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Ultra-low Temperature Freezers Global Market Report 2024 To 2033 | Thermo Fisher Scientific, Eppendorf AG, PHC Holdings Corporation, Avantor Inc, Haier Biomedical Co. Ltd
Ultra-low Temperature Freezers Market Share
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According to The Business Research Company's, The ultra-low temperature freezers market size has grown strongly in recent years. It will grow from $0.87 billion in 2023 to $0.92 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to increasing genomic research and technological innovation, a rise in r&d activities to introduce new drug compounds, increasing investment in life science research and development, increasing government initiatives and a rise in demand for food storage in ultra-low temperature freezers. factor that negatively affected growth in the historic period was high cost of new equipment..
The ultra-low temperature freezers market size is expected to see steady growth in the next few years. It will grow to $1.08 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to increasing demand for blood components specimens, growing government support for research activities and clinical trials and the growing demand for transportation of newly developed covid-19 vaccines. Major trends in the forecast period include focus on innovative products, focus on technology advancement, focus on strategic partnerships, focus on offering ultra-low temperature freezers with connected service features, focus on energy efficient freezers, focus on use of internet of thing (iot) in ultra-low temperature freezers, focus on use of portable ultra-low temperature freezers, focus on v drive technology and focus on mergers and acquisitions..
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Market Drivers and Trends:
The COVID-19 outbreak is propelling the growth of the ultra-low temperature freezer market in the coming years. Scientists are trying hard to create a vaccine and depend on ultra-low temperature freezers and incubators to retain novel COVID-19 samples so that they can be recovered whenever appropriate and examined to gain insight into this emerging respiratory illness. For example, the BINDER CO2 freezer is helping researchers and scientists retain COVID-19 samples. These freezers are important because they provide protection and anti-contamination features. Therefore, the COVID-19 outbreak contributed to the growth of the ultra-low temperature freezer market.
Innovative Product launches are the key trend gaining popularity in the ultra-low temperature freezers market. To preserve novel coronavirus samples, the major market players are innovating new products so that they can be recovered when needed and evaluated to learn more about this emergent respiratory ailment. Scientists are reliant on ultra-low temperature freezers and incubators. During the pandemic use of ULT freezers became more efficient and lower cost -80oC freezers were primarily used for cold chain handling of RNA vaccines to the point of admin. In February 2021, Godrej Appliances launched new ultra-low temperature freezers for vaccine storage. These advanced medical freezers can preserve life-saving medical supplies including critical vaccines below -80°C and are aimed at boosting both Indian and global medical cold chains.
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Major Key Players of the Market:
Intuit, H&R Block Inc, Wolters Kluwer, Thomson Reuters, SAP,Avantax, Inc, Vertex Inc, Avalara, Sovos Compliance, Automatic Data Processing Inc, Meru Accounting, Whiz Consulting Private Limited, IMC Group, Savage & Palmer, Shoolin Consultancy, Nimblefincorp, Setindiabiz, BBNC, Whiz Consulting Private Limited, Valuenode, Invensis Inc, Sapience Pro, Zhongrui Yuehua, GFC Consulting Co Ltd Shanghai, Guangdong SILIQUE Group Co., Ltd, AVASK Accounting and Business Consultants Ltd, UTV Motion Pictures limited., Eros International, Dharma Productions, Red Chilies Entertainment, Makesworth Accountants, CJM Associates, The Accountancy Partnership, Salient Accounting & Finance, Burnt Orange Accounting, BBK Partnership, TaxAssist Accountants, Crowe Poland, PwC Poland, Konsu, Dezan Shira & Associates, Sberbank, Société Générale TKB Investment Partners, Alfa Capital, UFG Asset Management, PZU Group, Aviva Investors Poland, H&R Block, Ernst & Young, KPMG International Limited, Zeni AI, TOTVS, TPC Group, Al Tamimi & Company, RSM UAE, Baker Tilly South Africa, Mazars
Ultra-low Temperature Freezers Market 2024 Key Insights:
• The ultra-low temperature freezers market size is expected to see steady growth in the next few years. It will grow to $1.08 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%.
• Ultra-Low Temperature Freezer Market Surges Amidst Covid-19 Research Efforts
• Ultra-Low Temperature Freezers Market Surges With Innovative Product Launches Amidst Pandemic Demands
• North America was the largest region in the ultra-low temperature freezers market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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