scientific Inc.
Increasing number of research activities taking place in the research Institutes or laboratories in the pharmaceutical manufacturing and bioscience defines the augmented demand for ULT freezers and its increasing market size. Besides, the efficacy these ULT freezers deliver in bio-banks and hospitals escalates the market of ULT freezers to the ascended heights on the global platform.
Acknowledging the heightened accruals this market is witnessing currently, Market Research Future (MRFR), in its recently published study report, asserts that the Global Ultra-Low Temperature Freezer Market is forecasted to register 2.7% CAGR between 2016 -2022, to be valued at USD 701.4 million by 2022.
Technological advancements that took place in the smart and connected devices and the proliferation of some ubiquitous technologies such as the Artificial Intelligence (AI) and Internet of Things (IoT) in these freezers foster the market growth.
Additional factors such as substantial investments put in the R&D activities to suffice the augmenting demand for break-through drug discovery and treatments to respond to the growing prevalence of chronic disease and transplants are fueling the market growth to an extent.
Furthermore, factors propelling the market growth include the improving economic conditions worldwide that enable access to the quality, and improved health care fosters the market growth. Advancements in surgeries, fuel the market growth.
Conversely, factors such as prohibitive costs associated with ultra-low temperature freezer and the lack of awareness towards the availability of these appliances in the developing as well as in the developed regions are considered as the major factors impeding the market growth. Adversely, new products and services available in the developing and well as developed countries and the presence of well-established market players are expected to provide impetus to the market growth, filling up the demand and supply gap.
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Global Ultra-Low Temperature Freezer Market – Segments
MRFR has segmented its analysis into three key dynamics for the convenience of understanding;
By Types: Upright ULT Freezers and Chest ULT Freezers among others.
By End-users: Bio-Banks, Hospital, Academic, and Research Institute among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
Global Ultra-Low Temperature Freezer Market - Competitive Analysis
Contenders who are a part of the industry have devised their corporate strategy blueprint in a way that that can bring the best outcomes for development in the current scenario. With the ability to sustain their competitive edge being one of the primary factors driving their efforts, the scope for growth in the industry appears to be promising through the forecast period. The rising affinity for diversification in the market, has indirectly enabled the players to utilize the many prospects available. The companies in this particular industry are also trying to maintain and enhance financial liquidity that can be instrumental to invest in growth strategies as and when they become available. This particular trend has enabled portfolio improvements along with the affinity for diversification in the sector, which has benefitted the market competitors tremendously in this industry.
Some of the key players in this market are:
Panasonic Healthcare Corporation of North America
Thermofisher Scientific Inc.
Jun 2017 A new Ultra-Low Temperature Freezer, The VIP ECO, had been launched by Panasonic Healthcare Corporation of North America which can achieve temperatures as low as -86°C by employing the use of hydrocarbons propane and ethane. The offering which is being marketed as the VIP ECO freezer, has an upright cabinet. It also provides more energy efficient, dependable, ultra-low temperature storage by the use of smart compressors with hydrocarbons in a cascade refrigeration circuit such as R290 on the high-stage circuit and R170 on the low-stage one. Panasonic is aiming the product at new laboratories as well as the immediate replacement of less-efficient freezers. The VIP ECO’s interior volume of 729 litres has been sized to house many inventory racks which are existing in use in other freezers. In replacement installations, this allows quick transfers with zero downtime.
Global Ultra-Low Temperature Freezer Market - Regional Analysis
Globally North America is the largest market for ultra-low temperature freezer. The North American market for Ultra-low temperature freezer is expected to reach at USD 393.9 Million by the end of the forecasted period.
Europe is the second-largest market for ultra-low temperature freezer which is expected to grow at a CAGR of 2.8%. Asia pacific region is expected to be fastest growing region in Ultra-low temperature freezer market.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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